KT Millie's library (hereinafter Millie's library) is transforming into a 'reading comprehensive platform' that encompasses genre stories and offline experiences, not just resting on being 'the top e-book subscription service.' Attention is focused on how it will change the webtoon and web novel market structure dominated by Naver Webtoon and Kakao Entertainment.
During a press briefing held on the 23rd at the Glad Hotel in Yeouido, Seoul, Park Hyun-jin, CEO of KT Millie's library, declared, "We will launch 'Millie Story,' which bundles web novels, webtoons, and general books under one subscription, in June, and by the end of the year, we plan to expand the reading-friendly space 'Millie Place' to 100 locations, ensuring that the beginning and end of the reading experience can be resolved within Millie."
He noted, "Reading encompasses the entire process of finding books, reading, recording, and sharing with others," adding that "2025 will mark the beginning of connecting all those touchpoints within the Millie platform."
The first card Millie's library has drawn is the expansion of the subscription model. This model is designed to allow 'unlimited and repeated' consumption of text, audio, and illustrated narratives sequentially featuring web novels in June and webtoons in September. The price is currently centered around 9,900 won per month, with the explanation that it is likely to broaden benefits without increasing the burden on existing customers.
The strategy for securing subscribers is a two-track approach of '900 million cumulative subscriber pool natural conversion + bundle with communication plans.' Thanks to the experience of including e-book subscriptions in KT, LG Uplus, and SK Telecom plans, there is also a goal to accelerate links with KT affiliates Studio Genie and GENIE MUSIC through 'IP-video-OST.' Next year, they plan to showcase cases where Millie original web novels expand into dramas, movies, and soundtracks.
Content procurement will proceed on two axes: legend and original. They aim to secure 10,000 web novels and webtoons, and 2,000 recommended curated contents by the end of this year, as well as promote the audiobook of the fantasy bestseller 'All-Seeing Reader' and the webtoon adaptation of the romance 'Gungno.' The author supply structure is designed with 'domestic exclusives + overseas self-distribution,' reflecting the studio's needs for global revenue. Revenue sharing for subscription types is currently being negotiated with authors and studios, based on stable royalties rather than usage fees.
Moreover, Millie's library connects 'preference data' secured by the online platform to offline experiences through 'Millie Place,' providing discounts (20%) on books and beverages in spaces like cafes and art galleries. They currently have 40 locations and plan to increase that to 100 by the end of the year, hosting author book talks, writing classes, and reading groups more than once a week, transitioning online communities to offline meetings. In May, a dessert book club with author Jang Yoo-jin and a writing lecture-type reading group in June are already announced.
Millie's library plans to invest 60 billion won over the next three years, with 20 billion won annually in content, IT infrastructure, and personnel. Through this, they aim to achieve revenue of 150 billion won by 2027 (which is double the projected revenue of 73 billion won in 2024) and establish themselves as a 'comprehensive platform for designing reading habits.' CEO Park expressed confidence, stating, "Despite fierce competition in the webtoon market, the already formed e-book subscription pool results in lower conversion costs compared to new entrants."
Regarding the possibility of a merger with KT subsidiary StoryWiz, CEO Park indicated, "Nothing has been confirmed," and addressed the suspicion raised by some minor shareholders about 'KT's unfair contract,' stating, "We are under contracts with the same conditions as other telecommunications companies and large enterprises, and we will reduce information asymmetry through quarterly online briefings." He explained that on the topic of global expansion, "We are in discussions with countries like Japan, but securing local IP pipelines is key, so a full-scale launch is realistic after 2026."