Tracking South Korea's Digital Marketplace
The digital book marketplace in South Korea has grown 200% in four years -- and it’s just getting started. And judging by the size of the bookshops and matching size of the crowds filling them, the print business hasn’t suffered a shock like the one we’ve witnessed in the U.S. over the past decade. Yet. And it might not.
What might happen to a digital book marketplace when its given a chance to ride on ubiquitous broadband, delivered with remarkable speed, supported by an infrastructure that’s enviably consistent? The US certainly doesn’t know.
How might that digital marketplace create a mutuality with the physical marketplace when it’s given a chance to grow in an environment surfeit with QR codes that are wildly popular, in which NFC technology is native to all devices, and book marketers are already digital? Again, the US wasn’t given a chance to find out.
What might we witness when a pop-culture movement as strongly branded as K-Pop creates, markets and exports its own intellectual property globally on the back of a homegrown market that’s more digitally savvy than ours?
It will be fun to witness the answers materialize. Amazon’s already lept from observer to participant. During our visit to the Samsung hub in Gangnam to talk display technology, the team we met with was abuzz with the news: the day before Amazon had just leased a prime space around the corner.
Photo: one of the overflowing book stalls near Dongdaemun market