Worldwide publishing consists of books, magazines and newspapers. And the industry has been bombarded in the last several years by the global economic meltdown coupled with the introduction of new tech that streamlined old, deeply entrenched procedures and actually eliminated many.
But, the hard times have resulted in the shedding of inefficiencies and the creation and adoption of new publishing opportunities that spell GROWTH in the future … and some of that future is already here!
Global Publishing is expected to Reach US$322.7 Billion by 2015 according to Global Industry Analysts, Inc.
Here, then, is an overview (with interesting numbers) of this new, comprehensive publishing report as reported in the SFGate, home of the San Francisco Chronicle:
Global Publishing Industry to Reach US$322.7 Billion by 2015, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global outlook on the Publishing Industry. Following a tumultuous period brought about by the global economic meltdown, the worldwide publishing industry is gradually recovering, propelled by the resurgence in STM and trade publications as well as strong growth in the digital and online publishing sectors.
San Jose, California (PRWEB) January 10, 2012
Follow us on LinkedIn – The publishing industry, comprising mainly books, magazines and newspapers, is largely influenced by lifestyle changes and choice and is thereby influenced by changes in macroeconomic conditions such as the change triggered by the recent economic recession. The publishing industry displayed resilience during the early part of the 2007-2009 recession largely due to the fact that books/magazine/newspapers provide a cheap and affordable form of entertainment during financially tough times. However as the financial crisis deepened over the successive months, the industry buckled under the pressure and dwindling book sales, and decline in new title publications, as a result of reduced consumer discretionary incomes and per capita spends, left the publishing industry hurting. The industry, during this period, underwent a phase of consolidation with broad-based business streamlining and restructuring, as well as strategic alliances, mergers, acquisitions and closures. The onset of recession also accelerated the penetration of digital technology (e-books), which are cheaper to produce and distribute, in the sector, further eroding the thin margins.
The recession also created changes in reading habits with celebrity autobiography/memoir witnessing the highest erosion in readership and sales. Other book genres which recorded declines include books on wellness, fitness, food and drinks, mind, body and spirit, and maps and atlases, among others. The proliferation of satellite navigation systems, and GPRS reduced the demand for maps and atlases, while free, educative information online reduced the need for hardbound, educative computer books. Given that reading is a activity that helps de-stress and breakaway from the stress of everyday life, the recession has in-effect influenced readers preferences away from serious fiction and non-fiction towards lighter reading such as, murder mysteries and romances, among others. Also, recession literature designed to cover current social and political issues gained in popularity.
Contrary to the popular apocalyptic view of the future of the print publishing industry, optimism nevertheless prevails over the future of the industry as books are deeply embedded in numerous cultures worldwide beginning with the Western culture and will not likely to fade anytime soon, given their cultural value and meaning they hold in the lives of people. Adoption of digital publishing, on-demand printing and online technologies will help the industry compete with emerging alternatives. Newer business models, distribution channels, marketing strategies will mold growth in the industry. In addition to the opportunities in store, challenges will also bedevil the industry in the upcoming years. For instance, challenges for traditional print will continue to lurk in the form of electronic versions of newspapers, periodicals, e-books, and audio books. The threat will intensify with the proliferation of cost-effective eReading devices, smartphones and tablets, among others.