Hope for publishers in the digital age
Many publishers in the magazine and book industries have seen a drop in sales throughout the past few years. However, new data shows that substantial growth is expected.
According to the PwC Global Entertainment And Media Outlook, global consumer spending for the entertainment and media industry is expected to surge from $1.4 trillion in 2010 to $1.9 trillion in 2015, a compound average growth rate of 5.7%.
Many attribute the growth in spending to the increased popularity of new digital content delivery devices like the tablet.
One interesting and relevant statistic shows the growth in digital compared to its print counterpart. According to Amazon, as of April 2011, for every 100 print books sold, they sold 105 digital eBooks for the Kindle. It’s not surprising that the popularity of digital books continues to grow as devices like the Kindle make buying books easier and storing and traveling with books more convenient.
Harris Interactive recently reported that 15% of Americans own an e-reader, up from 8% one year ago. These e-reader owners are reading and buying more books than consumers who do not own e-readers.
Consumer spending on digital magazines is expecting to surge by 2015. In 2010, spending on digital magazines was at $4 million – a modest amount for an up-and-coming industry. However, with the explosive growth of mobile devices – the iPad in particular – spending on digital magazines is predicted to reach $611 million by 2015, according to the PwC Global Entertainment And Media Outlook.
If you are a print publisher anxious about the current landscape, there is hope. You do however need to embrace best practices for presenting your content online and developing a targeted audience.
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