KT Millie's Library posts third-quarter revenue of 24.5 billion won, up 7.6% year on year

[Financial News] E-book subscription platform KT Millie's Library posted revenue of 24.5 billion won in the third quarter of this year, up 7.6% from the same period last year. Operating profit was 3.7 billion won, below the 4.3 billion won recorded in the same period a year earlier.
According to Millie's Library on the 12th, quarterly operating profit was 8.2% higher than in the previous quarter. Cumulative revenue through the third quarter reached 72.3 billion won, up 13.9% year on year. Cumulative operating profit fell to 11 billion won this year from 12.7 billion won in the same period last year.
An increase in new subscribers in the individual customer segment contributed to quarterly revenue growth. Millie's Library is participating in the “A Korea That Reads” campaign, hosted by the Ministry of Culture, Sports and Tourism and organized by the Publication Industry Promotion Agency of Korea. Users can get 50% off their first month’s subscription fee if they start a monthly subscription on the web on the first Wednesday of each month.
Last September, it held a subscription promotion to mark its 10th anniversary. It also expanded its audiobook and docent-book offerings. As of October, cumulative membership stood at 10 million, and its catalog contained 260,000 books.
Last August, it opened a literary residency, “Millie’s Writers’ House,” offering emerging novelists space to write. On September 3, it also held its 10th-anniversary conference, “The Future of Reading,” at COEX in Seoul’s Gangnam District to discuss the role of reading in the age of artificial intelligence (AI), as part of its efforts to support creative work and promote reading culture.
[email protected] Jang In-seo Reporter