2024
9
UK Books, E-books and Audiobooks Market Report 2024
2024-11-25T16:01:54+00:00
REP857A688B_A5D8_4269_A98D_41916E5DC388
2195
177546
[{"name":"Books, Magazines and Newspapers","url":"https:\/\/store.mintel.com\/industries\/media\/books-magazines-newspapers"}]
Report
en_GB
Generation Z are more likely to have read books on their smartphone than on e-readers in the last year, although they are keen users of…
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  8. UK Books, E-books and Audiobooks Market Report 2024

UK Books, E-books and Audiobooks Market Report 2024

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  • Generation Z are more likely to have read books on their smartphone than on e-readers in the last year, although they are keen users of digital formats across devices. The passion for reading amongst this generation has helped drive growth in digital sales, which are supporting overall market growth. While print will continue to dominate sales over the next five years, digital will slowly increase its share.
  • For publishers, there is the threat of reduced control over what gains traction in the books market. We have already seen a reduction in the number of new releases, with the best sellers lists increasingly dominated by books published in previous years. Traditional advertising cannot replicate the surge in demand created by BookTok, leaving publishers reliant on tracking and engagement on social platforms.
  • The popularity of reading amongst younger people will create strong opportunities, while evolving digital formats across devices can help boost access to books. Rising online engagement can foster reading communities and provide opportunity for in-person events. Local bookshops can play a major role when it comes to new release events, author talks and social events, while literary festivals based around popular genres could also prove popular.

This report looks at the following areas:

  • The current size of the domestic books market, including the impact of the economic environment, the increasing role of digital books and how this will change over the coming five years
  • Consumer reading habits across formats and devices, and purchases in the last year, including online and in-store spending on print books
  • Online activity and engagement across social media and book-related apps, including the continued rise of TikTok’s impact on the publishing industry
  • The potential for AI within the books market and consumer levels of interest
  • Readers’ attitudes and behaviours, including the browsing experience, the gift market and the level of diversity and inclusion in writing

Expansion in domestic book sales has been driven by digital formats and younger readers, while publishers cannot ignore the growing impact of TikTok on the market.

Adrian Reynolds, Associate Director

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  1. Executive Summary

    • Opportunities for the books, e-books and audiobook market
    • The impact of BookTok cannot be underestimated, but publishers cannot forget older readers
    • Embrace digital formats as complementary to print
    • Bookshops will struggle to compete on price but can engage local communities
    • Market dynamics and outlook
    • Market size and forecast
    • Market predictions books, e-books and audiobooks
    • The books market will sustain sales of £1.5 billion despite increasing competition for time and attention
    • What consumers want and why
    • Reading remains a common interest despite the strong competition for leisure time
    • Graph 1: net reading habits in the last 12 months, 2024
    • Spending on books and subscriptions is being supported by younger generations
    • Graph 2: book formats purchased in the last 12 months, NET, 2024
    • Graph 3: any book or book subscription service paid for in the last 12 months, by generation, 2024
    • Amazon dominates online while the popularity of charity shops and supermarkets reflects the hunt for bargains
    • Graph 4: online print book purchase channels in the last 12 months, 2024
    • Graph 5: in-store print book purchase channels in the last 12 months, 2024
    • The vast majority of younger readers engage in online book-related activities
    • Graph 6: book-focused online activities in the last 12 months, 2024
    • Although younger readers show more interest, there is widespread scepticism over the role of AI in the books market
    • Graph 7: interest in AI activities in the books market, 2024
    • The majority of readers have a daily reading habit
    • Graph 8: attitudes towards books, e-books and audiobooks, 2024
    • Innovation and marketing
    • TikTok is driving trends and boosting genre sales in the book market
    • TikTok owner looks towards publishing through 8th Note Press
    • Declining above-the-line advertising spend reflects the difficult economic environment and growing role of social media
    • Graph 9: total above-the-line, online display and direct mail advertising on books, audiobooks and bookshops, 2019/20-2023/24
    • Graph 10: total above-the-line, online display and direct mail advertising on books, audiobooks and bookshops, 2019/20-2023/24
  2. Market Dynamics

