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.
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