What Does the Future Hold for the Publishing Industry?
Technology has changed how we read. This blog post explores some trends that are changing the publishing industry.
The digital revolution has had a seismic impact on the publishing sector compared to other industries. After the Kindle was launched in 2007, publishing houses declared that the industry was on solid footing. 16 years later, eBook publishing is stronger than ever, with around a 20% market share of the total book market. Many writers and publishers are now embracing these advancements to shape a better future for themselves. This blog post will touch on these trends and how they can benefit you.
The traditional publishing model, though very old and successful, is showing its age. Due to current trends and technologies, publishing is now becoming automated. Authors are now tackling time-consuming tasks with the help of their phones and computers. Manuscripts are now edited, proofread, and formatted using online applications. This allows authors to spend time doing what they love, which is writing. The following are some trends and practices that are shaping the publishing world.
Paperback books are becoming collectibles
Paperback books will never go extinct, at least not in the near future. Inevitably at some point, paperbacks will probably be considered coffee table art.
The development of tablets and handheld devices has increased the popularity of eBooks. Around 19% of Americans own an eReader, a more convenient and affordable way to access books while on the go. Although books remain popular among avid readers, availability, price, and convenience reduce their overall appeal.
Better social media marketing strategies
Emerging trends like podcasts, #bookstagram, and #BookTok are changing the marketing strategies for books, especially fiction novels. Video content is the easiest way to create hype and anticipation about a book release. Book trailers, TikTok, and Instagram reels are a good way to do that.
TikTok is the fastest platform to hit one billion users in 2021. It has given many opportunities for engagement and awareness, in the process, becoming an essential tool for marketers, publishers, and authors to engage with their audiences and get feedback. Marketers also hire #BookTok influencers and reviewers to market their books.
Instagram is one of the most promising social media marketing tactics. More and more authors are now hopping on the bandwagon to introduce more people to their work. These easy-to-share posts, videos, and photos are influential enough not to be neglected by publishers.
Audiobooks are changing the way we read
One of the biggest revolutions in the publishing sector are audiobooks. A recent surge in the consumption of audio content has encouraged publishers to create audible literature. It has opened up publishing to audiences that might not otherwise be able to download and enjoy a book. For example, people with disabilities, like the visually impaired.
Audiobooks are also a great avenue for people who are generally too busy to read. They are a valuable tool for consumers who might have a lengthy commute or even something simple, like making dinner or going for a run.
Many publishing agencies now offer to create and distribute audiobooks for their clients. In 2020, audiobook sales reached $1.3 billion in the United States. According to a recent study, around 20% of American adults have listened to an audiobook. It is one of the biggest growth sectors for publishing companies making it an untapped opportunity for upcoming authors and self-publishers.
Self-publishing is gaining traction
Self-publishing is getting more recognition with every passing day. Over a hundred thousand ISBNs belonged to self-publishers in 2010. That figure climbed to 1.6 million in 2018. And as COVID confined us to our homes in 2020, this number continued to climb.
Authors now opt for self-publishing since it gives them full liberty over their works. Instead of accepting a publisher’s final say, an author chooses what they want to do with their book, giving them full creative freedom.
Online book publishing is the new way to succeed
Book publishers will never go out of business. However, with that said, unlike hardcover and paperback books that require paper, ink, machinery, and a physical location to get sold, digital publishing is far easier, affordable, and convenient.
Authors embracing these advancements are opening doors to better income streams. If you are a budding author looking for the best book publishing services to sell your book online, Amazon Publishing might be your answer. Their all-in-one marketing strategy and professional editing and publishing methods ensure that readers will love reading your hard work.
Lou Martins is a writer and entrepreneur with years of experience in publishing and selling on Amazon. A writer by day and a reader by night. Outside of work, she enjoys traveling and spending time with family and friends because work and life balance is important.