The publishing industry has made great strides, from clay tablets to audio books. While the sparring between books and eBooks continues, the book publishing medium as we know it is vastly different from that which existed thousands of years ago. With a simple swipe, we can now access millions of eBooks. What would 2022 bring after a global pandemic in 2020 and 2021? Based on recent research and statistics, we’ve studied some of the most prevalent patterns and made some observations to get a sense of what’s to come in 2022.
AUDIOBOOK SALES WILL CONTINUE TO RISE
For the last few years, audiobook sales have been gradually increasing. The audiobook business in particular has been experiencing fast growth. Spotify’s acquisition of Findaway in 2021 was a huge milestone, indicating Spotify’s intention to focus more on audiobooks in addition to their present library of music and podcasts. They anticipate that audiobook sales would increase from $3.3 billion to $15 billion by 2027. During this time, Storytel also purchased Audiobooks.com. This has resulted in a large number of companies entering the audiobook sector. Audiobook sales are expected to continue their upward trend in 2022. As a result, writers and publishers will have greater chances in the audiobook industry.
EBOOKS WILL REMAIN POPULAR
eBooks’ popularity will continue to rise. eBook sales are currently exceeding audiobook sales due to Amazon’s Kindle platform, and new technological developments in the publishing business are making it easier to manufacture digital books. Furthermore, owing to expert book promotion services, promoting digital books has never been easier. eBooks are displacing conventional print media, both online and in physical bookstores. Even established book publishing firms see the opportunity for greater sales.
Another trend that is projected for 2022 is the emergence of subscription-based eBooks. Subscription-based eBooks provide the same benefits as conventionally published books, but may be purchased at a lower cost per volume and sent directly to users. As more consumers grasp the benefits of subscribing to eBooks, publishing companies will need to adjust their pricing and business methods in order to keep these new clients.
USE OF ARTIFICIAL INTELLIGENCE
Artificial intelligence is present in almost every industry, including information technology, marketing, finance and accounting, customer support, and internet streaming services. Publishers have also utilized AI for a variety of purposes throughout the previous decade. Human-generated concepts will continue to be used by publishing businesses to produce blog articles promoting writers and content. AI is also capable of summarizing whole manuscripts, assisting public relations professionals and designers in better determining how to portray a book. It can also recognize an author’s writing style and translate the writings into several languages.
With AI, publishers may synthesize a whole book, chapter by chapter, on a single page. This rapid summary assists designers, PR & marketing teams to figure out how to portray it to potential readers much faster with lower costs. AI may also save time and money for editors by undertaking the time-consuming hard work of reading and research, allowing them to focus on refining content rather than sifting through textual aspects.
EXTENSIVE USE OF BLOGS/FORUMS/PODCASTS
Publishers seeking for new revenue streams must modify their content to create distinctive, subscription-worthy magazines. Fragmented blogs and microblogs on key subjects are excellent additions that go beyond a particular hobby. Publisher blogs and forums serve as news and update sources for the industry. Podcasts already have a large audience base. Publishers will strive to reap its benefits. Videos will account for more than 80% of all consumer traffic in 2022. Animations are excellent for communicating thoughts about services or products. Publishers will use moving graphics wherever feasible, as customers like them. Short, compelling story-type material will do well, but it will have to compete with user-generated content.
RISE OF SELF-PUBLISHING
Self-publishing is the most anticipated future development in the publishing industry. With the introduction of the iPad and other touch screen devices, this procedure has become considerably simpler and more economical. This implies that a newbie author may readily get his or her work read by people. The single most important thing is that writers will be able to publish a book for a fraction of the expense of a typical hard copy distribution. This is significant even for renowned authors. The top books of the year are frequently self-published, which means that their publishers handle sales and shipping assistance.
INCREASE IN COLLABORATIVE PUBLISHING
People may choose collaborative book publishing over self-publishing because it is a speedy and dependable way to get publishing work done on time. Here one must understand that collaborative publishing does not always imply involving numerous writers for a single project. Indeed, collaborative publishing is about sharing responsibilities, where the author would take the lead, while proofreaders, book designers, and marketers would work to make the whole material and product more accessible and popular among the public. To summarize, a staff will be working around the clock to ensure that a book’s copies are sold within set deadlines after its release.
INCREASE IN BOOK PRICES
Inflation has touched a wide range of products and services. The price of materials required to manufacture books, such as paper, has risen. If the cost of manufacturing a book rises, so must the price. On top of that, there is a book shortage, and printers have been unable to keep up with the demand, pushing up prices even higher. Because of increased demand for books and a scarcity of paper, conventional books may become more expensive.
HIGHER PROFITS FOR SMALL/INDEPENDENT PUBLISHERS
At the time, there is a significant increase in the number of independent publishers. Small publishers provide a wider range of books and are more prepared to take risks than commercial publishing companies. Independent publishers are more likely to publish works by unknown authors in unexpected genres, and it pays off for them. This tendency will result in better profitability for small and independent publishers in 2022.
Independent/small publishers have the benefit of being more nimble and inventive. This is being seen in the publishing business, where tiny publishers are capitalizing on possibilities that larger competitors find more difficult to seize. This is excellent news for the sector as a whole since new entrants and innovation tend to expand the economic pie and rebalance the power. Independent and small publishers are not concerned in fighting for the top slot, but rather in serving their audience and promoting their writers. They actively encourage and engage with each other, sharing and acknowledging that working together yields better results than competing.
CONCLUSION
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