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Publishing: Is it the most dynamic industry?

Is it the most dynamic industry

In recent times, the publishing industry has perhaps become the most dynamic industry. As the industry goes through a profound transformation internationally, and the transition from print to digital provides the most headline today, seldom we know how complex this process of change is. Book publishing is probably the most key business vertical within the publishing industry that is changing rapidly.

The global view:

Book publication produces the largest of media, education, and entertainment content, far bigger even than the glamorous film and entertainment businesses. Until a decade ago, the book publishing industry was controlled by players mainly in North America and Europe. Recently, companies from Japan also have ventured into this. Early in the 21st century, however, this industry has evolved into a truly global business. Reading books is the key to

both learning and entertainment for hundreds of millions of people around the world, and the need is ever growing. In a growing number of emerging economies, the market for books and publishing has expanded over the past decade.

The present:

It is puzzling, yet quite interesting that the consumer market has grown considerably during the last 10+ years. This is because of the economic growth that resulted in boom of the middle class. As a result of this growth and stabilization, as well as improvement of functional literacy, the reader base is more aware and savvy. What this means is it is very likely that other entertainment industries can steal market share away from the publishing industry, especially the Internet, movies and games. The global publishers; therefore, should react and strive for a better understanding of their customers, adopt more professional best practices, a more active digital content offering and more modern engagement  models, if they want to reach out to the community.

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