    • Market size
    • Print books remain a huge market but growth is focused on digital
    • Graph 11: domestic sales of consumer books (excluding exports), 2017-24
    • Total domestic consumer book sales are estimated to grow modestly in 2024
    • Lower cost and ease of storage is likely to see digital continue expanding
    • Graph 12: digital share of domestic consumer books sales, 2018-24
    • Market forecast
    • Total domestic consumer book sales will remain at the £1.5 billion level
    • Print will continue to play a vital role despite modest decline
    • Print will continue to dominate book sales in the UK despite a lack of growth
    • Convenience and lower cost will support further growth in digital
    • E-books and audiobooks will play a larger role in the market, but growth will start to slow
    • Market background
    • Waterstones dominates books on the high street
    • Waterstones sees sales revenue expand but the profits fell in 2023
    • Graph 13: average customer spend per transaction at Waterstones, 2022-24
    • Amazon has a tight grip on the expanding digital books market
    • Independent bookshops remain a major market despite modest decline in 2023
    • Amazon book charts highlight the power of TikTok
    • Fiction and female authors lead the way in 2024 Amazon book sales
    • Market drivers
    • Fragile consumer financial sentiment will leave many households cautious on discretionary spending
    • Graph 14: financial confidence index, 2020-24
    • Graph 15: financial wellbeing index, 2020-24
    • Inflation rate declines but the high price of hardbacks is impacting the books market
    • Graph 16: CPI inflation rate, 2021-24
    • Publishers Association responds with caution to autumn budget
    • Children’s reading enjoyment has continued to fall in recent years
    • Decline of libraries will see more charity initiatives look to boost access to books
    • Digital Markets, Competition and Consumers Act could bring new regulation to publishing
    • Publishers join forces for the industry’s sustainability pledge
    • TikTok is playing an increasing role in book trends amongst younger readers
    • Graph 17: Google searches for the word “booktok”, 2020-24
  3. What Consumers Want and Why

