The research study covers the present scenario and growth prospects of the global publishing market for 2016-2020. The report also lists traditional publishing and digital publishing as the two main platforms. These are further divided into three different types of publishing which are books, magazines and newspapers.
“The global publishing market will benefit from the digitization of consumer books. E-book technologies will increase the awareness of titles and stimulate book sales, while new portable e-reading services will boost electronic book sales in selected countries such as Japan, the US, and the UK,” says Ujjwal Doshi, a lead analyst at Technavio for publishing and advertising research.
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Technavio media and entertainment analysts highlight the following five factors that are contributing to the growth of the global publishing market:
- High adoption of e-books
- Availability of digital books in e-commerce websites
- Changing business model of publishing houses
- Low dependency of digital publishing on distribution channels
- Changing dynamics of newspaper industry
High adoption of e-books
The change in technology is significantly restructuring the reading behavior of the population, the publishing landscape and helping publishers save a lot of time and money by providing them the flexibility to publish any information at the earliest in a lesser turn-around time.
E-books, electronic editing, and the emergence of online subscription business model has transformed the publisher's approach toward content. Earlier, authors were highly dependent on the publishers to read and approve their content for publishing. There was no estimated time as to when the content will be published. With time, publishing fee also hiked along with the profit margins on every copy sold.
However, with the emergence of e-books, it is not only easy for the authors to publish the content online but also convenient for readers to subscribe for multiple books or opt for monthly or annual subscriptions.
Availability of digital books in e-commerce websites
E-commerce is growing by leaps and bounds. In 2015, the revenue generated by the global e-commerce market was USD 1.8 trillion, which is likely to increase to USD 4.6 trillion, growing at a CAGR of close to 21% during the forecast period.
In 2015, 55% of the consumer preferred to purchase books through e-commerce. This is mainly because of the growing reach of the e-commerce vendors. Other reasons for the increasing adoption of e-commerce for buying books are easy payment options, prompt delivery, and hassle-free return policy, which also increases the credibility of the e-commerce vendors. A few popular e-commerce vendors offering books are eBay, Amazon, Walmart, and Alibaba.
Changing business model of publishing houses
The emergence of e-reading devices such as Kindle, surge in the usage of iPads, tablets, and smartphones, and high discount policy on e-book prices have prompted large publishing houses to enhance their presence in the e-book market. To capitalize on the untapped potential of e-books, the top five publishing houses have invested significantly in both organic and inorganic growth of their e-book divisions.
Leveraging their existing market-leading positions, these players have implemented initiatives such as ensuring the availability of their respective books in e-book formats that are compatible with all platforms and establishing internal digital infrastructures. Further, publishing houses are using mechanisms such as the agency model to retain control over pricing and to prevent e-retailers from having a dominant position in the value chain.
Low dependency of digital publishing on distribution channels
In print book publishing, delivering books across the world required a wide network of distribution channels. The readers need timely access to books that are published periodically so as to stay updated with the new works of the authors.
However, in the digital book publishing market, there is low to negligible dependency on channels or third party for the delivery of digital contents. Users can access digital books by paying a subscription fee, either on a monthly or yearly basis. These factors are giving rise to a large number of authors as well as publishers, who are bringing innovative content to the readers.
Changing dynamics of newspaper industry
Since 2008, the newspaper publishing industry has undergone many changes. The declining revenue from advertisements in newspapers has led the vendors to adopt different business models to keep up with the changing consumer needs. “Most newspaper publications have ventured into the digital platform by launching websites and other online services such as email newsletters, RSS feeds, and news apps,” says Ujjwal.
They are also experimenting with content and providing different supplements with the main newspaper. They have also introduced new sections, which has changed the newspaper's format. Thus, with the changing consumer needs, the dynamics of the newspaper industry are changing, which is driving the growth of the global publishing market.
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