The Korea Times reports that South Korea has extended its term of copyright as required by its Free Trade Agreement with the United States. The government has pledged to allocate 160 billion won for the publishing industry to deal with the increased costs associated with the extension.
The Cost of Copyright Term Extension
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By comparison…
160 billion won converts to approximately 170 million in US dollars. However, the U.S. economy is roughly 15 times large (GDP) than Korea.
By this measure, the cost to the U.S. pubishers of term extension was about $2.5 billion dollars.