Covid-19, or the coronavirus pandemic, influenced almost every industry globally, positively or negatively. In either of these scenarios, the impact of the pandemic could not be ousted. The pandemic released forces had an impact on the publishing industry too.
Before venturing into the publishing industry’s future, a glimpse of the industry during the pandemic and lockdown would help understand the scenario better.
According to a survey by WIPO, in 2020, revenue decline was reported by numerous countries. However, on a positive note, it was not all downhill for the publishing industry. According to the report by WIPO, in 2020, the revenue from online sales or channels had increased, and it formed the majority of the global publishing industry’s’ revenue. Considering the increase in online sales, it could be inferred that the customers prefer online channels and that their online purchase behaviour would prevail even post the pandemic.
The pandemic has changed the behaviour of customers to purchase online. This online trend is to continue even after the pandemic. This trend is that which would shape the future of the publishing industry.
The pandemic was a wake-up call to the publishing industry, where the publishers provided audiobooks and eBooks which they perceive to be the future. For instance, digital format is a key driver for growth in the publishing industry in the US, UK and Norway. Also, this mode of operation helps reduce costs and overcome the challenges related to distribution channels and the value chain.
According to a report by Technavio, the digital publishing market is forecasted to increase by $105.96 billion between 2021 and 2026. However, this does not mean that the printed format would cease to exist. No, both formats would co-exist to impart knowledge to the people. This is corroborated by the fact that, post the lockdown, the sale of physical books had increased considerably.
Moving to the content side, according to a Forbes report by an industry expert, old classics sale was found to increase because the readers expected a nostalgia feel. As a result, this is predicted to influence the content produced by the authors to meet the readers’ demands.
Some other trends that have emerged and will continue are the businesses taking on authorship, audiobook platforms have sprung up, digital subscribers are bound to increase, and podcasting will become a new publisher segment.
The change to digital platform is not bad after all, because on viewing from an environmentalist point of view, few trees would be cut down for making print books.
The publishing industry not only promotes education and learning but also plays a critical role in a country’s economy by creating employment and many more. The industry is evolving as it ventures into the future to keep people educated and entertained. The firms should recognise this change in trend and adapt to sustain in the long run. Though changes are predicted for the publishing industry, its growth is imminent.
Your information will never be shared with any third party