Quick Look at 2023 Book Publishing Statistics
Make sure you consider these as you write your books!
The book publishing industry is constantly evolving, and recent statistics show that major trends are taking shape. This year, book publishing and copyrights are in the news every day. Consider what the 2023 book industry looks like:
- The global book market is worth an estimated $139 billion. This represents a growth of 2.2% from 2022.
- The United States is the largest book market in the world, with sales of over $47 billion. China is the second-largest market, with sales of over $30 billion. You can be part of this, you know.
- The most popular book format is still print, but e-books and audiobooks are growing in popularity. In 2023, print books accounted for 65% of the market, e-books accounted for 25%, and audiobooks accounted for 10%. Those figures are on an upward trajectory. Remember that as our older population expands, more people will embrace audiobooks.
- Self-publishing is becoming increasingly popular. In 2023, an estimated 500,000 new books were self-published in the United States. This is a land of opportunity that is navigable for most authors, and the royalty rates in self-publishing are seven times traditional publishers’ offers.
- The publishing industry is increasingly digital. In 2023, over 50% of book sales were made online. As much as we love bookstores, it’s important to embrace the idea that buyers are out for convenience and price
- Clearly, the industry is undergoing a major transformation, and it will be interesting to see how these trends continue to evolve in the years to come. This is the right time for writers who want to be successful with their books to develop a forward-thinking plan of action that encompasses what we’re seeing.
As you write your books, keep some strategic triggers in mind for marketing
- AI is being used in a variety of ways in the publishing industry, from generating content to marketing books. Whether the trend is good or bad, it’s here. On the good side, well-crafted books are standing out since publishers are inundated with carelessly-generated crap.
- The growth of subscription services. Companies like Scribd and BookBub are becoming increasingly popular, as they offer readers a way to access a wide variety of books for a monthly fee. Readers perceive this as a bargain. Explore these platforms to see if they suit your strategy.
- The increasing popularity of audiobooks. Audiobooks are becoming increasingly popular, as they offer readers a convenient way to listen to books while they’re on the go, and we’re ALL on the go. As the demand for audiobooks increases, the quality of narration has become inconsistent. If you need a side hustle to fund your writing, narration could be an option. Seriously consider an audio version of any book you write.
- The growth of the self-publishing market. The self-publishing market is growing rapidly, as more and more authors are choosing to publish their books independently. Unagented authors find it difficult to hook up with a traditional publisher. Unpublished authors are in the same boat. Learn all you can about self-publishing. Be willing to spend money for an editor, and accumulate funds to put into a marketing plan.
- Some small presses still embrace newer authors if the work is exemplary. Polish your project until it gleams.
Why should you care?
We hope you write books because you have something to say. If you write just to spam the world and make a buck, we’re not on your side. If you care about your message, your audience, and advancing your career long-term, trends will govern how you proceed.
Marketing is shifting rapidly. More than two-thirds of traditional publishers are embracing podcasts, newsletters, and digital videos to promote books. These tools will outshine signings, appearances, print ads, and snail mail promotions because they are quick, cheap, and compelling. You need to be on top of this trend and set yourself up to ride the wave.
Yes, promoting your books is time-consuming and sometimes frustrating, but you have little choice. Whether you publish traditionally or self-publish, the lion’s share of book promotions will fall on you. Plan some serious time to study up on how you can engage a bigger audience.
Author note: My goal is to share everything you need to make money writing. Want more? I’d be happy to connect with you at OnText.com or on Facebook — Instagram — Pinterest — LinkedIn — Goodreads — Quora — Reddit — Amazon Author — and Barnes & Noble Author. And as always, ask me anything, and I’ll gladly give a thoughtful answer. Oh yeah, our new Facebook group, Make Money Writing.
