Icecream Media, the Rising Power in Elementary Textbooks, Sees Stock Price Surge

The stock price graph of Icecream Media, which has emerged as a dominant player in the elementary certified textbook market, has been steadily trending upward. Textbook sales are driving overall performance improvement.

According to the financial investment industry on September 23, Icecream Media’s stock price has risen by 124% since the beginning of this year. Its market capitalization has increased to 350 billion won.

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Icecream Media, the nation’s first digital educational content provider, holds over 6.5 million pieces of educational content. The company operates 'Icecream S,' a digital class support platform that elementary school teachers can use during lessons. Over 90% of elementary school teachers nationwide utilize Icecream S for their classes.

Based on its experience operating Icecream S, the company entered the elementary school textbook publishing business in 2022. In its first year, it achieved the number one market share in the elementary certified textbook sector. Icecream Media also operates 'Icecream Mall,' an online store for teaching aids and educational materials.

In the first half of this year, the company recorded sales of 78 billion won and an operating profit of 14.5 billion won. Compared to the same period last year, sales and operating profit increased by 28.1% and 28.3%, respectively.

Icecream Media’s sales grew from 79.1 billion won in 2020 to 152.2 billion won in 2024, representing an average annual growth rate of 17.8%. During the same period, operating profit surged from 6.9 billion won to 46.1 billion won, with an average annual growth rate of 60.6%.

The textbook publishing division is growing rapidly. In 2021, the company passed the book certification review for 32 certified textbooks and guidebooks for grades 3 and 4. In 2022, it passed the review for 33 certified textbooks and guidebooks for grades 5 and 6. Last year, it underwent review for 46 certified textbooks and guidebooks for grades 3 and 4 under the '2022 Revised Curriculum.' The company is publishing '2022 Revised' textbooks for mathematics, social studies, science, English, music, art, and physical education, as well as the 2015 Revised mathematics, social studies, and science certified textbooks for grades 5 and 6.

Last year, Icecream Media ranked first in market share for elementary mathematics, social studies, science, and music certified textbooks. The market shares for mathematics, social studies, science, and music certified textbooks were 40.1%, 58.0%, 51.6%, and 34.8%, respectively. Icecream Media’s textbook sales increased from 68.2 billion won in 2023 to 87.4 billion won in 2024.

Last month, Icecream Media passed the final review for certified textbooks in art, physical education, practical arts, and social studies for grades 5 and 6, in accordance with the '2022 Revised Curriculum.' The Ministry of Education will also announce the results of the certification review for mathematics, social studies, science, music, and English textbooks for grades 5 and 6 at the end of this month.

Kim Taehyun, a researcher at the Korea IR Association, explained, "Unlike its competitors, Icecream Media does not have sales organizations, agencies, or distributors for product sales, which allows it to reduce unnecessary marketing expenses. The promotional role of Icecream S enables the company to maintain higher profitability compared to its competitors."

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