Culture ministry sets record 64.5 billion won budget for publishing sector

The culture ministry said Wednesday it has allocated a record 64.5 billion won ($47.7 million) for the publishing sector in its 2027 government budget proposal, an 18 percent increase from the current year. Minister Choi Hwi-young chaired the third meeting of the Committee on Arts and Culture Policy's publishing division to share the results with industry representatives.

Following a 19 percent hike this year that first pushed annual funding past 50 billion won, the ministry secured an additional 5 billion won ($3.69 million) to diversify revenue models by expanding publishing intellectual property into films, broadcasts and performances. New measures also include specialized export support for web novels, featuring international consultation meetings and marketing assistance for award-winning titles.

Support for regional bookstores will see the most significant growth, with the budget rising 84 percent to 13.8 billion won ($10.2 million). This funding aims to expand the number of participating stores in the "Life Bookstore" and "Midnight Bookstore" programs from 340 to approximately 470 locations nationwide. The ministry also plans to introduce a national certification system for regional bookstore cooperatives following revisions to the Publishing Act.

Reading culture initiatives will receive boosted funding as well, with the budget for daily life-linked campaigns doubling to 1.9 billion won ($1.4 million). The K-Book Global 100 project, which supports comprehensive export activities from translation to local marketing, will also double its budget to 2 billion won ($1.48 million).

The ministry further announced plans to expand the Youth Culture Arts Pass to include book purchases for individuals aged 19 to 34 starting next year, up from the current 19 to 20 age range. Purchase limits for the pass were recently raised to 50,000 won ($37) in the metropolitan area and 70,000 won ($52) elsewhere.

"As we have compiled the largest ever budget for the publishing sector, we must now carefully design and implement support directions to ensure the funds achieve real effects in the field," Choi said. He added that the ministry would actively reflect industry opinions in next year's projects and identify any additional support needs.