New York, March 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Fiction Books Global Market Report 2022” – https://www.reportlinker.com/p06243798/?utm_source=GNW
The global fiction book market is expected to grow from $10.01 billion in 2021 to $10.46 billion in 2022 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $11.81 billion in 2026 with a CAGR of 3.1%.
The fiction book market consists of revenues generated by entities that engage in design, publishing and marketing activities necessary for the production and distribution of fiction books for children and adults. These institutions may publish books in print, electronic or audio form.
The main types of fiction books are short stories, short stories, and novels. A short story is a short fiction longer than a short story but shorter than a complete novel.
Fiction books are available as physical book, e-book, audiobook for action and adventure, young adult, crime/mystery, drama, horror/paranormal/ghost, science fiction and other genres. Fiction books are used by children, young adults and adults.
Asia-Pacific was the largest region in the fiction book market in 2021. The Middle East is expected to be the fastest growing region during the forecast period.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The sale of books through online media is expected to drive the fiction book market over the forecast period. The growing number of active Internet users offers companies the opportunity to cater to a large number of customers.
According to a Pew Research Center survey of book consumption and book formats, 191 million e-books were sold in the United States in 2020. The preference of individuals to buy books online is mainly due to the wide choice, cost savings from offers and discounts and the convenience of shopping anytime, anywhere.
Therefore, online book purchases drive the fiction book market.
The change in people’s reading habits is expected to hamper the growth of fiction book markets. Preferences towards other means of entertainment such as videos, streaming platforms, games and television have led to fewer people reading books and more time spent in other ways.
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 wider acceptance of online streaming services among individuals.
Thus, online distribution channels have created low interest in reading books, which is an additional impediment to the growth of the fiction book market.
The increasing focus on technology and new product development is a key trend in the fiction book market.
For example, in January 2020, Marlowe, an AI analysis software for novels, was launched to help authors improve their novel before submitting it to professional editing. The software aims to enable authors to refine their manuscripts and identify market opportunities for their work. Additionally, publishers and authors release podcasts which are series of spoken word, audio episodes of a particular book which should create an effective means of recreation and entertainment for readers thereby increasing sales. For example, in September 2020, Apple Books and Oprah announced the launch of the “Oprah’s Book Club” podcast, an eight-episode series allowing viewers to explore Oprah’s Book Club picks and bestsellers.
In September 2019, Chicago Review Press (CRP), an independent US-based publisher, acquired Amberjack Publishing for an undisclosed amount. With this acquisition, Chicago Review Press had added 63 Amberjack Publishing vignettes to its list.
Amberjack Publishing is a United States-based media company that publishes and publishes fictional and non-fictional books.
Countries covered in the Fiction Books market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06243798/?utm_source=GNW
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