Lately, I have had more reasons to go to Jongno and Chungmuro, so my usual routes, which used to be centered around Gangnam, have gradually been expanding north of the river. As I walked around this area, I felt that a commercial district quite different from Gangnam had formed here. There are truly many lighting and printing shops. Some time ago, when I went to an acquaintance’s gallery exhibition, there was an artist who captured on canvas the disappearing scenery of lighting shops in Euljiro. The artist said it was a shame that those lighting shops were vanishing. But recently, as I passed by so many lighting shops myself, I found myself wondering how these shops had managed to remain here. Perhaps it is the difference between thinking, “There is only half the water left,” and “There is still half the water left.” ^^ And from there, my thoughts shifted to the “print shops” tucked into the alleys of Chungmuro. In fact, there was a reason I ended up writing about this topic. It is because the autobiography production service I am working on as a personal project is closely related to the printing industry. The manuscripts written through this autobiography service are printed and produced as books through a printing company, then delivered to customers. When I first began looking for a printing company, I did not know about Chungmuro. I only had the common knowledge that many large-scale printing companies were gathered in the Paju Book City publishing complex. But one day, while walking through Chungmuro, I happened to discover the office of the printing company I use. From that moment on, I began to notice the printing companies in Chungmuro. As with cognitive bias, once something became visible to me, I grew curious about it and wanted to understand it properly.
Before analyzing the Money Machine, I first looked for an answer to the question I had at the very beginning: “Why are there so many print shops in Chungmuro?” What was surprising was that the reason there are so many print shops around Chungmuro and Euljiro comes from infrastructure that began forming as far back as 600 years ago.
During the Joseon Dynasty, the Jujaso—the government office responsible for making metal movable type and handling printing—was established in 1403, and it was located in what is now Chungmuro. If we try to imagine not 50 years ago, but 600 years ago, printing at that time would probably have been a concept that deserved every high-end word imaginable: cutting-edge technology, ultra-luxury, premium, aristocratic, and so on. And since there were no concepts like IT, software, or digital technology as we have today, the main idea of printing was engraving woodblocks or metal plates and pressing them onto paper.
If that was the case, then in order to support the enormous value chain of “printing,” printing technology alone would not have been enough. Metalworking technology was also necessary, along with major sources of demand that could fund such a large industry. This created a structure in which Sewoon Sangga took charge of metal-related manufacturing, while the traditional commercial center behind it provided demand.
Returning to the modern era, the Gangbuk area connected by Jongno, Chungmuro, and Euljiro has traditionally been where newspapers, financial companies, large corporate headquarters, and government offices took root. Newspapers, without needing any further explanation, generated enormous printing demand every single day. Financial companies, government offices, and corporations also had strong demand for producing calendars and diaries every year.
After researching this much, I began to understand the diary and calendar shops that appear here and there among the countless print shops. Before I knew this history, I could not understand why outdated diaries and calendars were being sold on such valuable land. But these shops were once places that steadily absorbed major printing demand, and in a way, they defined the notebooks and calendars that our parents brought home from their companies or banks every year.
Once again, I was reminded that “there is no phenomenon without a reason.”
Printed materials on paper ultimately begin with trees and the paper made from them. That is why, at the very front end of the printing industry’s value chain, there are (1) paper companies. Since Korea imports pulp, the cost of paper is heavily affected by exchange rates and oil prices. (2) Printing companies buy paper from paper companies and print on it using their printing machines, ink, and plates. Even within this category, there are different types of print shops. Traditionally, printing meant mass printing, and mass printing meant offset printing, which uses printing plates. This is a method in which the printing design is etched onto a plate, ink is applied, and the image is pressed onto paper. Because offset printing requires plates, the cost of making those plates can range from several million to tens of millions of won. This means the economics only work when the print volume is large enough to absorb that cost. Digital printing, which emerged in the next generation, made small-volume printing possible because it can print directly from digital files without plates. However, even digital printing still requires mechanical equipment capable of handling various paper sizes, paper materials, and printing methods. In this way, printing companies are equipment-intensive businesses that require large-scale machinery. That is why minimizing idle time—when machines are not running—is said to be the key to profitability. The next stage in the value chain is (3) post-processing companies. These are companies that specialize in processes such as cover printing, bookbinding, coating, and other special finishing work. When producing a book, the unit price can vary quite a bit depending on the cover format or whether coating is applied. I have heard that this stage actually leaves a fairly significant margin, more than one might expect. The final stage is (4) logistics companies, which deliver printed materials to customers, using anything from motorcycles for smaller jobs to cargo trucks for larger ones.
Looking at the value chain, it becomes clear that for the printing industry to function, it needs large printing machines, as well as additional equipment for processes beyond printing itself, such as plate-making and post-processing. It would be inefficient for a single company to invest in and own all of these machines. That is why, in a specific area like Chungmuro, companies specializing in their respective areas gather together and form a single ecosystem.
Even within the printing industry value chain we examined above, each company competes with its own distinct strengths. I have classified these printing companies into roughly four categories based on their characteristics.
