đź’ˇThis article aims to compare the traditional publishing workflows with modern publishing approaches and tools, and identify the value chain in which startups emerge and offer innovative solutions for publishers, authors, and consumers.
A lot has happened since Gutenberg's invention of modern book printing 575 years ago and the development of the latest e-readers. Books and newspapers have conquered the world, 4 million books are published each year (Wordsrated), and the book publishing industry has grown to a USD 130bn industry (revenue in 2023) (Wordsrated).
Digitization, the wide accessibility of smartphones, social media, and the internet have not only changed the way we live, but also the way information is published and distributed. News is distributed through social media and the internet, books are not solely consumed through paper anymore, but through e-readers or audiobooks, and an author is not dependent on being published by a traditional publisher anymore.
➡️ The number of options in terms of formats for creators to create, publishers to publish, and consumers to consume have exploded, forcing the traditional publishing model to adapt, innovate and compete with upcoming competitors and startups offering attractive alternatives.
The aim of this article is to analyze this pool of options and compare new publishing approaches and tools to the traditional publishing (book-focused) model.
The general interest in identifying players and startups in this space stems from the huge market size of the publishing industry (USD 175bn in revenue in 2022), and the constant innovation in processes, formats and consumer platforms.
The overall book publishing segment is a stable not high growth market (Technavio with some promising sub categories growing at significant rates of over 10% YoY, such as audiobooks or e-books (Statista).
<aside> âť“ What publishing options do authors have nowadays?
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đź“– Traditional Publishing
In traditional publishing, the publisher purchases the ownership of the content license from the author in return for an advance on royalties and a promise for future royalties. The publisher’s services mainly include editing, publishing, and distributing the author’s work. The work process can be clustered into 5 different steps: Curation, creative process (writing and editing), production, distribution, and marketing. It is estimated that between 500,000 to 1,000,000 books are published annually through traditional publishers (Wordsrated).
📢 Self-Publishing