There’s nothing I like more than some downtime with a good book. Whether I’m curled up on the couch, reclining in the sun, or commuting on the train, a book is a constant companion and transporter to another world.
But how we consume books has changed dramatically in the last 15 years. In this article, we look at the different ways consumers read and what that might mean for publishers.
Paperback and hardback books dominate, but revenue declines
In 2016, approximately 2.2 billion books were sold worldwide. Global revenue was affected by the pandemic, and physical book sales dropped by 7.64% to below $80 billion for the first time in three years.
In 2023, it’s estimated global trade book sales revenue will reach $78.07 billion, a 2.53% increase from 2022 but still below pre-pandemic levels. Print books dominate the global book market. However, their revenue is declining while ebook and audiobook revenue is steadily increasing.
Ebooks numbers decline as e-papers and em-magazines rise
The number of ebooks sold peaked in 2013 at 242 million. Since then, it’s been on a slow and steady decline, happily interrupted in 2020 by the pandemic, when 364.38 e-books were sold per minute, before trending downwards again. Since 2018, ebooks have sat around the $2bn mark but dropped below this for the first time in 2022.
Interestingly, as e-book revenue drops, e-magazines and e-papers are on the rise. How people read their e-books is also a bit of a surprise. While it varies from country to country, a computer is generally the most popular choice, followed by a smartphone, tablet, and e-reader.
Audiobooks are the fastest-growing book format in the world by a wide margin
Revenue from audiobooks is expected to grow a whopping 26.4% every year from 2022 to 2030 and reach $35.05 billion in 2030. Growth is predicted across all markets, with the US, China, and the UK leading the way.
Where once we listened to audiobooks via CD, that format has unsurprisingly fallen 73.10% between 2014 to 2018, and digital format accounts for 91.4% of the market since then. Consumers can listen via various apps and platforms, free and paid and local libraries even have audiobooks you can borrow.
The desire and need for books and content isn’t waning, but how people consume them is changing.
Publishers that produce physical and e-books for retail consumers should leverage technology to increase the efficiency of the production process and improve margins. Having a long-term strategic plan for an audiobook channel will allow them to capture some of this high-growth market.
Our team knows what’s best practice when it comes to using technology in your publishing production process. Contact us today, and we’ll help you find ways to increase efficiency and reduce costs.
International Executive with focus on Global Growth -20 years working experience in Germany, Singapore, India,Asia, Middle East, Switzerland, Europe across a cultural multi-functional environment.
Specialties: Business Strategy & International partnerships, Global Alliances network in Startup, Technology,Airlines, Aviation, Travel, online travel, E-commerce Business, Luxury Retail, BPO, b2b, ERP Software BusinessDevelopment – Sales, Go to Market, Growth Specialist, Incubation, Entrepreneur in Residence, Senior ClientPartner, Consulting, Market Research – Coleman Research, Lynk Global, Guidepoint, Insight Alpha, GersonLehrman Group.
Mr. Manoj Mehta
Mr. Manoj Mehta, is a Science Graduate and a Fellow Member of the Institute of Chartered Accountants of India (ICAI), practicing as a Chartered Accountant since 1984. He had the great opportunity to complete his article training with M/s. S.V.Ghatalia & Co. (now part of E&Y, one of the big four Consulting Firms in India).
He has got vast experience of 40 years in the profession. His core strength is in the field of Finance, as a Corporate Advisor to public, private and multinational companies in the field of financial planning, raising debt and equity, structuring, etc. His forte is strategic business and financial planning, compliances, deployment of funds, optimum utilization, budgeting, Preparation and analyzing of qualitative Project feasibility reports, anything and everything related to advising on financial decision making.
He holds trusteeship of a few charitable trust to show his philanthropy side.
He has held leadership roles and has been in the forefront in articulating values and beliefs in a team building approach.
