John

Korea: The Future Is Now.

In News, Uncategorized on April 15, 2008 at 9:45 am

Picked up an interesting piece on the digital revolution in Korea from The Guardian, which paints a clear picture of how the publishing landscape is going to be when a country becomes fully wired (with fast connections of course).

From The Guardian:

South Korea is rapidly fulfilling its promise to be the foremost digital nation on the planet. Print media outlets are all but vanishing – and the country’s internet is poised to overtake TV as an advertising medium.

“In 1990, there were 8,700 book stores selling magazines, etc. But now there are only about 1,800 stores,” says Young-Chull Kim, president of Kaya Media Corporation which specialises in publishing western-style magazines, such as Esquire, under licence in Korea.

According to the Korea Magazine Association, Koreans spend roughly 1 trillion won on the country’s 2,550 magazines annually. This is dropping year-on-year, as publishers lose readers to the ever faster web.

The Korea Internet Corporations Association says the internet is not only encroaching on traditional newspaper/magazine ad coverage, broadcast advertising coverage is also under threat. Daewoo Securities’ latest report predicts that the number of online advertisements will increase by about 37% this year and, if this trend continues, online ads will outnumber television advertisements by early next year.

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