Self-publishing has come a long way over the last decade, with the rise of new technologies and online platforms making it easier than ever before for authors to bring their words to the market. Whether you’re a seasoned author or just starting to write your first book, the world of self-publishing offers endless opportunities to get your work out there and build an audience. But what does the future of self-publishing look like? What trends and predictions can we make for the coming decade? In this blog post, we’ll explore the latest developments in self-publishing and examine what the future might hold for self-published authors.
The Rise of Audiobooks
One of the biggest trends in publishing right now is the rise of audiobooks. Over the last few years, audiobooks have taken off in a big way, with more and more people choosing to listen to books rather than read them. For self-published authors, this presents a huge opportunity to reach new readers and build their audience. With the advent of on-demand audiobook production services like ACX and MindStir Media, self-published authors can easily create and distribute audiobooks alongside their print and ebook counterparts.
Audiobook sales have seen double-digit growth for the past 10 years, with 2021 revenue reaching $1.6 billion, a 25% increase from the previous year. According to Grandview Research, the global audiobooks market is expected to grow at a compound annual growth rate of 26.3% from 2023 to 2030 to reach USD 35.05 billion by 2030. Additionally, the audiobook sector of the book publishing industry is expected to grow 26.4% every year until 2028 when it will reach $19.7 billion according to GlobeNewswire.
The sales numbers and projections show that in the coming decade, we can expect to see audiobooks become an even more important part of the publishing landscape. With the increasing popularity of voice-controlled devices like Amazon’s Alexa and Google Home, audiobooks will become more and more convenient for readers to access. This means that for self-published authors, producing an audiobook version of their work will be a must-have if they want to reach a wider audience.
The Continued Growth of Ebooks
Ebooks have been around for a while now, but they remain a key part of the self-publishing industry. The convenience and affordability of ebooks make them a popular choice among readers, and for self-published authors, they offer a way to reach a global audience without the constraints of traditional publishing. Over the next decade, we can expect to see ebooks continue to grow in popularity, particularly in emerging markets where access to print books is limited. A report from Persistence Market Research indicates that the global ebook market size was valued at $18.13 billion in 2020 and is projected to grow at a compound annual growth rate of 4.4% from 2021 to 2031.
As the ebook market continues to expand, we can also expect to see changes in the way ebooks are produced and distributed. Self-published authors may need to adapt to new ebook formats or look for new distribution channels to reach their readers. However, the underlying demand for ebooks is unlikely to slow down anytime soon, meaning that authors who can produce high-quality ebooks will continue to find success in the self-publishing industry.
Print Books Will Grow Too
Despite the rise of ebooks and audiobooks, print books remain popular for several reasons. Many readers prefer the feel and sensory experience of reading a physical book, and print books are easier to share and lend, don’t require a device, and are often more affordable than their digital counterparts. Additionally, print books have seen a higher adoption and spread in developing nations where internet connectivity or devices such as smartphones are not as widely available. So self-published authors shouldn’t and won’t be able to ignore print formats in the future.
A report by Mordor Intelligence predicts that the global print book market will grow at a compound annual growth rate of 1.9% from 2021 to 2026, due to the continued demand for print books, particularly in emerging markets.
The United States Government Accountability Office (GAO) predicts that print book sales will continue to hold steady over the next five years, with a projected annual growth rate of 0.3% from 2021 to 2026.
Barnes & Noble CEO James Daunt predicts that print book sales will continue to grow over the next decade, despite the rise of ebooks and audiobooks. According to Daunt, this growth is largely driven by younger readers who are drawn to the tactile experience of reading a physical book.
Grand View Research expects the global print books market to grow at a compound annual growth rate of 1.2% from 2022 to 2028, driven by increased consumer awareness of the environmental impact of ebooks, and a preference for tangible products.
The Importance of Marketing
Marketing has always been a key part of the self-publishing process, and with the industry becoming more competitive, it will only become more important in the future. In order to succeed as a self-published author, you need to be able to market your work effectively and build a loyal fan base. This means developing a strong online presence through social media and email marketing, as well as engaging with your readers and building relationships with other authors and influencers in your niche.
Over the coming decade, we can expect to see marketing become even more important for self-published authors. The most successful authors will likely embrace strategies such as influencer marketing, video marketing through TikTok etc., and podcast marketing, among other strategies that have not yet presented themselves. As the market becomes more saturated, it will become harder to stand out from the crowd and reach new readers, so authors will need to be innovative and forward-thinking with their approach when it comes to reaching readers.
Final Thoughts
Self-publishing has come a long way over the last decade, and the future looks bright for authors who are willing to adapt to new trends and technologies. With the rise of audiobooks, the continued growth of ebooks and print books, and the importance of marketing, self-published authors have more opportunities than ever before to build a successful author career on their own terms. Looking to the future, we can expect to see even more exciting developments in the world of self-publishing, with new technologies and platforms opening up fresh possibilities for authors to connect with readers and build their audience.