Book Publishing Industry Growth: A Look at the Numbers
The book publishing industry has experienced growth in recent years, with the global book publishing market estimated to reach $137 billion by 2024. This growth can be attributed to a number of factors, including an increase in consumer spending on books, the rise of e-books and digital reading devices, and the growing popularity of self-publishing.
In the United States, the book publishing industry has seen steady growth over the past decade. According to the Association of American Publishers, the book publishing industry in the US generated $26.23 billion in revenue in 2020, a 2.9% increase from 2019. The adult fiction and nonfiction category saw the highest revenue growth, with an increase of 3.9% and 3.6% respectively. The children's/young adult category also saw an increase in revenue of 2.5%.
The e-book market has also seen significant growth in recent years. According to the Publishers Association, e-book sales in the UK increased by 9% in 2019, making up 20% of the total book market. In the US, e-book sales also saw an increase of 1.7% in 2020.
Self-publishing has also been a growing trend in the book publishing industry. According to a report by Bowker, self-published books made up 40% of the total books produced in the US in 2019. This is a significant increase from 2007, when self-published books made up just 7% of the total books produced.
In addition to these numbers, it's worth noting that the audiobook market has also seen a significant growth, especially during the pandemic. According to the Audio Publishers Association, the audiobook industry in the US generated $1.2 billion in revenue in 2020, a 24.5% increase from 2019.
Overall, the book publishing industry has seen steady growth in recent years, driven by an increase in consumer spending, the rise of e-books and digital reading devices, and the growing popularity of self-publishing. The future of the industry looks promising, with the audiobook market expected to continue growing and the e-book market expected to reach a saturation point.