When it comes to the publishing industry, the domain has seen several changes due to varying trends. The amalgamation of brilliant minds, innovative ideas, and, most importantly, emerging technologies have encouraged its huge growth. For this reason, the publishing industry is standing strong, with $28.1 billion in revenue as of 2022.
Just like other years, 2023, too, has been witnessing the rise of some incredible trends that can certainly be leveraged by marketers. Here’s a quick brief:
#1 Audiobooks
With 1.8 billion USD sales of audiobooks in 2022 in the US, there’s no doubt that the genre is likely to go consistent in 2023 too. The sales figure has grown gradually in the past few years from 0.94 billion (2018) to 1.3 billion (2020) and 1.6 billion in 2021. Meanwhile, as per the data of the last decade (2010-2020), the total audiobook titles in the country expanded to 71 thousand from mere six thousand.
The storytelling experience, along with its convenience and the rising popularity of podcasts, has evoked interest in audiobooks among people. Its feasibility has ensured a seamless reading experience for people who struggle to focus on conventional books or suffer from disabilities.
With interesting genres adding up to the publishing industry, it seems like 2023 will be the year of audiobook memoirs, fiction, and thrillers. Also, at the pace it’s rising, it’s likely that this year audiobooks may surpass e-books in terms of readers’ preferences.
#2 Book Summary Platforms
Book summary platforms like Headway and Binkist seem to be trending among bibliophiles. The industry leaders seem to be having millions of users for their potential to encapsulate the books into brief and comprehensible summaries.
Although there are mixed reviews about these platforms, many users prefer using them for jotting down the main idea and key points of their favorite titles. They also find it more time-saving and conducive in nature. Hence, 2023 may witness more such book summary platforms for readers.
#3 Self-publishing
With complete control and no gatekeeping of any third party, 2023 will be the year of more self-publishing. The rise of platforms like Amazon KDP, PublishDrive, and Barnes and Noble Press has added an edge to the popularity, and authors can’t seem to get enough of it.
As per the statistics sourced from WordsRated, about 30-34% of e-books sold to readers are sell-published. Also, as many as 300 million self-published books in total, and $1.25 billion worth of self-published books (by cost) are sold yearly. In the future, it’s forecasted that the self-publishing market may grow extensively at a 17% compound annual growth rate.
#4 Rise of Nonfiction
Nonfiction books uncover the reality for the readers. It educates them on vital subjects and provides brand-new perspectives and valuable information. That’s why readers/explorers can’t seem to get enough of it.
About 360.11 millions of 788 million print books sold in 2022 (in the US) belonged to the non-fiction genres alone. Also, there’s another forecast that the global market for non-fiction books is likely to reach $16.61 billion by 2026. With such growth, it seems like non-fiction is certainly going to dominate among other genres in 2023.
Ofcourse, the list doesn’t end here. There are also other trends like artificial intelligence and slim volumes that have been recently taking the publishing industry by storm. We will cover more about them in the upcoming articles.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.