A new report by Strategy Analytics predicts that the global consumer eBook market will more than double from $7 billion in 2013 to $16.7 billion in 2020. eBook subscription websites and emerging markets such as China are the two main facets contributing to the dramatic increase.
Currently less than 10% of the population reads eBooks in 2013, but in 2020 this figure is set to increase to 25%. One of the big reasons is the shift towards reading on smartphones and tablets over dedicated e-readers and desktop computers.
Wei Shi, an analyst at Strategy Analytics’ wireless media strategies division, said that a significant development in the eBook market is subscription-based services launched by platforms like Amazon Unlimited, which have a model similar to how Spotify and Pandora work in the music industry. “We expect to see subscription services gaining more momentum in the second half of this decade, and contributing to close to a fifth of the total market by 2020,” she said.
Michael Kozlowski has been writing about audiobooks and e-readers for the past twelve years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times. He Lives in Vancouver, British Columbia, Canada.