The shape of promise
The book publishing industry had already undergone much change as a result of competition from digital media. Then came the pandemic. How did that affect the industry?
The answer comes down to where you buy your books. In a bookstore? Online? Which format? Hard copy, ebook, audiobook, or film?
While the demand for books in print remains solid, the industry has adopted digital opportunities to reach even more readers.
1. A consultant’s summary of current global trends
“Print remains the dominant format, but the COVID-19 pandemic was a catalyst for increased adoption of digital formats. Lockdown measures drove uptake in ebook revenues, which grew 8.6% and reversed several years of declining growth.
“The dominance of print will continue over the forecast period in terms of total revenue, but publishers will need to adopt multichannel strategies to address the ebook turnaround.
“Regional variation in consumption preferences is significant, with the US seeing strong growth in print, whereas in the UK, print sales fell and audiobook sales rose by 47% in the first half of 2020. Over the same period, ebook sales grew 18%, due to the government’s decision to do away with VAT on digital books. The fastest-growing consumer book market in the world is India.
“Although consumer demand for books remained steady, lockdowns drove more people to buy books online, primarily via Amazon. Traditionally in-person discount bookfairs moved some of their sales online and, in the future, such bookfairs may consider hybrid in-person and digital sales models as the industry explores new ways to reach customers.
“Consumer behaviour in other segments is influencing adoption of digital books, with podcasting coexisting alongside audiobooks and in some cases, the formats mutually reinforcing one another.”
(PwC Global Entertainment & Media Outlook 2021-2025)
2. A news article about audiobooks
Canadian publishers are becoming more involved in audiobooks. While sales revenues for Canada were not available, the 20 per cent increase in U.S. sales of audiobooks was $1.77 billion in 2015 alone, which is nearly the size of the entire Canadian book publishing industry. (“Canada is in the midst of an audiobook boom” by Nick Patch, Toronto Star, July 6, 2018. Where goes the U.S., Canada soon follows is the adage in play here.
3. A New York City agent’s description of the trend
“Over the last few years, we have doubled our staff, expanded and diversified our list, and moved to a lively and beautiful suite… We have more bestselling authors than ever before, both in the U.S. and abroad, and the numbers continue to climb,” wrote Irene Goodman of the Irene Goodman Literary Agency in New York City on her website.
“Sometimes we ask ourselves how all this can be happening when the economy is down, bookstores are closing, and digital rights are permanently affecting the book as we know it.
“The answer is simple and timeless: a great story always sells. Good writing never gets old. The technology may change, but we're ready to embrace whatever format emerges, as long as it contains a story that stops us in our tracks. That is why we are thriving in a business that is shuddering, and that's why we find new and delightful success in a sea of changes” (https://www.irenegoodman.com/articles.php).
A new paradigm of multiplying opportunities
The continued strength of book publishing along with the added growth of other media forms are complementary. Technological expansion into new forms such as ebooks, audiobooks and animation, and the burgeoning need for great stories to be made into movies mean that opportunities are multiplying.
Within this scenario, the path of self-publishing makes more sense.
On a personal level, the opportunities are greater than ever. As has been true all along, quality work will be published. It comes down to merit. The competition isn’t out there; it is here inside my head.
Updated May 11, 2022