Over the last several years, I’ve certainly read and heard a great deal of speculation about the future of publishing and books. When ebooks were first introduced, some viewed them as a trendy but short-lived novelty, while others felt that they’d dominate the entire industry. Only a few old-time industry professionals and not many more of the newcomers foresaw the way the market has sorted itself out.
One aspect of publishing that’s overlooked is that that the non-fiction and fiction markets are very different, even though most major publishers handle both. So, if you look at overall publishing revenue, print books outsell ebooks almost four to one, but those figures don’t break out non-fiction from fiction (at least the figures I can easily find) and they don’t include the full impact of independent authors self-publishing, which is largely e-publishing. Non-fiction also tends to sell a higher percentage of print books, as opposed to ebooks, and much of the printed non-fiction sells for higher prices than fiction. So aggregated revenue figures tend to misrepresent the market.
One of the more interesting statistics I ran across was that in 2019 ebook sales comprised 18% of the total book market by revenue generated, but 36% of the number of books sold, and that 36% number tracks fairly closely to my unit sales figures – excepting audiobooks.
Not surprisingly, sales of mass market paperbacks for most authors have declined precipitously. Regardless of all the rhetoric, for most authors mass-market paperback sales have declined to a third or less of what they were twenty years ago, and that assumes that a traditional publisher will even print mass-market paperbacks for midlist (or lower) authors.
Right now, unless there’s major shift in the economics of publishing, mass market paperbacks are on the way out for most authors. Only million-copy sellers are likely to be published in mass market paperback within a decade, if not sooner. Hardcover volume for fiction seems likely hover in the same range and may even increase slightly for non-fiction.
My personal belief, backed by no statistics, is that the number of self-published “indie” authors will taper off and only track future growth of the fiction-reading public, for several reasons. First, while indie authors get a much larger percentage of sales revenue, readers expect “indie” books to be cheaper (with the growth of indie sales, some readers also expect ebooks published by traditional publishing firms to be cheaper, which I don’t see happening, except for promotional events). Second, most indie authors sell fewer copies per book. That means writing more books per year. That’s damned hard, especially if an author wants to maintain any quality, and if the author outsources editing, that adds to costs.
The other factor is that ebooks can be easily pirated, and I don’t care what anyone says or what any studies purport to show, piracy cuts revenue to authors. The drop in mass-market paperback sales has in no way been compensated for by a corresponding and equal growth in ebook revenues.
So, however it turns out, I don’t see authors or publishers getting any great windfalls from ebooks.