    • Consumer reading habits
    • Reading takes many forms
    • The majority of Brits read books, but there has never been greater competition for leisure time
    • Graph 18: net reading habits in the last 12 months, 2024
    • Gen Z are the most likely readers but publishers must still consider older customers
    • E-books are playing an important role in peoples’ reading habits
    • Smartphone reading is playing a big role in the books market
    • Graph 19: e-book reading habits in the last 12 months, by generation, 2024
    • Strong growth in audiobooks has yet to reach older readers
    • Graph 20: audiobook listening habits in the last 12 months, by generation, 2024
    • Younger readers are embracing multiple book channels
    • Graph 21: repertoire of reading habits in the last 12 months, by generation, 2024
    • Book purchasing habits
    • Print continues to lead purchasing but digital subscriptions are growing
    • Younger generations are the most likely to be spending on books and subscriptions
    • Graph 22: book formats purchased in the last 12 months, NET, 2024
    • Graph 23: any book or book subscription service paid for in the last 12 months, by generation, 2024
    • Fiction paperbacks lead the way but Gen Z are almost as likely to buy hardback fiction
    • Graph 24: book formats purchased in the last 12 months, 2024
    • E-book subscriptions will need to add more latest releases to boost take-up
    • Spotify’s inclusive audiobooks could drive further growth
    • Print book purchasing channels
    • Readers are looking to lower cost options when it comes to in-store buying
    • Charity shops and supermarkets are providing value options for book buyers
    • People are just as likely to have bought print books online as in store
    • Graph 25: in-store print book purchase channels in the last 12 months, 2024
    • Graph 26: online print book purchase channels in the last 12 months, 2024
    • Amazon dominates book deliveries but some younger readers are looking elsewhere
    • Independents must look to local community engagement and offer what Amazon cannot
    • Popular BookTok genres offer opportunity for cult store Forbidden Planet
    • Online activity in the books market
    • Over half of readers are engaging with book-related content online
    • Reviews and ratings are the most common online book activities for readers
    • Graph 27: book-focused online activities in the last 12 months, 2024
    • Engage younger readers online through release events, author interviews and live streams
    • Graph 28: book-focused online activities in the last 12 months, Gen Z and Millennials, 2024
    • YouTube is an important platform for books with longer form reviews and interviews
    • Graph 29: platforms used for book-focused online activities in the last 12 months, 2024
    • Graph 30: platforms used for book-focused online activities by Gen Z in the last 12 months, 2024*
    • Short-form content and frequent daily engagement has helped drive BookTok
    • Ensure the validity of ratings and reviews
    • AI in the books market
    • Older readers are very sceptical over the use of AI in the books market
    • Graph 31: interest in AI activities in the books market, 2024
    • Younger readers will still be very cautious over AI fiction despite some interest
    • AI tools will be more widely accepted if they can boost access to books
    • Further consultation and potential regulation on AI in the publishing industry is forthcoming
    • Attitudes towards books and reading
    • Strong opportunity to engage readers with the majority reading daily
    • Help readers to embrace the daily reading habit
    • Most older readers browse bookshops without books in mind
    • Graph 32: usually visit bookshops with a specific title(s) in mind, by generation, 2024
    • Collector’s edition and limited release hardbacks will engage fanbases
    • New writers from diverse backgrounds can invigorate fiction
    • Graph 33: proportion saying there is sufficient diversity in new fiction, by generation, 2024
    • Increased diversity in publishing must come with creative autonomy
    • Streaming adaptations can reinvigorate sales of older books
    • Graph 34: “seeing a book adaptation on a streaming service has led me to buy the book in the last 12 months”, by generation, 2024
    • Bundle digital downloads with the latest hardbacks and special editions
    • Graph 35: interest in hardback books with inclusive digital versions, by generation, 2024
    • Literary festivals continue to attract readers but there are issues over funding
    • Cater for the BookTok market with their own literary festivals
    • Graph 36: proportion attending in-person book events in the last 12 months, by generation, 2024
  4. Innovation And Marketing Trends

    • Competitive strategies and launch activity
    • Social media is having a major impact on publisher strategy
    • The romantasy genre continues to drive book sales
    • Sarah J. Maas boosting profits at Bloomsbury
    • Penguin Random House increased its UK share in 2023 despite difficult market conditions
    • Hachette CEO highlights the industry’s shift towards big authors
    • Existing following is playing a major role is debut novels
    • Book market players looking to address the decline in children reading for pleasure
    • TikTok owner ByteDance is expanding its involvement in the book industry
    • E-reader brands add colour to latest releases
    • Spotify continues to expand its audiobook offering
    • Apple looks to exclusive content to boost Apple Books
    • Google upgrades Play Books with new features and free children’s titles
    • Audible partnership with Disney looks to expand children’s content
    • Penguin could expand book vending machines to target the commuter market
    • Advertising and marketing activity
    • Total advertising spend in the books market has significantly declined since the pandemic
    • Graph 37: total above-the-line, online display and direct mail advertising on books, audiobooks and bookshops, 2019/20-2023/24
    • Graph 38: total above-the-line, online display and direct mail advertising on books, audiobooks and bookshops, 2019/20-2023/24
    • Audible’s advertising investment has helped drive growth in audiobooks and subscriptions
    • Digital channels dominate a growing proportion of ad spend on books
    • Graph 39: proportion of above-the line, online display and direct mail advertising expenditure on books, audiobooks and bookshops, by media type, 2023/24
    • Audible has taken a multi-channel approach embracing digital and outdoor advertising
    • Audible is one of the few book advertisers to utilise cinema campaigns
  5. Appendix

    • Market forecast data and methodology
    • Market forecast and prediction intervals (total)
    • Market forecast and prediction intervals (print books)
    • Market forecast and prediction intervals (digital books)
    • Forecast methodology
    • Report scope and definitions
    • Consumer research methodology
    • Abbreviations and terms
    • Nielsen Ad Intel coverage
    • Snoop SpendMapper methodology

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