These are companies that print and manufacture packaging materials or corrugated boxes. At first, I did not think of this area as part of the printing industry. But as I researched further, I came to feel that it was appropriate to include it, so I placed it among the traditional business areas of the printing industry.
Representative companies include Yulchon Chemical, with 2024 revenue of KRW 435.9 billion, a return to profitability in 2025, and a listing on the KOSPI; and Tailim Packaging, with 2024 revenue of KRW 680.1 billion and also listed on the KOSPI.
These are large-scale players, to the extent that the representative companies are all listed on the KOSPI. Since they compete on scale, they are heavily affected by the macroeconomic conditions of imported raw materials. At the same time, as the commerce market grows, demand for packaging materials and boxes also increases. In the case of Yulchon Chemical, packaging materials account for the largest share of revenue, but recently the company has been expanding into electronic materials such as OLED materials, batteries, and pouches. This seems to show that companies must not remain confined to their existing fields, but instead expand into areas where they can perform better by leveraging the manufacturing capabilities they already possess in order to survive.
Comprehensive printing wholesalers correspond to (2) printing companies in the printing industry value chain discussed above. As the term suggests, they are wholesalers. Rather than communicating directly with customers who need printing, they gather orders from printing agencies—the third category below—and try to place as many orders as possible onto a single printing plate in order to gain economies of scale.
Printing wholesalers need to keep their equipment running as much as possible without idle time. With that in mind, I can now understand why most of the print shops lighting up the early mornings of Chungmuro were these kinds of printing wholesalers.
Because of the nature of wholesale businesses, this category is characterized less by generating large profits from printing itself and more by earning stable income from favorable factors such as the redevelopment of long-held factory sites in places like Euljiro and Yeongdeungpo, or from leasing real estate.
A representative company is Samhwa Printing, founded in 1954, with 2023 revenue of KRW 22.9 billion.
Printing agencies operate businesses that have successfully transformed the printing industry around online channels while staying close to consumers—the people who actually need printing. Most of them have built online platforms and absorb a wide range of demand, from mass printing to small-volume printing for promotional products, wedding invitations, envelopes, notebooks, and more.
Representative companies include Sungwon Adpia, a mid-sized company with KRW 105.5 billion in revenue, as well as Adsland and Printong.
From the perspective of the end consumer, printing wholesalers and comprehensive printing companies may appear to be competing with each other. In reality, however, it is said that they coexist in a mutually beneficial way: comprehensive printing companies acquire printing customers at the front end and then entrust the actual printing work to printing wholesalers. At least for now...?
The main form of the printing industry today seems to be these comprehensive printing companies.
I think these vertical printing companies are the forms that survived as the existing first-generation printing industry evolved into second- and third-generation models. Late entrants to a business need some kind of competitive advantage, so I will classify them again based on which sector they penetrated vertically.
Small-Volume Custom Printing / POD Sector
Representative companies: Marvel Corporation, Red Printing
Companies in this sector are capturing demand for made-to-order printing by focusing on small-volume printing, which traditional printing companies could not cover. In extreme cases, they can even print just one sheet. Companies that began as startups are found in this sector. These companies have also expanded the product categories of the printing industry into trendier areas such as goods and phone cases.
Marvel Corporation positions itself as Korea’s first POD goods platform, and it is characterized by a long-tail growth strategy connected to the creator market. Its revenue has continued to grow, reaching approximately KRW 50.3 billion in 2024. In 2025, although revenue declined, it appears to have successfully turned profitable, with net income of KRW 750 million. Since the company is now approaching 20 years since its founding, it is impressive to see how it has steadily created its own place in a market that, at the time, people probably said made no sense.
Academic Thesis Sector
Representative company: Korea Academic Information Co., Ltd. and its printing order platform, Booktory
Booktory is also the main printing company I use while operating my autobiography service, and it was one of the reasons I began writing this piece. When I was simply placing book orders, I did not realize much about the company. But when I looked into its financial statements, things became interesting.
As its company name suggests, this company specializes in academic content. It prints and publishes theses and dissertations, including the familiar black hardcover thesis volumes that people often joke end up being used as instant-noodle pot stands. Most university and graduate students across the country have to write a thesis or dissertation in order to graduate, and they also have to print it and leave it behind in various forms. To think that this company has captured such stable demand makes me genuinely curious about how the founder first approached this sector.
Since this company closes its fiscal year in March, the latest financial statements I could find covered the period from April 2024 to March 2025. As of March 2025, the company had revenue of KRW 40 billion, but operating profit was KRW 1.7 billion and net income was only around KRW 140 million, so profitability does not appear very strong. Revenue consists of KRW 26.8 billion from printing revenue, or 67%; KRW 9.1 billion from academic content revenue, or 23%; and KRW 2.3 billion from publishing revenue, or 6%. Looking at cost of sales, printing costs were KRW 20.6 billion, academic content costs were KRW 600 million, and publishing costs were KRW 2.2 billion. Comparing only the cost ratios, publishing seems to be the least profitable, printing appears to be at an average level, and academic content shows an enormous profit margin, with a cost ratio of only about 6.6%.
