The Publishing Industry: Rewind and Fast Forward

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By  Amy Day  on   Jan, 26 2012
The past year was an extremely interesting one, if not a bit scary, for the publishing industry. In fact, the shifts were so major, they altered almost everything about the way the industry is positioned, what it produces, and how it markets those products to consumers. So, I thought I’d take the opportunity to provide a summary of the major events. While I’m at it, I also give a sneak peek into the industry as I see it during 2012.
 
2011
What changed the face of the publishing industry? As I rewind, I see the following factors can take most, if not all, the responsibility:
  1. Books on Screen¾It wasn’t very long ago that most consumers were saying they preferred their paper books to digital readers because they could “feel” them, turn real pages, use bookmarks, etc. Oh, how times have changed. In 2011, ereaders and other digital options gained so much popularity, sales surprised even the manufacturers. Now, there is quite a bit of competition in this space, with brands from Barnes and Noble to Apple to Amazon offering their own unique versions.
  2. Borders Goes Belly-up¾A decade ago, no one would have guessed Borders could suffer the fate of February 2011. However, as the industry began to move toward a largely digital platform, and the company didn’t get with the swing of things as fast as its competitors, its downfall became almost inevitable. So, when the company filed for Chapter 11 protection, authors and publishers alike mourned not only the fall of a giant and industry staple, but also the shelf space that is now no longer available for their work.
  3. Going Indie-Style¾Following Border’s demise, consumers began choosing Indie bookstores or smaller, independent shops when in the market for real on-paper books. It is expected that end-of-the-year numbers will show a boost in Indie bookstore-sales over previous years.
  4. Audiobooks in Demand¾According to the Audio Publishers’ Association, sales of audiobooks were up almost 10% in 2011, with the total number of published audiobooks doubling over just the past three years. This serves as even more proof of changing consumer preferences on how they receive information.
  5. Interaction Required¾We have become a social networked, digitally-connected, and constantly interacting society. And, this is not lost on the industry. Authors have realized the need to come out from behind the pages to meet and greet their fans. Many are now using tools such as Twitter and Facebook to gain a following, entice with writing samples, and stir excitement over coming works.
2012
  1. With a keen awareness that the industry is beginning 2012 in a very different position than where it began 2011, I predict the following for the coming year:
  2. Do-It-Yourself¾Self-publishing is going to continue to have a big impact on the traditional publishing format by giving authors a real and viable option. Amanda Hocking is a great example of a self-published author who has proved true success with this method. According to WikiPedia, Hocking self-published 17 of her novels as ebooks beginning in April 2010. By March 2011, she had sold more than one million copies of nine books and earned two million dollars from sales. She recently signed with St. Martin’s Press for $2 million, but proves that some DIY authors may not need publishing house assistance.
  3. Thanks, But No Thanks¾Jumping on the DIY train, even big name, well-established authors are going to be leaving their publishers as their contracts allow. Companies such as Amazon are simply making it too easy to accomplish the same goals at a fraction of the cost.
  4. In Others News¾Magazines and newspapers have been hit particularly hard by the recession. While there was a modest increase in advertising in 2011, the majority of advertisers know consumers are online; so that is where their marketing investment is going as well. As a result, it is likely more magazines and newspapers will close the doors on their traditional paper-versions in 2012.
  5. The Truth About Non Fiction¾It’s my belief that nonfiction will have a noticeable appearance as ebooks in the coming year. While this in part is due to the larger number of self-publishing authors, publishers also tend to avoid unknown/unpublished fiction writers. So, the majority of published works are nonfiction. With many publishers opting for the ebook format in 2012, you can do the math.
  6. Reading, in 3D¾Okay, not literally. But maybe someday. The bottom-line is that authors need to be prepared to offer their works in more ways than just one (or even two). In today’s world, consumers want options. So, the successful author will reach them via multimedia¾paper, ereader, online, and via social networking.

 

Stay Tuned…

With one book going to a publisher and another taking the DIY route in 2012, I have to say that I am just as anxious and excited about what the coming year holds for the industry. I, for one, am happy to see the birth of additional delivery platforms. It simply provides greater chances of success for writers who want to reach others with our work.

 

So, whether you are publishing with a big name or going solo, I wish you the best of luck in 2012.

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