Delivered January 14, 2020. Contributor: Shruti G.
To identify major disrupters, innovations, format changes, consumer behaviors or any other trends expected to affect the publishing industry in the US.
Own and understand data
Publishers already use data from social media to understand their demographics and market. This data is, however, owned by Facebook, Twitter, and Pinterest. Companies need to build better connections with the readers through creating platforms that lock down data and create better understanding of their business practices.
Amazon's 2013 purchase of Goodreads is a perfect example of acquiring the platform that helps them to know how people discover books and other publishers must find ways to do the same.
Nowadays, the every section of the society is craving see themselves represented in books, movies and other mediums. There has been growth in diversity in the publishing industry, especially after the We Need Diverse Books campaign was launched in 2014. However, the industry is still falling short. The publishers in the coming years need to introspect and actively promote books with characters from diverse backgrounds.
The self publishing landscape has continuously improved over the last few years with self-published print books and e books with registered ISBNs grew from almost 1.2 million in 2017 to more than 1.6 million in 2018.