"Digital books continue to grow, driven by convenience, lower cost, and for many, a lack of space in the home. Print will still dominate sales, but readers are seeking the flexibility of multi-format options."
Adrian Reynolds, Associate Director
Over half of book buyers would be interested in digital books that come with collectible cards. These would include cover art images, or even offer limited edition artwork from book series, or author-signed editions. Such an innovation would boost the digital proposition, bring sales in store and boost the gifting market, while being perfectly suited to the BookTok community.
The main threat to the industry comes from rising costs in terms of production and supply chains, which has led to rising prices for print books. Demand has remained strong, although revenues have been supported by inflation rather than volume sales, with more people looking to the secondhand market or switching to digital formats. For independent bookshops, margins are being squeezed, and there is a need to find new revenues streams. Local events, classes and even bringing digital books in store can help stores thrive.
There is strong opportunity to capitalise on the demand for multi-format reading. This could be through bundles of formats at discounted rates or including digital download codes with hardback releases. More flexible audiobook subscriptions can also help cater to this demand. While users will want to avoid buying an audiobook they already own in print or e-book, a range of price points for inclusive listening hours will allow them to switch format as they please.
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