In recent years, we’ve witnessed a massive resurgence in the number of book readers. Whether it’s because of the ever popular Book Tok, or simply more people staying at home, everyone’s got the reading bug.
Many people are opting to read their books digitally in the form of Ebooks, which gives new authors an opportunity to showcase their work on Amazon. Most people, however, appear to prefer a physical hardback or paperback copy.
Either way, books are flying off the shelves, showing just how in demand the publishing industry really is. If you want to find out just how big the publishing industry really is, as well as some other interesting facts, keep reading, as we take a look below.
Just How Big Is The Publishing Industry?
So, why not jump straight in and answer the titular question? Just how big is the publishing industry? As of 2022, the book industry has a market size of 6.2 billion dollars. It has grown at an average of 0.1 percent each year in the past five years.
One of the highest numbers to date was during 2020. With more and more people having to stay at home for lockdown purposes, we saw a dramatic increase in book sales (see also ‘How Do I Choose Keywords For My Books On Amazon‘). In 2020, book sales surpassed the 200 million marker. People were reading to pass the time.
But as evidenced above, that number hasn’t dropped following on from the pandemic. In fact, it seems as though it will continue to rise exponentially each year. Experts believe though, that by 2023, more people will make purchases in physical stores, rather than online.
What Is The Most Popular Book Format?
With all of the different varieties of book formats out there today, some of you may be wondering which is the most popular.
Many might presume that Ebooks are the most popular type of book. After all, they’re much cheaper to purchase, and are incredibly convenient to carry around with you. You can also store all of your favorite books in one place without the risk of losing them.
Despite these factors, statistics show that paperbacks are in fact the public’s favorite book format. In fact, paperback books account for around 51 percent of overall sales. Ebooks and audiobooks, on the other hand, only make up for around 29 percent of sales, which is far lower than expected.
We’re not sure why people favor paperback books over other varieties, but a psychologist who has studied the topic believes that it’s because of the way they feel.
People enjoy having something that feels more permanent and grounded, that they can physically hold in their hands. Ebooks just don’t hold the same appeal.
Interestingly, when it comes to Ebooks, women are more likely to purchase and download them than men. In fact, around 19 percent of women revealed that they download Ebooks, whereas only 17 percent of men did the same.
This brings us on to another fascinating fact. It appears that women actually read more than men. That’s right, according to statistics, around 10 percent of women read over 50 books in just one year. That’s a significant amount, and only 2 percent of men could say the same.
What Are The Most Popular Book Genres That Sell?
Some might be surprised to find that one of the most popular types of books in recent years are academic works. That’s right, people are downloading professional books, and academic journals, seeing a 1.3 percent increase. This is of course, mainly because of students, who require the reading for their studies.
Statistics also demonstrate that fiction books are the most popular, increasing by 13 percent in 2020. Of course, fiction appears to encompass the most expansive range of books, simply because it spreads over so many genres. Horror, romance, drama, intrigue, and detective fiction all fall into this category.
Another thing that seems to be doing very well is hardback book sales. More and more people are opting to purchase hardback books, giving readers a premium reading experience.
Many consider hardback books to be coveted items, and sales have increased by almost 35 percent. Book publishers are spending more and more money on their hardback covers, as people are more likely to purchase them.
How Much Do Self-Published Books Make?
Many people are opting to publish their own works on platforms such as Amazon. Nowadays, anybody can create their own author’s page and showcase their work to audiences with the click of a button.
Self publishing books, if they gain enough traction and popularity, can be a lucrative venture for aspiring authors. In terms of sales, self published Ebooks will make up around 35 percent of overall publishing sales.
How Do I Self-Publish My Own Books?
When it comes to publishing your book without the help of a company, there are a few different steps to undertake. First of all, you’ll want to make sure that your book is marketable.
This means examining other products on the market, as well as finding a specific niche that separates you from your competition. You will need to make sure that your manuscript is edited perfectly, and this might mean hiring a professional to look through it for you.
When it comes to choosing cover art, many people opt to hire graphic artists to do the work for them. The work on the front of your book should connect with its style and genre, as well as fitting in with book cover trends.
When it comes to actually selling your book, there are a couple of different routes that you can undertake. You can opt to set up a print on demand system, whereby a new book is printed and formatted each time somebody makes a purchase.
It’s very low in cost, and gives you complete control when it comes to outsourcing your work.
Another incredibly popular form of self publishing is Amazon’s KDP service. This stands for Kindle Direct Publishing. It’s a service that Amazon provides whereby they will print a copy of your book each time somebody purchases it.
You don’t need to have a physical version of your book to sell on Amazon, instead, many people will sell Ebooks.
When it comes to printed books, author’s will earn approximately 60% of the listed price. Additional costs may be taken based on the number of pages contained within your book.
To sum up, the publishing industry is highly lucrative, and is only getting bigger as time goes on. We saw a huge increase in the number of books being sold in 2020, on account of more people staying at home during lockdown.
This hasn’t declined in more recent years however, and 2022 appears to be the most profitable year yet, with 6.2 billion dollars earned in revenue.