The US has a lower rate than the Philippines too.
ETA: need to do my maths better!
Right so 496000000 people in China have internet, at 34%. The population of China is 1.3 billion. Which leaves a lot of people that need print books. Even in the US, where you have just about 80%, there are millions of people who don;t have access, and so will need a print book. Then ofc you have those people who just plain old prefer print.
That is one hell of a lot of people you can't sell to if you don't do print.