Milli's Seojae Achieves Record High Performance Since Inception... Cumulative Operating Profit Reaches 7.5 Billion KRW

Reading platform Millie’s Library announced on the 14th that it achieved cumulative sales of 40.6 billion KRW and cumulative operating profit of 7.5 billion KRW in the third quarter of this year. This is the highest performance since its founding in 2016. Millie’s Library has been on a growth trajectory since turning profitable in 2022 and was listed on the KOSDAQ this year.

According to Millie’s Library, the cumulative sales and operating profit increased by 21% and 154%, respectively, compared to the same period last year. Sales in the third quarter of this year reached 14.6 billion KRW, up 18% year-on-year, and operating profit was 2.5 billion KRW, up 32% year-on-year. Sales this year showed growth with 12.8 billion KRW in the first quarter and 13.1 billion KRW in the second quarter.

Millie’s Library cited the following factors for its continuous growth: ▲ steady profit generation after listing on KOSDAQ ▲ overwhelmingly high-quality content compared to competitors ▲ continuous increase in subscribers to the e-book subscription service. The number of books offered by Millie’s Library is 150,000 volumes, the largest scale in the reading platform industry. The acquisition rate of bestsellers (top 100) at major bookstores serviced by Millie’s Library is 77%, and the acquisition rate of new books published within the last month reaches 43%. As of the end of September this year, the number of subscribers was 6.7 million, an increase of about 1.5 million compared to the same period last year.

The B2B business also drove growth. From this year, Samsung Electronics, LG Electronics, and Hyundai Motor Company joined as new clients. The current client base includes about 200 companies, including large corporations, public enterprises, and government ministries.

Seo Young-taek, CEO of Millie’s Library, said, “In the third quarter of this year, we are very pleased not only to have successfully entered the KOSDAQ market by having our corporate value recognized but also to have our competitiveness in the content business, built up alongside the e-book subscription service, acknowledged. Millie’s Library will further strengthen its existing businesses and continuously challenge new areas such as ‘participatory IP business’ and ‘genre (web novels).’”