New York, March 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fiction Books Global Market Report 2022" - https://www.reportlinker.com/p06243798/?utm_source=GNW
The global fiction books market is expected to grow from $10.01 billion in 2021 to $10.46 billion in 2022 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.81 billion in 2026 at a CAGR of 3.1%.
The fiction books market consists of revenues generated by entities that carry out design, editing, and marketing activities necessary for producing and distributing fiction books for children and adults. These establishments may publish books in print, electronic, or audio form.
The main types of fiction books are short story, novella, and novel.A novella is a short piece of fiction that is longer than a short story but shorter than a full-length novel.
Fiction books are available as a physical book, e-book, audiobook for action and adventure, young adult, crime/mystery, drama, horror/paranormal/ghost, science fiction, and other genres. Fiction books are used by children, young adults, and adults.
Asia Pacific was the largest reegion in the fiction books market in 2021.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The sale of books through online media is anticipated to drive the fiction books market during the forecast period.The increasing number of active internet users is providing companies with an opportunity to cater to a wide number of customers.
According to a Pew Research Center survey on book consumption and book formats, 191 million e-books were sold in the United States in 2020.The preference of individuals to buy books online is majorly due to the broad choice, cost savings due to offers and discounts, and convenience of buying anytime and from any location.
Therefore, online shopping of books is boosting the fiction book market.
The change in the reading habits of people is expected to hamper the growth of fiction books markets.The preferences towards other entertainment means like videos, streaming platforms, gaming, and television have caused a decline in the number of people reading books and an increase in time spent on other means.
For instance, in the Digital media trends survey, 14th edition, nearly 80% of people in the USA have subscribed to at least one paid online streaming video service.The statistics indicate a wider acceptance of online streaming services among individuals.
Thus, online streaming channels created a low interest in reading books which further acts as a hindrance to fictional books’ market growth.
Increasing focus on technology and new product development is a key trend in the fictional books market.The publishers and writers are continuously focusing on introducing innovations to increase sales, outreach, and to ease their writing and publishing activities.
For instance, in January 2020, Marlowe, A.I. analytical software for novels, was released to help authors to improve their novel before forwarding it off for professional editing. The software aims to provide authors with refining their manuscripts and identify opportunities for their work in the market. Moreover, publishing houses and authors are releasing podcasts which are series of spoken word, audio episodes of a particular book that is expected to create an effective means of leisure and entertainment for the readers further building sales. For instance, in September 2020, Apple Books and Oprah announced the launch of “Oprah’s Book Club” podcast, an eight-episode series for viewers to explore Oprah’s Book Club pick and bestseller.
In September 2019, Chicago Review Press (CRP), a USA-based independent publisher acquired Amberjack Publishing for an undisclosed amount.Through this acquisition, Chicago Review Press had added 63 tiles of Amberjack Publishing to its list.
Amberjack Publishing is a USA-based media company engaged in publishing and editing fictional and non-fictional books.
The countries covered in the fiction books market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06243798/?utm_source=GNW
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