New York, June 22, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Fiction Books Global Market Report 2021: COVID-19 Impact and Recovery To 2030” – https://www.reportlinker.com/ p06097035 / ? utm_source = GNW
The global fiction book market is expected to grow from $ 12.22 billion in 2020 to $ 12.21 billion in 2021 at a compound annual growth rate (CAGR) of -0.1%. The decline in demand for fiction books is due to the shift in consumer preference towards e-books with increasing internet penetration during coronavirus lockdowns. The market is expected to reach $ 10.83 billion in 2025 at a CAGR of -3%.
The fiction book market is made up of the income generated by the entities that carry out the design, publishing and marketing activities necessary for the production and distribution of fiction books for children and adults. These establishments can publish books in print, electronic or audio form.
The fiction books market covered in the report is segmented by fiction type into short story, short story, novel; by type of book in physical book, electronic book, audio book; by genre in action and adventure, young adult, crime / mystery, drama, horror / paranormal / ghost, science fiction, others; by the end user in children, young adults, adults.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The change in people’s reading habits is expected to hamper the growth of the fiction book markets. Preferences towards other means of entertainment like videos, streaming platforms, games and television have led to a decline in the number of people reading books and an increase in the time spent in other means.
For example, in the Digital Media Trends Survey, 14th Edition, nearly 80% of people in the United States have subscribed to at least one paid online video streaming service. Statistics indicate greater acceptance of online streaming services among individuals.
Thus, online streaming channels have created low interest in reading books, which further hinders the growth of the fiction books market.
In September 2019, Chicago Review Press (CRP), a US-based independent publisher, acquired Amberjack Publishing for an undisclosed amount. With this acquisition, Chicago Review Press added 63 Amberjack Publishing tiles to its list.
Amberjack Publishing is a United States-based media company that publishes and edits fictional and non-fictional books.
Selling books through online media is expected to boost the market for fiction books during the forecast period. The growing number of active Internet users offers businesses the opportunity to respond to a large number of customers.
According to book publishing statistics released in October 2018, publishers sold more through online medium, at $ 8.03 billion, than through physical stores, at $ 6.90 billion in 2018. The The preference of individuals to buy books online is primarily due to the wide choice, cost savings through offers and discounts, and the convenience of buying anytime, anywhere. Hence, online book shopping is boosting the fiction book market.
The growing emphasis on technology and new product development is a key trend in the fiction book market. Editors and writers continually focus on introducing innovations to increase sales, reach, and facilitate their writing and publishing businesses.
For example, in January 2020, Marlowe, an AI analysis software for novels, was released to help writers improve their novel before passing it on to professional editing. The software aims to enable authors to refine their manuscripts and identify opportunities for their work in the market. Additionally, publishers and authors are releasing podcasts which are series of spoken word, audio episodes of a particular book that are expected to create an effective means of recreation and entertainment for readers, which will increase the returns. sales. For example, in September 2020, Apple Books and Oprah announced the launch of the “Oprah’s Book Club” podcast, an eight-episode series for viewers to explore Oprah’s Book Club’s choice and bestseller.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06097035/?utm_source=GNW
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