Technology has brought about a
number of disruptions in the way various products are manufactured, distributed
and consumed, book is no exception to this. Technology has transformed the way books
were published, marketed, circulated and read. The discussion here will focus
on how technology has changed and continues to change the book publishing
landscape through several distinct trends.
Trend #1: Digital books continue to gain acceptance
Digital formats (e-books, pdf
files, kindle versions etc.) have helped the reader to carry a library of her
choice while she is travelling. Some of the digital books provide additional
benefits of tracking reading speed, bookmark options, deciding font sizes,
provision to highlight or comment etc. And since the digital books cut down the
additional expenses incurred on printing, demand forecasting, stock keeping,
distribution, book shop related expenses; the consumer many times gets digital
books at a much lower cost. This low cost combined with ease of reading and
carrying has acted as growth driver for the digital books. And this is obvious
that the digital books market has grown at the expense of printed versions.
Trend #2: Self-publishing is emerging as an alternative to established
publishers
Traditionally, the publishers and
authors were separate entities, while the author used to focus only on writing
while editing, proof-reading, marketing, distribution etc. were the job of the
publishers. However, in the recent times many authors prefer to self-publish
their books. They hire editors, proof readers, marketing agencies etc. to get
the publisher’s work done. Though the self-publishing space is still at a very
nascent stage, it is evolving at a very rapid pace. It is expected that as self-publishing
progresses on its path to maturity, some of the hurdles associated with it will
vanish.
Trend #3: Technology has armed publishers with the option of
print-on-demand
Gone those days when a publisher
had to ready to accept unsold copies from retail shops. Evolution of printing
technology has helped publishers to first wait for demand and then print in a
very short notice period and small order quantities. This has helped publishers
to tackle issues with unpredictable demand associated with new authors and/or
new publishers.
Trend #4: Number of physical book stores are reducing
Newspapers across developed and
developing countries carry news articles on deaths of various popular
bookstores that are finding it difficult to sustain their business. The reason can’t
entirely be attributed to digital formats of books, skyrocketing real estate
prices have also added to the owes of book retail business that has a fixed
margin and is facing increasing competition from technology as well as fashion
products.
The exclusive bookshop have also
started increasing their product basket by including categories like cosmetic
and toys in order to increase their share of consumer’s wallet.
Trend #5:
Consumer review of books are being taken seriously
Both the publishers and authors
get feedback, review and rating on their books in social media or online
platforms. This is true for both for books in digital format and printed
copies. Consumer feedback helps them to relook at cover page, extracts, flow
etc. Consumer feedback also help authors and publishers who publish book in different
volumes. For examples while the Volume I is in circulation, the author, who is
probably working on volume II, could incorporate the constructive feedback in
his work.
Perspectives on Trends
Though many experts consider
these trends are disruptive and will cause radical change in the way books will
be written, published and read in future, the fact could actually be far from
this.
Perspective 1#: Printed
books are going to stay despite increasing share of digital books
With the introduction of digital
format, readers were armed with a different alternative to read books, many
times, the experience was far superior to that of a physical book. However, many
still prefer physical format due to its convenience. Parents are increasingly
trying to keep their kids away from screen and thus are more comfortable in
purchasing printed books for them.
In America e-books contribute only
30% of the total book sales (source: Economist), the corresponding number for
Germany is 5%. Many research and consultancy firms have notice slowing down of
the growth of digital formats. The initial fear that the high speed
proliferation of digital formats shall make print formats unwarranted, now
holds no ground. Printed books are going to remain and contribute a substantial
share to the total book sales at least for a few decades to come.
Perspective 2#: Authors will
consider all possible avenues to reach to readers
Despite the debate on self-publishing
and publisher’s route, many authors will consider all possible formats to reach
their readers. So, if for a certain type of book, they feel publisher can reach
a wide section of readers and has better experience to launch and market the
book, the author will prefer the publisher’s route, at the same time preferring
self-publication for some other book. In fact, some authors see writing as
their job, not publishing. Hence, to believe that self-publication will
dominate the market in near future would be underestimating the knowledge and
experience of publishers in book industry.
Perspective 3#: Market will
continue to witness innovative pricing structure to lure consumers
Both the printed and digital
books have witnessed innovative pricing structure that attract consumers to
share books, get unlimited access to books, seek library membership with a subscription
fee etc. This trend will continue in both print and digital books with online
portals and publishers relying more of dynamic pricing to get more of consumer
attraction.
