Printed pieces of writing bound together, otherwise known as Books, are shifting into more modern formats. In 2021, book purchases rose for print, eBooks and audiobooks. The publishing industry is currently in transition, and we’re ready to see what lies ahead.
Let’s take a closer look at the publishing industry trends for 2023!
The lockdown had people stuck at home, which encouraged a lot more reading. In fact, print book sales went up 8.2% in 2020 from 2019, the largest gain since 2010! Interestingly, nonfiction outperformed fiction; according to Publishers Weekly, fiction sales went up by 21.4% while nonfiction went up by 38.3%.
With many of the best self-publishing companies available today, more writers have the freedom and accessibility to publish their own books. This opens the door to many subject experts who now have the freedom to write books with more control.
The trend for audiobooks continues to grow for its 12th consecutive year. The way we consume books is evolving and the growth in audiobook sales only proves that, with an increase of 14.3% (reaching $56.9 million in revenue) in October 2020 compared to October 2019.
For authors, it’s worth considering an audiobook along with your print and/or eBook. It’s a great way to expand your reach and engage with readers who prefer a more sensory experience with books.
Google is currently working on a beta publisher tool that converts eBooks to audiobooks. This could potentially reduce the cost of production, which is something to look out for in the months to come. It’s expected to launch this 2022.
This refers to both content consumption and production. Digital publications saw a significant growth in the last year. The Coronavirus pushed people to more digital content over print. Digital book revenues grew to 20.4% in December 2020 accounting for a total of $96.9 million.
As for digital learning, it’s here to stay. The digitalization of educational content has been booming with an 80% surge in eBooks and audiobooks. This comes from a report looking at 38,000 schools in 71 countries.
We will continue to see this trend as publications, institutions, and others expand into more modern formats.
Milliot,M.(2021, January 7). Print Book Sales Rose 8.2% in 2020. Publishers Weekly. https://www.publishersweekly.com/pw/by-topic/ industry-news/bookselling/article/85256-print-unit-sales-rose-8-2-in-2020.html
The ears have it: The rise of audiobooks and podcasting. (2019, Dec 9). Deloitte. https://www2.deloitte.com/us/en/insights/industry /technology/technology-media-and-telecom-predictions/2020/rise-of-audiobooks-podcast-industry.html
Kozlowski, M. (2020, Dec 14). EBook Sales in the US Were up 20.4% in October. Good E Reader. https://goodereader.com/blog/e-book-news/ebook-sales-in-the-us-were-up-20-4-in-october#:~:text=Digital%20book%20revenues20were%20up,first%20ten% 20months%20of%202020.