Updated: Aug 29, 2021
The future of the e-book market is bright. Experts forecast that by 2026, the global e-book market will reach a growth of US$28.73 billion and help provide education to millions of people worldwide.
Technology has greatly changed the way we produce and consume things. While paperbacks and hardcovers are still very popular, books are now rapidly transitioning to the digital medium in the form of e-books.
The rapidly growing e-book market has gained so much popularity within less than a decade that the global revenue generated from it is approximately US$16,647 million. USA and UK are the biggest e-book market in the world and in USA alone, it is generating a revenue of US$6,498 million.
So, what is an e-book and why has it lately become so popular?
An electronic book is a book that is made for the web. Unlike an ordinary book, it is not tangible. It can be read online or downloaded to be read on an ereader, tablet or phone. This digital book contains text, images, tables and charts. It is compatible with electronic devices like smartphones, tablets or e-book readers like Kindle by Amazon.
E-books are available in a large variety of formats like PDF, HTML, ePUB, TXT etc.
Reasons for the Rapid Growth of E-Book Market
There are a number of reasons which have led to the rapid growth of the e-book market.
Digital revolution has made it possible for humans to carry the world in their pockets. The widescale distribution of smart devices and the emergence of online education has transformed the way we access information. E-books have shifted text-books, novels, handbooks and even children’s books to a digital space. Now, you just have to open a web browser on your smartphone, type in the name of the book and download it. It fits in your pocket and you can read it anywhere, anytime.
The creation of Amazon’s Kindle has made bookstores irrelevant. With its large collection featuring millions of e-books, you can easily find your next read and purchase it to be read on Kindle.
The constant push from governmental organisations and pressure groups to switch to a sustainable society that condemns the cutting down of trees, has greatly encouraged the introduction of e-books.
People prefer to purchase and read e-books as they are environmentally friendly. Physical books are made from paper which is made from trees. Previously, thousands of trees were being cut down to produce paper, but with the introduction of e-books, that are just published as software codes, millions of trees can be saved.
Easy to Publish
Unlike physical books, e-books can easily be self-published. Authors just have to master the art of formatting and publishing on Kindle, and within less than a week’s time they can expect to earn royalties from it.
Physical books can take months to be published and readers often have to wait for weeks to purchase the book from a bookstore or to have them shipped to their homes. Moreover, the printed physical copies always fall short of the demand and run out of stock but this is not the case with e-books as the same file can be downloaded millions of times.
Highlight, Bookmark and Share
E-books often come with features that make the reading experience much more enjoyable. Readers can highlight text, post comments, and bookmark pages.
This gives readers more control over what they chose to do with their e-books and enhances the reading experience.
If you are considering publishing an e-book and would like some help with figuring out how to go about it, you can contact us here and schedule a call. Cutting Edge Studio is a one-stop-shop for authors and can help you out with every aspect of publishing and marketing.
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