E-book reading is steadily on the rise with studies showing that roughly 3 out of 10 adults read an E-book over 2014, this huge market growth goes hand in hand with the spread of affordable E-readers and tablets, as the amount of tablet/E-reader owners has gone from less than 10% to over 50% of adults from 2010 till now. Many predict that paper books will soon become the niche market that newspapers and magazines now find themselves in.
The current market for E-reading is an interesting one to say the least. With many offerings of E-readers, digital providers and publishers, competition is fierce and what may seem to be the rising trend at first glance could actually be something quite different. Take for instance the New York Time’s article that came out in 2015 reporting that e-book sales had dropped 10% over the first half of the year; this would seem a clear indicator a people returning to the days of paper. Yet the Washington Post did an excellent rebuttal showing that what are actually dropping are traditional publishing outlets, like the publishers whose sales data was the sole basis of the study reported on by the New Yorker.
Despite wishful thinking on the part of companies hoping to hold on to their printed business segment, the trends are clear. E-books and E-reading in general is the market of the future. Traditional publishing outlets are dropping out one by one. As reported on by the Independent, 58% of failed publishing companies in England can be directly linked to this trend. At the same time E-reading has given rise to many smaller publishing companies as well as self-publishing, bringing along more competition leading to declining prices for E-books.
E-reading has changed the market of publishing by removing huge barriers to entry, but that is not the only huge effect it has had. Advertising, the medium through which books are sold, along with a whole new market of accessories for reading are just a few ways the market is changing. Amazon.com and other sites like it are replacing the library and traditional brick and mortar books store. These sites customize themselves to the reader bringing up similar works and related author’s for return customers to their sites. And a whole new market of E-reading accessories is on the rise.