The changing dynamics of the publishing industry

Over the past years, the publishing industry has undergone various remarkable changes. While these changes are the most interesting and exciting at the same time. These have paved the way for many opportunities and also kicked out some old publishing methods.
These changes have been dynamic for writers, publishers, and readers. With the evolution of technology, things are not the same as they were a decade ago. This one-tap feature is the game changer in this industry.
All these changes offer the writers opportunities to outshine their work and prepare themselves for the upcoming challenges.

  1. Ebooks gaining popularity
    With the world becoming digital, the publishing industry introduced the most awaited reading service at your fingertips. This turned out to be the revolution of the publishing industry. People were waiting to take advantage of this. Actually, this comes with countless benefits for the readers and writers as well. The most exciting is that reading is just one tap away. Surf the net and, in one click, find the piece of work to read. It’s actually convenient and helpful to cater to the needs of people.
    According to a Pew Research Center report, only 25% of U.S. adults read an ebook in the last year. The books’ explosive growth seems to be flattening out in recent years, signaling that digital formats may have plateaued in popularity.
    Although there are book readers who are likely to carry their magazines and books to read. This technology comes with both opportunities and challenges. It’s hard to maintain the old readers and attract new readers. Trends and changes continue to occur; all that matters is the strategy to remain in the market and grow. There is no match between physical and digital copies of reading but unexpected things deemed to-be happen.
  2. Rising slope of audiobooks
    Audiobooks have shown remarkable growth in the past years. It’s the perfect use of technology to cater your services to the people. Every individual owns a smartphone, and is the most used gadget, so this method makes a perfect balance of trend and opportunity simultaneously.
    Music is the youth’s favorite activity, so with the popularity of music streaming and podcasts, audiobooks are overtaking the race.
    As music videos and podcasts are the new way of contacting the listeners, so audiobooks also fulfill the purpose. In just the past 4 years, the percentage of adults listening to titles has nearly doubled, and the trend only seems to be on an upward trajectory. Publishers are under operational and financial pressure to maintain multiple revenue streams and manage their titles across an array of formats and channels.
    It’s no matter a great source of books, but physical books have their own essence. It needs to maintain really high standards to be competitive in the industry.
  3. Decreasing independent book-stores
    With the emergence of technology, these kinds of book-stores lost popularity. Gone are the days of standing in the book store and reading your favorite comic or novel. These are replaced by mega book-stores. Books and readers have a deep relationship that can’t be understood. Those old book readers will stick to the traditional reading materials ,but this does not attract the new generation much. Independent book-stores support our creativity. Open the door to new thoughts and better ideas. Books have helped shape the minds of the most creative and innovative thinkers.
  4. Linguistic trend
    Now no more Hindi and English are the languages to read by most readers. Now people are demanding writing in their own local languages, whether it be Tamil or Sanskrit. Local languages are charging the way of reading. There is another level of connection and belongingness while reading in our own mother tongue. People understand more and connect more in their own local language.
    Translated books are coming over past, but these days the trend is of our own mother tongue. Thus, the local language writers can come up with no linguistic barrier with the real world of reading.
  5. Novels and short stories lose some steam
    Over time the novels and short stories have lost their touch. With the introduction of these Netflix, Hotstar, and all kinds of platform novels lost their fame. Actually, people find video content more engaging than reading these days. Thus, it is the new trend of youth to pass their leisure time and watch storied videos.
    While data from the ‘National Endowment for the Arts’ shows a three-point slide in popularity, which they deem statistically significant, the fall from 45% to just below 42% (in the last 15 years) feels like a slow, steady decline. Streaming services like Netflix, Hulu, and HBO Go now take up an estimated 5 hours of the average American’s day.
    This comes with an opportunity for the writers to produce licensed stories to be depicted in front of the screen. It’s a new way of reading novels, just it has become instead of reading it is watching novels and short stories.
  6. Evergreen poetry
    Poetry is the most creative and effective way of writing and reading. It gives immense pleasure to the soul of the readers as well as the writers. Social media played a significant role in its popularity. As most of the people are on their social media handles reading something every minute. They started sharing and promoting the write-ups, and after seeing this, the writers took this as an opportunity to stand out in the competition.
    Many pages and accounts are being created just for poetry and quotes to be shared. This works as simple lines and short masterstroke of emotions directly hitting the reader.
  7. Self-publishing
    This has changed the traditional publishing model as most of the writers prefer to publish online. Here most followed or a generous number of followers are enough to grade up your sale. Social Media plays a significant role as it enables one-to-one interaction. The self-publishing model could shift some of the financial risks away from imprints as authors test new titles and markets.
    Trends change, and so does the tastes of the consumer. We need to examine and adopt the changes. Every change challenges us to adapt for the better and opens up a door to outstand the market.