Curious about how the company was operating this high-margin academic content business, I looked further and found that it operates KISS, an academic paper search site. Looking at this case, I realized that paid materials such as academic papers and reports have demand characteristics that make a long-tail model fully possible. If a site has the specific paper I want, it does not really matter whether that site is ranked first or one hundredth; I will still pay to use it. That means this can be a business capable of maintaining strong profitability even if it is not the number-one service. As I continued branching out like this, I also picked up a hint that there may be quiet but highly profitable businesses in the academic society and scholarly fields, which I should research separately sometime.
One item that stood out among operating expenses was KRW 3 billion in royalties. The fact that royalties exceed publishing revenue, which was KRW 2.3 billion, seems to show, at least in one fragmentary way, that profitability in the publishing business is not particularly strong. Apart from this, perhaps because the company owns large machines and land, it also appears to have a large amount of borrowings. As a result, interest expenses alone amounted to around KRW 1.8 billion in one year, which seems to make up a major portion of its costs.
After reviewing the financial statements, I began to think that for the company to grow further, it may need to reduce the publishing business, where costs are high, and strengthen the profitability of printing linked to academic content. Although that printing business has only average profitability, it plays the role of creating scale. If the company can build a strategy in this direction, it may be able to grow both in size and in profitability. Of course, in reality, the responses a company can take may differ completely depending on factors such as the ownership structure among executives and employees, incentive structures, and the condition of tangible assets. So I also feel that this kind of consulting-style analysis is somewhat surface-level.
Independent Publishing Sector
Representative company: Bookk
There was a time when independent publishing was quite popular. Since then, it seems that many people have developed the dream or bucket-list goal of publishing a book. When you search for independent publishing, you naturally come across a service called Bookk. It positions itself as a self-publishing platform.
Since there are no publicly available financial statements, I cannot examine its revenue or profit. However, I found an interesting article written in 2020. It said that sales growth was driven by the active inflow of test-preparation books and reference books published by current public officials, teachers, and others aiming for promotion or appointment, as well as other exam-prep books aimed at obtaining certifications.
In practice, when publishing a book through Bookk, the author does not incur any upfront costs. Later, if the published book sells and generates revenue, the author receives a settlement. This makes it a service with little burden for both demand and supply. Judging by the fact that it offers authors a settlement rate as high as 35%, it seems to be trying, as a late entrant, to capture the long-tail market in publishing. From my perspective, having looked at other forms of the printing industry so far, Bookk seems to have made a strong start by creating new demand—individual authors who are not professional writers—in an area that other publishers had not touched. Going forward, if it can find a way to monetize the information itself by using the book content accumulated from these individual authors, like the academic paper search site discussed above, I think it may be able to become a company on a completely different scale.
One of the real pleasures of writing a Money Machine piece is that, in the middle of writing, I end up discovering things I had not even thought about at first. In this piece, I felt that joy especially while analyzing Korea Academic Information.
It is said that in the early 2000s, when small printers that could be kept in individual homes began to appear, there were concerns that print shops might all disappear. But even now, more than 20 years later, professional printing businesses have survived by becoming stronger in their respective specialized areas, such as packaging materials, publishing, POD, and academic information. The more closely one looks, the more there is to see. It reminded me once again that I should always think with humility.
Having looked at the past and present of the printing industry so far, I would like to close this piece by thinking about its future. Most printing businesses have the characteristics of large-scale equipment-intensive businesses. Since they are based on manufacturing, I think this field may also be able to create new business areas in the future by combining with digital transformation and Physical AI.
One idea that immediately comes to mind is an AI print shop. It may be possible to attach camera sensors to existing machinery and sell a solution that allows AI to perform the work currently done by printing machine engineers—such as actuator settings and calibration—so that machines can run 24 hours a day while minimizing waste paper, which accounts for the largest share of costs.
Of course, only by listening to voices from the field will it be possible to find the real gaps and identify opportunities to start, even in a small way. I hope that in the near future, after meeting print shop owners in person, I can return to readers with a follow-up piece written around more concrete and refined ideas.
BusinessDisclaimer: Based on a presentation delivered at the Seoul National University blockchain club Decipher's Weekly Session on the topic 'The Future of Banking.' This article explores the new forms of banking that can emerge when 'banking as a business model' meets 'blockchain as a new technology,' and examines the changes underway. Nothing in this report constitutes investment advice.
BusinessSeptember turned out to be even more of a whirlwind than I expected, but as it drew to a close I sat back down to write. I knew if I let the month end without posting at least one Money Machine piece, I'd regret it when I looked back at my monthly post counts later.
BusinessMy company office is located right next to Seongsu Station, so I've been watching Seongsu's transformation every day for about two years. One of the things that makes this dynamic neighborhood special is how many pop-up stores it has — new ones appear and disappear every single day. Seeing a lot of pop-up store rental listings in real estate windows lately made me curious about their profitability, so I took a closer look at Scène, the pop-up space closest to me.