Fixed Book Price System to Be Improved Through Public Debate

"Summarizing Opinions to Refine Improvement Plans... Follow-up Actions If Legal Amendments Are Needed"

On the 11th, the publishing and bookstore industries and consumer organizations agreed to extend the fixed book price system for three more years.

A forum for exchanging various opinions surrounding the Book Fixed Price System will be held. The Ministry of Culture, Sports and Tourism and the Korea Publication Culture Industry Promotion Agency will host a public debate on improving the Book Fixed Price System at 3 p.m. on the 15th at Nicolaoh Hall in JU Youth Culture Space, Donggyo-dong, Mapo-gu, Seoul. Stakeholders will gather to share the progress of discussions in the public-private consultative body and the results of consumer surveys, and discuss improvement directions through open debate. A Ministry of Culture official stated, “We will refine the improvement plan for the Book Fixed Price System by synthesizing the results of the debate and the opinions of stakeholders, and if legal amendments are necessary, we will pursue follow-up measures.”

The Book Fixed Price System is a policy that requires all publications for sale to display a fixed price and allows discounts of up to 15% only. It was introduced to prevent excessive cutthroat competition and create an environment for fair competition. Ahead of the review deadline for the Book Fixed Price System in November, the Ministry and the Promotion Agency have formed a public-private consultative body to discuss system improvements. In particular, in December last year, additional members from the electronic publishing sector were appointed to reflect the rapidly changing interests of the electronic publishing market.