Hana Securities forecasted on the 17th that Millie's Library will accelerate its growth by utilizing artificial intelligence (AI).
Founded in 2017, Millie's Library is the first platform company in Korea to offer an e-book subscription service. It holds approximately 64.3% market share in the domestic e-book sector.
Choi Jae-ho, a researcher at Hana Securities, explained, "The average re-subscription rate is about 88%," and "the growth driver is actively utilizing AI that changes the paradigm of existing e-books."
He added, "As part of providing secondary content, they use generative AI to create images, produce videos, and insert sound effects and background music, offering video-type books called ‘AI Object Books.’"
He introduced, "They provide ‘AI Docent Books’ that summarize and explain a single work, and ‘AI Audiobooks’ that read e-books aloud," and "they are also considering a direction where customers can directly select and use desired works by utilizing generative AI."
Researcher Choi analyzed, "Even without directly providing secondary content, more than 150,000 e-books can be serviced as AI-utilized B2C through the store," and "it can also expand into services that convert e-books and web novels into webtoons using AI."
He emphasized, "Compared to the average price-to-earnings ratio (PER) of 40 times for listed companies in related industries such as e-books, webtoons, and web novels, it is undervalued," and "it has at least double the potential for price increase."
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