KT Launches Combined Subscription Plan For Online Music Library And Audiobook Services

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SEOUL – South Korea’s leading telecommunications company KT will launch a new monthly subscription plan for consumers who enjoy reading digital books and listening to music for the first time in the domestic industry. KT’s combo book and music subscription service was first launched four months after the telecommunications company’s online music subscription wing acquired a controlling stake in Millie’s Library in August. 2021.

Genie Music invested 46.4 billion won ($ 39.2 million) to acquire a 38.6% stake in Millie’s Library to become the largest shareholder. The online music services company will develop new business models based on audio content using Millie’s technologies and infrastructure. Millie’s Library is a popular audiobook platform with some 232,000 average monthly users paying subscriptions of 9,900 won.

KT’s Combined Platform Subscription Service provides unlimited access to e-book services managed by Genie and Millie for a monthly fee of 13,000 won. “Genie Music will continue to work with Millie’s Library to create audio content based on KT’s artificial intelligence audio technologies,” KT said in a statement on Dec. 17.

Audiobooks gained popularity in South Korea in 2020 after scores of people chose to stay in their homes due to a coronavirus pandemic. Readers enjoy listening to books told by famous actors and storytellers. In 2020, Millie’s sales were 19.2 billion won, up 75% from a year ago.

Competition has grown fierce in South Korea’s online music streaming service market, which was slated to reach $ 801 million in 2021, after foreign online music services including YouTube Music and Spotify started. to increase their presence in South Korea dominated by national operators such as Genie Music. , Melon and Insects. Foreign service operators have grown in popularity with young consumers eager to try new services and access foreign content.

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