The one thing you need to know about the publishing industry
If you’re a writer thinking about getting your book published, publishing it yourself, or have already published a book, then this is for you.
There are a lot of things I can tell you about the publishing industry. I can tell you that it’s financially healthy. Sales in 2021 rose 9% compared to the previous year, which is significant, especially when considering how many people were reading in 2020.
However, there is something more complicated occurring—a supply chain issue and a paper shortage. Paper mills are closing or transforming into shipping centres, making it more difficult for publishers to get the paper they need. Because of this difficulty, some publishers have rethought how and when they release titles, and it will continue to be an issue for the foreseeable future. In my opinion, we haven’t hit the pinnacle of how this will affect authors more directly.
While all this is important, there’s more to know if you’re an author or aspiring author.
Here’s the one thing you need to know about the publishing industry
The most important thing is that print books still dominate the industry.
That seems basic, right? But think about this for a moment. We’re in the digital era. If you look at the music industry, CDs and vinyl have become vintage items, and streaming defines the current industry. In journalism and media, the most prominent global publications have long switched to digital-only or primarily digital. Consumers get their news from Twitter before they turn to a news channel. And let’s not even talk about watching TV. There’s a reason YouTube stars are a thing.
Amid all this, physical books have not only survived, but also thrived. Let’s look at some U.S. stats (because those stats typically represent the industry). 191 million ebooks were sold in 2020. That’s more than a 20% increase from the previous year, and the largest increase in a decade when ebooks were still fresh to the market.
Those numbers sound impressive, but not when you compare them to print sales. With over 750 million print books sold in 2020, that’s about 4x more print books sold than ebooks. In 2021, over 800 million print books were sold (subscription needed), which is the first time the number has risen over 800 million since NDP BookScan started tracking in 2004. The 9% year-over-year gain is also the highest jump in print sales ever tracked by BookScan.
Why does this matter?
- Print is still the dominant form of consumption. It means publishers still hold the key. Unlike music, where distribution has become democratized because of streaming, the presence of a printed book in physical stores matters. And, publishers have built relationships with brick and mortar booksellers/bookstores that aren’t replicable for authors who self-publish. Even independent publishers struggle to compare to the massive network that large publishers can provide. Having the budget to get the proper placement for books makes a difference in how that book sells.
- Consider your strategy: if you’re self-publishing, you may think that publishing only an ebook is the best way to go, but the numbers say different. So, figure out ways to implement print into your marketing and get creative with placement. We’ll discuss this in more detail in a future post.
Writers, you might want to consider these points in your decision to self-publish or go the traditional route. Think about your goals. Be honest about your capabilities and how much time you can dedicate to marketing before making the best decision for yourself.
Also, don’t be discouraged by these numbers or the reality that print books are so prevalent. It’s a good thing. A great thing, actually. Readers are telling you that holding a physical book is still a far superior experience to any other format. And while ebooks are convenient for on-the-go reading, there’s nothing that can replace the feeling of turning those pages.
From a capitalistic perspective, you can earn more money per unit sale. From a more intrinsic point of view, it’s good to know that books still hold so much value in our society.
