A recent article in Publishing Perspectives by Edward Nawotka quoted a recent report from a study commissioned by the Forum d’Avignon and compiled by Bain & Co. that states that e-readers and other digital reading devices could be used by 15 to 20% of the developed world by 2015. This means “an unprecedented opportunity for publishers and authors” as “digital formats are likely to represent 20 to 28% of industry profits in the medium to long term.” Wasn’t it just a few short months ago that digital revenue was in the low single digits?
One interesting finding in the study is that “men have outnumbered women as early adopters. Buyers of e-readers tend to have higher than average incomes, aged between 20 and the early 30s. Many are already avid readers, and more than 40% (52% in the United States) report reading more now than they did prior to owning a device. As the market expands, growth is expected primarily among women age 35 and older.” For New Hope, these demographics are perfect for who we are and where we are going.
As a print publisher, I was glad to read that the biggest obstacle “to adopting a digital device, cited by 41% of respondents, is the unwillingness to abandon the paper experience.” I was talking to my daughter this week, an avid reader, who voiced her love of holding a book, of enjoying the way the book’s pages turned, how the paper felt, and how the print looked on the page. She can’t yet imagine giving up the joy of holding and reading a print book. Yet, according to the study, as e-readers evolve and have the ability to duplicate the experience of reading a paper book, the Bain report predicts that e-readers could capture as much as a third of the market.
I look forward to seeing how New Hope will evolve as we bring great content not only in digital form but enhanced formats to readers hungry for Bible study, personal growth, and quality fiction. The challenge of Great Commission publishing becomes more thrilling with every passing day. I’m so glad to be on this journey with my team and our authors.
