By Kwon Mee-yoo
Staff Reporter
If the U.S. market is any indication, prospects for the e-book market in Korea are not so promising.
Years after Amazon.com entered the e-book business, it has sold less than 3 million Kindle e-book reading devices, meaning less than 1 percent of the U.S. population are subscribers.
The Kindle will also face a challenge from Apple's latest touch screen tablet computer, the iPad, which is to be released in April.
Even e-book experts are not sure whether the emerging market will see success, and what direction it should head in. "The market is emerging but everybody is cautious," said an executive of Kyobo Book Center.
The uncertainty is compounded by the fact that the initial cost of buying e-book devices is expensive and few subscribers are willing to pay fees, he said.
Furthermore, many companies are rushing into the domestic e-book market, trigging duplicate investments.
The current e-book market here, which is worth less than 100 billion won, is quite negligible in view of the massive initial investments.
E-books are most popular among the 30-something males, followed by men in their 20s, 40s and 50s, according to a survey conducted in 2009 by Kyobo, the nation's largest bookstore franchise.
Despite the uncertainty, big bookstores are taking steps in the emerging market through alliances with hardware makers and mobile carriers.
Kyobo says, as far as e-books go, the most important thing is content. The company entered the market in 2004 and has collected more than 65,000 items so far. However, the number is still low compared to overseas services.
"To start an e-book business, the quantity of content matters. However, to lead the market, quality is even more important," a Kyobo representative said. "We will secure more high-quality books this year such as best sellers and works by popular writers."
The bookstore released in February an e-book device called the SNE-60K, teaming up with Samsung, adding to its existing collection of devices including the iriver Story.
"Most e-book users are avid readers of both paperbacks and e-books. We will see more customers as e-book mediums such as smart phones, tablet computers and small laptops increase," the representative said.
Online bookstores have also jumped into the e-book race.
The Korea Electronic Publishing Hub, founded last September, is a joint investment by large bookshops including Yes24, Aladdin, Youngpoong Bookstore and Bandi & Luni's, and major publishing houses such as Hangilsa, Book 21 and Bir Publishing.
Unlike devices specialized for Kyobo, Yes24 has an "open device" policy which will allow its readers to read content on their current devices, such as smart phones.
Interpark INT will release an e-book device called Biscuit, which is manufactured by LG Innotek, late this month. Equipped with online functions, Biscuit seeks to provide integrated content. Users can download some 20,000 books online, with networking provided free of charge by LG Telecom.
"Biscuit is going to present a new business model in the Korean e-book market," an Interpark spokesman said.
Publisher and avid e-book user Kim Se-hun, on Naver's e-book community, said the Korean e-book industry lacks long-term vision and distinction from other forms. "Many e-book device buyers are early adopters who like new gadgets, not traditional booklovers," Kim said. "However, these light readers may be more interested in non-book content, and might not provide growth in the e-book market."
meeyoo@koreatimes.co.kr
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