In the techno age, print remains resilient.
The global book publishers’ market is expected to grow from $84.54 billion in 2021 to $89.25 billion in 2022 at a compound annual growth rate (CAGR) of 5.6%. The market is targeted to reach $105.27 billion in 2026 at a CAGR of 4.2%. Printed book sales amounted to 750.89 million units in 2020 and their sales have increased 13.2% between 2020 and 2021, and 21% between 2019 and 2021.
According to a survey conducted by the Pew Research Center on book consumption and book formats, traditional print is still the most popular reading format for both adults and children.
72% of adults in the United States read a book in some format over the last year; 65% of respondents claimed they read a book in the last 12 months; 37% of Americans claim they only read print books; 28% say they read both print books and e-Books; 7% say they only read e-Books.
Audio has gained considerable traction as more consumers turn to audiobook platforms and digital subscriber lists grow daily. While digital media has disrupted other industries such as news publishing and the music business, physical books have never lost their appeal. They outsell e-Books four--to--one. There’s something about the tactile nature of a tome which is very appealing, reinforced by publishers producing books that are beautiful inside and out, boasting irresistible cover designs and high-quality print content.
There’s also a desire to display reading material, whether on a shelf or cocktail table. Book lovers like to retain a record of what they’ve read which sends a subtle status signal to those in their circle. Books will always serve as a unique reflection of an individual’s personality and preference.
Many years have elapsed since Amazon launched the Kindle. Although the e-Reader is still in use, there remains a hunger for information and a desire to shift away from the screen. In an increasingly unpredictable world, people are looking for escape, but they’re also seeking information, so the emotional relationship one develops with a book is more important than ever.
Both collaborative and stand--alone books are filtering into the market and reaching wider audiences – multiple authors featured in one book have a huge collective reach. Individual business owners and influencers generally have an audience ready to consume their content and a strong foundation upon which to build an influential audience.
Some companies have experienced a resurgence in poetry collections. The global poetry community experienced significant growth during the pandemic. As well, fairy tale retellings and children's books that were further enhanced by online readings were trending. Children's books were popular, and due to lockdowns, more interactive content was fully embraced by audiences.
In 2020, there was a huge resurgence in the sale of old classics, with readers going back to the nostalgia of books they loved in the past to entertain and educate. There's a strong chance this will influence future publishing trends and the content produced to meet reader demand.
Publishing is continually evolving. It remains a high-yielding industry that keeps us entertained and educated. The forecast for books is equally bright. They’ll continue to inform and delight people of all ages and interest levels, worldwide.
Tomestic is ready to ride this wave in a powerful way with our Organic Living Book. We’re using immersive book technology to change the way people learn, read, and share interactive stories. By adding XR, AI, and Global Learning Environments, we're increasing reading engagement, and in turn, accelerating the rate of societal change.