eBooks Becoming A Billion Dollar Industry

November 15th, 2010 at 10:54 am
 


The book publishing business has certainly gone through a lot of radical changes lately. The advent of new technology has somehow affected the way books are being sold. Right now, eBooks have become quite a common method of reading with all the eBook readers now available. And with many more titles being provided in eBook form by authors and publishers alike, it certainly may not be long until the new reading format may someday replace conventional books as primary reading materials.

The eBook industry has continuously been growing for several years now. But what may be surprising is the relatively fast pace that the growth is currently going. According to market research firm Forrester, the eBook industry may be on the verge of becoming a billion dollar industry.

Forrester has made a 5-year forecast on the US eBook industry. The main point is that 2010 will end with around $966 million worth of eBooks sold to consumers. The firm further estimates that within 5 years, the sales of eBooks as well as digital publishing will become a $3 billion industry.

Forrester also further noted that only around 7 percent of online book reading adults read eBooks. That is considered quite a small number of people despite the growing number of eBook sales. It may sound good to digital publishers and authors to know that this small number of people actually form a category of consumers who read the most books and spend the most money on them.

On average, a typical eBook reader reads 41 percent of books in its digital format. That is quite high this time, considering that most of them still don’t have an eBook reader like a Kindle or a Nook. For those people who already have one, eBooks form 66 percent of the total books they read.

This numbers show that it won’t be long before the shift towards digital books may become the norm for the reading population. This may signal traditional publishers to a coming change that they might need to address if they were to survive into the future. They may need to find a way to embrace the technology and the growing market for eBooks.

 

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