Gov't spends big on Korean books, publishers overseas in K-wave surge

The Culture Ministry is also set to host and promote exchange events for local readers overseas, such as Korean book exhibitions, meetings with authors and bookstore events, in tandem with the Publication Industry Promotion Agency of Korea.

Minister of Culture, Sports and Tourism Yu In-chon speaks during a meeting on the development of the webtoon industry at Art Korea Lab in Jongno District, central Seoul, on Tuesday. [NEWS1]

The government will invest 7.8 billion won ($5.8 million) to expand Korean books overseas and strengthen domestic publishers abroad as interest in Korean works surges worldwide.

The Ministry of Culture, Sports and Tourism said Wednesday that it will build up overseas expansion strategies, increase support for publishers and develop exports through customized exchange and cooperation programs in tandem with the Publication Industry Promotion Agency of Korea.

The 7.8-billion-won investment is a 14.7 percent increase from last year.

Paperback exports will expand to the secondary copyright market, in line with changes in the publishing environment, according to the Culture Ministry.

As overseas interest in Korean creative works such as “Squid Game” (2021) and “Parasite” (2019) increases, the government will hold a publishing intellectual property (IP) export consultation session for secondary copyrights such as dramas, films and animation using publishing IPs.

A first-ever “K Story Market” event, which supports copyright consultation and story investment attraction for publishing IPs — such as books and web novels that can be made into video content and commercialized — will also take place later this year. The aim of the “K Story Market” will be to introduce publishing IPs to the film and video industry, to increase the possibility of exporting Korean stories overseas.

Exports of web novels, which are rapidly growing in popularity in the domestic market, are also a focus. Educational programs for web novel writers will be held, as well as programs for web novel translators.

Publishers are set to receive more support for web novel translations, which can be a burden due to the cost of long-term serialization and the large volume of written works.

Busan will also host a children's book fair later this year, mirroring the Bologna Children’s Book Fair, the largest such event in the world.

The Culture Ministry and the Publication Industry Promotion Agency of Korea will also host and promote exchange events for local readers overseas, such as Korean book exhibitions, meetings with authors and bookstore events.

“We will solidify our export base so that Korea’s talented writers and works can enter overseas markets in a stable manner,” the Culture Ministry said Tuesday in a press release.

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]