Genie Music announced it has acquired a controlling stake of Milli’s Library, the largest eBook subscription service provider in Korea in a deal worth 46.4 billion won. This will let Genie Music have a 38.6 percent stake in Millie’s Library, biz.chosun reported. Genie Music happens to be a subsidiary of the music streaming platform ‘Genie’ owned by KT.
With the acquisition, Genie Music will have a solid footprint in the booming audiobook subscription service segment apart from its core offering of music streaming. The company said they have plans to launch a bundled plan that will let users have access to both the music and audiobook service that the company now has on offer.
Millie’s Library currently boasts of a cumulative subscriber base of 3.5 million. It hosts 10,000 eBooks as of May along with 3000 audiobooks. The platform is adding around 3000 audiobooks every month. The integration is expected to be completed by this year itself so that audiobooks from Milli’s Library will begin to be on offer via Genie’s platform soon.
Genie Music is looking to achieve higher growth with its foray into the audiobook business that has been growing exponentially in recent times compared to the music streaming segment. As it is, the global audiobook segment, as predicted by Goldman Sachs is poised to grow to 87.46 trillion won in 2030 from 25.55 trillion won in 2019.
With a keen interest in tech, I make it a point to keep myself updated on the latest developments in the world of technology and gadgets. That includes smartphones or tablet devices but stretches to even AI and self-driven automobiles as well, the latter being my latest fad. Besides writing, I like watching videos, reading, listening to music, or experimenting with different recipes. Motion picture is another aspect that interests me a lot and maybe I’ll make a film sometime in the future.