The world has withstood several changes that have affected different businesses in the last few years, including the book publishing industry. If we look at the previous year’s statistics, the revenue of the U.S book publishing industry was $25.71 billion. Considering the numbers is undeniable that there is a taste for literature in North America, and it won’t stop anytime soon.
However, something is changing. After COVID, the lockdowns forced everyone to turn their attention to the digital world. We can see this reflected in last year’s e-book sales, which increased by 12.6 percent. Further, 71,000 audiobooks were published in 2020, growing their revenue by 12 percent. With all these changes coming up at once, we know many people have one question: What is the future of the publishing industry?
The only way to find out the answer is by looking ahead and understanding the book publishing industry trends for 2022. Even though there are many, we’ve done our best, to sum up, the most important ones below.
Without further ado, let’s get started!
8 Book Publishing Industry Trends To Look Out For
Whether you are an editor or a writer, it is crucial to know what is happening in the market. Learning about the upcoming book publishing industry trends can help you succeed in the future.
1. Audiobooks and E-books will become more popular
Even though there is nothing like having a physical copy of the book you love, there are some pleasures that the pandemic ripped away from us. That’s why one of the book publishing trends for 2022 is the rise of audiobooks and e-books. This is a perfect opportunity for all the authors that want to increase their sales. Plus, if you are looking into self-publishing, several platforms can help you create and launch your book.
2. Focusing on a specific niche
Publishers will start tapping more into the market that brings the highest revenue and engagement with the readers. In this regard, the book publishing industry trends will focus on the 80/20 rule. This means 80 percent of the profit will come from only 20 percent of the consumers. Becoming experts in one niche will be a predominant tendency amongst online publishers.
3. The decline of bookstores
Among all the book publishing trends in 2022, a clear one is that the industry’s revenue will continue increasing. Unfortunately, this does not include bookstores. If you are like me and enjoy walking through the shelves and taking your time picking a book to then take it home. I regret to inform you this beautiful scene might be close to an end.
Let me clarify that I’m not only talking about the small corner bookstore with hidden gems on its shelves. I’m also referring to the big guys such as Barnes & Noble, whose CEO reported that the company sales were down by 20 percent last year.
On a happy note, it is incredible to see how communities are doing the best they can to support local shops through fundraisers.
4. Introducing more IT into publishing
All trends in book publishing will now be concentrated in the digital world. That’s why most publishers will have to recalculate their budget and invest more into IT expertise. Even when talking about physical copies, all the distribution and marketing happens digitally. This means writers and editors need to adapt and understand this new world.
Here, we will also see the rise of artificial intelligence (AI). Yes, that’s right, AI would now be helping more with the editing and translation process. We understand why many people won’t like this, but it is happening, and the best thing we can do is embrace it.
5. The power of Book Influencers
In case you had no idea, yes, book influencers are a thing. Bookstagrammers and Booktokkers are becoming more and more popular. To the point that the way the industry markets books will change.
Influencers are one of the latest trends in book publishing because they give access to an audience that is willing to take action, engage and buy. Plus, publishers can learn more about their consumers’ behaviour with the information they provide.
6. The surge of self-publishing
Self-publishing has been on the rise for some time now because of one main reason: the author controls the whole process from the editing up to creating the book cover and the promotion strategies. The writer has the power to do what they have always dreamed about for their story.
Further, they also get to keep their book’s profits without negotiating with a publishing company. That’s why even if you are in love with traditional publishing, it won’t hurt to take a look at some digital platform such as Wattpad.
7. Merging of the big companies
As we all know, at the beginning of the 2000s, there were six companies at the top of the book publishing industry: HarperCollins, Random House, Penguin, Hachette, Macmillan and Simon & Schuster. Since then, two of them merged, creating what we know as Penguin Random House.
Now Penguin Random House is planning to buy Simon & Schuster. This means that this Mega publisher would control more than 50 percent of the fiction market.
This could create an imbalance in the book publishing industry. That’s why many publishers are against it.
8. A push for diversity
The world is changing every day, and fortunately, we now live in a climate where people are pushing for more diversity in all industries. This is also a tendency we are seeing in publishing both in positions inside the companies and in the stories they are putting out into the market.
In response to this need for more diversity, publishers have created plans to change the current situation, starting with the people they hire.
Final Thoughts
What is the future of the publishing industry? From what we have outlined in the article, we can say it is one where digital tools will be predominant. Plus, most trends in book publishing for the next year involve online platforms. The time of bookstores is slowly coming to an end as we enter a new, untapped world.