Prepared for Andy | Delivered January 17, 2020
Innovations and Challenges: Publishing Industry
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To identify 2-3 innovations and challenges that could affect the US publishing industry in the coming few years. This research would help to prepare to fundraise.
In this background research, we have identified an innovation that will affect the US publishing industry in the coming few years.
Innovations to Affect the Future Publishing Industry in the US
1. Audiobooks Overtaking E-Books
There has been
in the percentage of US adults who read e-books. Around
25% of American adults
read an e-book in the past 12 months as compared to
in 2014 and 2016.
in the earlier years, reached a towering peak, and then witnessed a decline in demand to a level
lower than the highest
point. This shift has occurred due to the
of the audiobook market in the US. In the past 4 years, the percentage of American adults listening to audiobooks has
d and it seems like it
to remain on an uptrend in the coming years as well.
Audible, an Amazon company, is the perfect example that has captured around
41% of the audiobooks
market already. Authors like Michael Lewis are skipping print and having
Amazon is even going beyond audiobooks by
developing original stories
that include audio magazine articles, plays, and non-writer content titles.