In the 15 years of digital transformation, the book market has been growing. What does this mean? A
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Since the digitization transition, there have been 15 short years of talk and long talks, which can be traced back to the late 1990s. In the mass-market market, e-books have experienced ups and downs, but the book market has developed steadily. Paper books and e-books have coexisted in harmony, and voice books have risen. The publishing industry is happy to see this happen. So, in this unstable world, what are the joys and worries of executives from three top public publishing companies? At this year’s American Book Fair, three of the world’s top five—Penguin Random House, Simmonscus Special and Macmillan executives rarely appeared together and discussed the opportunities and potential challenges of the current publishing industry in a roundtable discussion on the topic of "leadership."
On the morning of May 31st, local time, Carolyn Reidy, CEO of Simon Schuster, John Sargent, CEO of Macmillan, and CEO of Penguin Random House The Lexmark came together at the "Leadership Roundtable" symposium at the American Book Fair.
"Stability" and "growth"
Despite global cultural and political instability, the publishing industry is in a period of stability. The host of the forum was Maria Pallante, CEO of the American Publishers Association. According to her, in the first quarter of 2018, almost all categories of publications in the United States grew.
“Actually, the book industry is doing better than expected, both at home and abroad. There are more reasons for us to have confidence in the future of long reading and books.” Tuilemeni said, “We already have The stable business model of paper books and e-books, “the harmonious coexistence of the paper book and e-book market”, coupled with the ever-increasing children's book market, and steadily rising literacy rates. He thinks there is no reason to be pessimistic.
Tu Lemeng said that “the book market has been growing for 15 years since the beginning of the digital transformation. Even in mature markets, we have seen growth in the world’s largest market.” He disclosed Penguin Random House Each year, about 700 million books are published globally, and they are brought to market through about 120,000 retail terminals.
"Change" and Disaster Prediction
Reddy pointed out: "Every time a market changes, there will be disaster predictions. But the truth is that the value of books, and the things it brings to society and individuals, if not more than ever, will never be less."
As for the current social events and their impact on readers' interest in reading, she said, “When major events happen in the world, the public will usually buy this related book to read and try to figure out what happened.”
Reddy also believes that in the media competition, the importance of consumer insights has risen rapidly, which is the key to the stability of the industry.
"Things are constantly changing," she said. “The mass market is declining, and digital audio is growing. We have experienced the growth and stagnation of e-books. Despite this, the actual market still exists. The only change is the market demand.
"So, what's more important is to figure out why consumers want a book, what format they like, and why they like it... The market itself is still robust. What has been changing in this market is people's consumer demand and power."
Facing consumer purchase behavior changes