Are you looking forward to the future of publishing? Are you excited about the changes that are happening in the publishing industry? If you answered “yes” to these questions, then you’re probably interested in knowing what trends are going to shape the publishing industry in the next decade.
Publishing has always been a lucrative career option. The number of books sold every year continues to rise. In fact, according to Statista, the estimated net revenue of the U.S. book publishing industry amounted to 25.71 billion U.S. dollars in 2020.
New technologies are emerging as the publishing industry grows. These innovations are changing the way authors create their books and how readers consume them. Here are some of the top publishing trends from GenZ Publishing that are shaping the industry in the years ahead.
- Mobile Will Continue to Dominate Digital Media Consumption
Well! This one shouldn’t come as a surprise. Mobile devices have become the primary way to access the internet. The global smartphone user base has grown exponentially over the last decade, from less than 200 million in 2000 to more than 4.9 billion in 2021. This growth is expected to continue. In the next five years, mobile will continue to dominate digital media usage. Consumers will spend more time-consuming digital media on their mobile phones than they do watching TV or using computers.
- The Rise of Video Will Continue
The rise of video has already begun, and it will continue to grow in popularity. What does this mean for publishers?
In 2017, nearly half of all Americans watched at least some amount of video on their mobile devices. And the number of hours spent watching videos each month was growing rapidly.
For publishers, the shift to video means they should start thinking about new ways to reach audiences and increase loyalty. That’s why they should consider investing in quality video production, such as live streaming events or vlogging.
- More Success for Small Publishers
In recent years, many self-published authors have become successful overnight. But the path to stardom isn’t always paved with gold. Many aspiring writers struggle to find their audience, and some never make it big at all. However, if you want to take your writing career to the next level, you should consider becoming a professional author.
If you do decide to pursue a career in writing, you may want to think about joining a publisher. There are many advantages to working with a reputable company, including marketing opportunities, exposure, and financial security.
While the market share of physical books is declining, eBooks are still experiencing rapid growth. By 2025, the percentage of Americans who prefer to read books digitally could reach 80%.
- Advertising Becomes More Inclusive
Advertising has always been inclusive. The concept of advertising was created to reach everyone, regardless of gender or race. But what happens when advertising becomes even more inclusive? What does this mean for advertisers and consumers? Well, in the future, advertising will become more inclusive, claims GenZ Publishing. This means that ads will no longer be limited to specific demographics or locations. Instead, they will be tailored to individual users.
This shift away from targeting audiences towards personalization is already happening today. For example, Facebook has started to target its ads at individuals based on their interests. As a result, the number of impressions delivered per ad spend has increased significantly.
- More Publishers Will Adopt Subscription Models
Publishers have always had to deal with challenges such as piracy, declining print sales, and competition from other media platforms. In recent years, these problems have only gotten worse. The rise of social media has increased readership and reduced advertising revenue.
This has made publishers begin to realize that they can no longer rely solely on ad revenue. They must also consider other sources of income. One way to generate additional revenue is through subscriptions.
In conclusion, it’s clear that publishing has changed dramatically over the past decade. As we head into the next 10 years, it’s likely that the industry will continue to change in ways that are both exciting and challenging.
GenZ Publishing states that it is clear that we’re living in a world where technology has changed everything about how we communicate with each other. And while some of those changes are positive, others aren’t so great. But one thing remains true: We’ve got to adapt to survive.