Operating Profit of Single-Volume Book Publishers Up 105.3%
Munhakdongne and Changbi Benefit from Han Kang Nobel Prize Effect
Although the total sales of major domestic publishing companies slightly decreased last year, their operating profit increased by 36.4%. For single-volume book publishers, operating profit surged by 105.3%, largely due to the "Han Kang Nobel Prize effect."
According to the "2024 Publishing Market Statistics" report released on April 21 by the Korean Publishers Association, which analyzed the audit reports of 71 companies disclosed on the Financial Supervisory Service's electronic disclosure system, the total sales of these 71 companies in 2024 amounted to 4.8911 trillion won. This represents a decrease of 0.1% (about 5.2 billion won) compared to the previous year. However, operating profit increased by 36.4% (about 39.2 billion won) to approximately 146.8 billion won.
All of the top 14 companies were education-related publishers, followed by notable comic, webtoon, and web novel publishers. DNC Media (14th overall), which published "Solo Leveling," a leading K-webtoon, Daewon C.I. (18th), the domestic distributor of "Slam Dunk," and Haksan Publishing (20th), known for "One Piece" and "Dr. Slump," ranked high on the list.
The combined sales of the eight leading comic, webtoon, and web novel publishers reached 263.5 billion won, up 22.1% from the previous year. Their operating profit was 12.298 billion won, marking a 385.9% increase year-on-year.
However, only three out of the top eight comic, webtoon, and web novel publishers recorded a positive operating profit. DNC Media posted an operating profit growth rate in the 230% range, while the remaining five companies suffered losses ranging from minus 1% to minus 10%.
In the single-volume book sector, sales rose by 4.3% and operating profit by 105.3%. Munhakdongne and Changbi, which benefited significantly from Han Kang’s Nobel Prize, led the field. Munhakdongne, which published novels such as "I Do Not Bid Farewell," ranked first in the single-volume book sector, recording sales of 46.334 billion won (a 43.6% increase) and operating profit of 12.751 billion won (a 296.5% increase) last year. Changbi, which published "The Boy Is Coming" and "The Vegetarian," saw sales of 42.675 billion won (a 67.6% increase) and operating profit of 8.393 billion won (a 390.8% increase) last year.
However, the outlook for single-volume book publishers’ sales this year is not bright. While Munhakdongne and Changbi, which published Han Kang’s works, saw their sales rise by more than 10 billion won last year thanks to the Han Kang Nobel Prize effect, this year’s reduced attention is expected to lead to a decline in sales.
If the Han Kang effect diminishes, it is anticipated that the overall sales of single-volume book publishers will be negatively affected. Last year, 11 out of the top 22 single-volume book publishers recorded negative growth in sales, and 13 posted negative growth in operating profit. As a result, the Han Kang effect appears to have propped up the overall industry statistics, and unless there is a blockbuster event comparable to the Han Kang Nobel Prize this year, it will be difficult to maintain last year's performance.
Publishing culture critic Jang Eunsu analyzed, "The sharp increase in operating profit among single-volume book publishers may have been influenced by the Han Kang effect." He added, "Since these statistics are centered on medium and large publishers, they may also reflect the polarization within the publishing industry." Regarding this year's sales outlook, he said, "While there are areas of concern, Han Kang's new work has been published amid heightened interest in literature due to the Han Kang effect, and recently, works by author Seong Haena have also reached the overall bestseller list. In this context, it seems more important than ever to create good plans that connect this increased interest to actual reading."
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