Innovations and Challenges: Publishing Industry
To identify 2-3 innovations and challenges that could affect the US publishing industry in the coming few years. This research would help to prepare to fundraise.
In this background research, we have identified an innovation that will affect the US publishing industry in the coming few years.
Innovations to Affect the Future Publishing Industry in the US
1. Audiobooks Overtaking E-Books
- There has been a decrease in the percentage of US adults who read e-books. Around 25% of American adults read an e-book in the past 12 months as compared to 28% in 2014 and 2016.
- E-books gained quick popularity in the earlier years, reached a towering peak, and then witnessed a decline in demand to a level lower than the highest point. This shift has occurred due to the emergence of the audiobook market in the US. In the past 4 years, the percentage of American adults listening to audiobooks has almost doubled and it seems like it will continue to remain on an uptrend in the coming years as well.
- Audible, an Amazon company, is the perfect example that has captured around 41% of the audiobooks market already. Authors like Michael Lewis are skipping print and having exclusive deals with Amazon.
- Amazon is even going beyond audiobooks by developing original stories that include audio magazine articles, plays, and non-writer content titles.
Proposed next steps:
You need to be the project owner to select a next step.
We recommend dedicating additional research to identify 2-3 innovations and/or challenges that could affect the US publishing industry in the coming few years. We could provide a description of the innovation/challenge and explain how the industry will get affected. We can also provide examples of industry players who are already handling the mentioned innovation/challenge.
Additionally, we recommend identifying 5-7 statistics or any quantitative data on how Americans read books. This research would include their reading habits, preferred format/platform, and other consumer-related statistics, as available.