New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe E-Book Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271928/?utm_source=GNW
Key Highlights
The widespread availability and rising popularity of e-books are transforming the publishing industry, while the nature and scope of e-books changes differ significantly from company to company and genre to genre. With interactive e-books, and animated e-books, e-publishing businesses have enabled many publishers and authors to get their works to market faster and more advanced.
The growing number of devices capable of providing digital media and the increasing internet penetration has provided consumers with an ability to access media content of their choice, in terms of information, entertainment, or social activity, anywhere.
Easy access to a wide selection of e-book libraries via applications or online services is growing internet consumption, resulting in low-cost alternatives to traditional delivery methods. E-book-related services, such as e-lending, have also aided in the acceptance of e-books throughout the region.
Various partnerships in the market are driving the demand opportunities during the forecasted period. For instance, in December 2021, Youboox, owned by Nextory, launched Switch, a format that combines e-books and audiobooks. The Swedish-owned French digital books streaming service Youboox has pushed the possibility to switch between audiobook and e-book to a new level switch due to a partnership with Fyctia and sound by Wave Audio.
The market is focusing more on subscription expansions. For instance, in November 2021, the Kobo Plus subscription program announced availability in Italy. In collaboration with Mondadori Store, the subscription provides book readers unlimited access to thousands of e-book and Kobo Audiobook titles for EUR 9,99 per month. Digital content can be read on the Kobo apps for Android or IOS, and the Kobo Sage, Libra 2, and Elipsa can be used to read or listen to digital content.
During the beginning of the COVID-19 pandemic, e-books became a boon for many readers who found themselves confined at home and with enough time and few choices for purchasing print books due to shop closures and delivery delays.
Key Market Trends
Increased Use of Electronic Devices
The rise in the number of portable readable devices such as smartphones and tablets is anticipated to be the primary growth factor for Europe E-book Market. Consumers prefer e-books over books due to the fragility of books to wear and tear the need for adequate care, and the high cost.
The digitization of books and their accessibility over the internet is expected to create an innovative environment to offer a real-time experience for readers. Furthermore, the conversion of comic books into digital materials by popular publishers such as Marvel and DC is also expected to allow people to explore e-reading.
The proliferation of mobile devices, such as smartphones, tablets, and laptops in the market is expected to drive the growth of e-books in the market. According to Ericsson, in 2027 number of estimated mobile/cellular subscriptions will account for 78 million in Western Europe and 69 million in Central and Eastern Europe. These numbers are expected to increase, which will create increased demand for digital reading subscriptions.
The increasing influence of technology coupled with the inclination toward digitization by a substantial populace, mostly among the millennial and generation Z category, may positively influence the growth of the e-book market.
Systems such as digital education and immersive learning are also expected to drive the market’s growth. The introduction of the latest hardware, software, and educational content is expected to create an immersive environment to provide readers with a real-time experience.
United Kingdom Dominates the Market
The United Kingdom e-book market received a boost due to the government scrapping the “reading tax” of 20% VAT charged on digital titles in April 2020, potentially cutting the cost of a GBP 12 e-book by GBP 2. Following this, Amazon cut the price of Kindle e-books in May 2020 to bring them in line with physical equivalents, which have always been zero-rated.
According to the United Kingdom Secretary of State for Culture, Media and Sport, on average, publishers have reported a rise of around three times in e-book consumption during the crisis, with some publishers reporting as much as a 50% increase.
Moreover, according to bookseller.com, the top six United Kingdom trade publishers saw a combined 15.5% increase in e-book sales in the pandemic-hit year 2020, surpassing the previous high point for digital sales and marking the first time in seven years that the group saw a double-digit percentage increase. Hachette, Penguin Random House, HarperCollins, Pan Macmillan, Bloomsbury, Simon, and Schuster collectively sold 54.5 million consumer e-books through United Kingdom retailers in 2020, up from 47.2 million, and the sextet shifted in 2019.
Libraries in the United Kingdom are witnessing a significant surge in the number of e-books being loaned out. All branches of the libraries lent an additional 3.5 million e-books from March 13 to August 14, 2020. According to libraries, general manager for North Yorkshire County Council, the e-book and audio were up 78%, and 3,000 new members signed up for cards during the lockdown.
Competitive Landscape
The e-book market is fragmented with many independent authors and publishers, while certain players account for a majority share in the market. Key players in the market adopt strategies such as joint ventures and partnerships with small and regional publishers to gain higher market shares.
March 2022 - Perlego, a British edtech business, raised GBP 38.2 million in a Series B fundraising round to expand its textbook subscription service globally.
November 2021 - The Kobo Plus subscription program announced availability in Italy. In collaboration with Mondadori Store, the subscription provides book readers unlimited access to thousands of e-books and Kobo Audiobook titles for EUR 9,99 per month. Digital content can be read on the Kobo Apps for Android or IOS, and the Kobo Sage, Libra 2, and Elipsa can be used to read or listen to digital content.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271928/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
