When thinking about the publishing industry, we must consider the trends that currently shape it. On the whole, these trends make the publishing industry one of the most dynamic industries around.
The current trends in the market today have led the publishing industry to continue its transformation from a print model to a digital one. Naturally, this is a trend that has been felt across many industries. As for the publishing industry, the transition from print to digital has been quite significant. So, let’s take a look at where the publishing industry stands as we close out the 2020 year.
Print Publishing Is Still Going Strong
In 2020, stay at home measures left people with lots of free time on their hands. As such, many folks rediscovered the joy of reading. As such, book sales increased in 2020 as compared to 2019. This increase supposes a trend that should continue into 2021. Given the fact that people will most likely continue to stay at home, it’s reasonable to think that book sales will continue to increase. While fiction reigns supreme, non-fiction has also made a significant jump. So, keep an eye out for the non-fiction niche.
Online Sales Outpace Traditional Sales Channels
While sales continue to increase for both print and digital books, the predominant sales channel is digital. Given stay-at-home measures, folks are turning more and more to online sales channels. As such, the growth of online channels is expected to continue in 2021. Brick and mortar bookstores are turning toward online channels to pick up the slack for sales. So, it’s also worth keeping an eye on online sales channels.
Self-publishing Is on the Rise
With the increasing digitalization of the publishing industry, self-publishing is becoming more and more appealing to newcomers. Since traditional publishing companies are highly selective, authors and small startup companies can find a potential market opportunity in self-publishing. Consequently, we can expect this trend to continue in 2021 and beyond. While self-publishing is still regarded as a consolation prize to those who can’t get published by mainstream companies, it is on the rise, nonetheless. As time goes on, self-publishers are getting better and better at their craft. Naturally, the quality of self-published books keeps improving.
Audiobooks Are Here to Stay
Audiobooks are one of the most compelling trends at present. Many publishers are turning to audiobooks as a means of opening additional market opportunities. Given the busy pace of modern life, folks are turning to audiobooks as a means of enjoying content while on the go. Interestingly enough, stay at home measures have not deterred folks from turning to audiobooks. It has been quite the contrary. Folks are turning more and more to audiobooks as another option to traditional reading material.
As you can see, the current state of the publishing industry is one of transition. So, there are plenty of opportunities for those willing to embrace change and move along with it. Like all industries, those folks more technologically inclined can benefit from the shifts happening at the moment.