Paul Evans
Dr Paul Evans has a long career in publishing in STM and business sectors since graduating from Oxford University and first working as a computer programmer. He worked for Reed Elsevier in a variety of roles for nearly 25 years (in UK, Netherlands and China) up to, in later years, Senior Vice President at the global headquarters in Amsterdam. He then became Managing Director for SAGE Publishing’s Asia Pacific company at its hub in Singapore for 7 years, doubling its size and performance. Latterly he was for three years Director of Nature Research China with Springer Nature in Shanghai and an adviser to the Chinese government for his industry, and then on return to the UK during Covid he has worked for Maverick Publishing Specialists as a consultant and Charlesworth Publishing Services as Director of Partnerships.
He has also taken a strong interest in education initially as a teacher in Japan, as a lecturer and course leader in Publishing Studies at a Scottish university, and now in working in UK education areas.
Bharath Ramadoss
Head of Production and Operations, has been with Siliconchips since 2015. In his time with us, he has managed a team of dedicated and experienced production team members, both in books, journals development.
A graduate of University of Madras, Bharath has a strong experience in quality, complex workflows in the publishing industry. His skill set includes e-publishing, project and team management, XML and HTML, content development, workflow improvement, and now working closely with technology team and developing various tools and platforms.
He enjoys cricket, and you will find him playing every Saturday.
Becca Mosher
Becca Mosher, US Editorial Project Manager, helped to develop the Siliconchips editorial department in 2015, and her team continues to grow. A graduate of University of Illinois at Urbana-Champaign and University of Missouri – Columbia, Becca has been in the publishing industry since 2007, where she has specialized in e-book project management, editorial management, and editing in a wide variety of styles at all levels, from proofreading to developmental editing. She is proficient in several languages and adept at client relations.
An avid board gamer, Becca teaches different games at a “Learn to Play” night once a week.
Abhijit Pathre
Abhijit Pathre, our Director of Account Management, manages data, accounts, delivery and operations, and maintains client relationships. He is highly experienced in the technology field and possesses excellent communication and problem-resolution skills; prior to joining Siliconchips Services, he was with Hutchison Global Services, working in 3G, and Goldshield Business Solutions, a UK-based Business Process Outsourcing (BPO) firm.
He leads with a humbleness that compels the team to follow his direction. His firm commitment and his vast fifteen-year experience spanning various industries contribute to his essential role as a member of the Siliconchips Services team in India.
Shahid Chowdhary
Shahid Chowdhary began Siliconchips Services in London in September 2010, with one basic idea: to build an organisation committed to value-based leadership and promoting a culture of trust, transparency, integrity and mutual respect.
Shahid received his graduate degree in Mechanical Engineering from NIT Srinagar and his post-graduate in Marketing and Finance from NMIMS, Mumbai – both leading engineering and business schools in India and he was certified by Baan in Enterprise Resource Planning (ERP). He has acquired numerous professional qualifications in innovation, strategy and leadership development throughout his career, including Leadership Management Institute (LMI) in the US and Neuro-linguistic programming (NLP) in London. Over the years he has worked with various multinational companies in India, the US and the UK, including engineering, software development and publishing companies.
Shahid is the driving force behind Siliconchips Services; he focuses on new markets, business development, human resources development and planning for the continued growth of the company. He unites his teams across borders, and encourages a cohesive working community to give our clients a professional and pleasant experience with Siliconchips Services.
Over the weekends, Shahid spends time with his two daughters, practicing martial arts, and volunteering at the stables for his love of horses.
"I have been working with Siliconchips for six years now as the editor of a scholarly journal that publishes 140 articles per yer. Our articles demand careful attention to the detail of graphs, tables, typefaces, and symbols. I am very satisfied with the high level of quality that Siliconchips brings to the typographical challenges posed by our articles. Their copy-editing and typesetting services are first-rate. The team is fast, diligent and resilient. All queries are answered within 24h, and accurately incorporated into the final proofs. The team is patient, courteous and precise with even the most demanding tasks. It is a real pleasure to be able to work with such professionals."
PROF. DO. JOHN ROORYCK Editor-in-Chief, Glossa: a journal of general linguistics