New book pricing system takes effect
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Seoul - Yonhap
A new book pricing system allowing less discounts on books went into effect on Friday with the aim of helping ease an excessive price war among publishers, the culture ministry said.
The fresh fixed book pricing system calls for scaling down maximum discounts on all books to 15 percent from the previously 19 percent and is aimed at correcting problems with the current pricing system accused of creating cutthroat price competition among market players.
Introduced in 2003, the existing system has been blamed for resulting in excessive discounts by online booksellers by excluding how-to books, study books for primary school students and books published 18 months ago or more from the 19-percent rule. Critics say the price offensives by online booksellers have pushed small booksellers and publishers out of the market.
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