It is good news for global eBook Market, as a new report by Strategy Analytics predicted that the global consumer eBook market will grow, even more than double, from $7 billion in 2013 to $16.7 billion in 2020.
According to the reports, eBook subscription websites and emerging markets such as China are the two main facets contributing to the dramatic increase.
At present, less than 10 per cent of the population reads eBooks in 2013, but in 2020 this figure is set to increase to 25 per cent.
One of the major reasons is the shift towards reading on smartphones and tablets over dedicated e-readers and desktop computers.
Wei Shi, an analyst at Strategy Analytics’ wireless media strategies division, said that a significant development in the eBook market is subscription-based services launched by platforms like Amazon Unlimited, which have a model similar to how Spotify and Pandora work in the music industry.
“We expect to see subscription services gaining more momentum in the second half of this decade, and contributing to close to a fifth of the total market by 2020,” she said.
Based on the prediction of the global ebook market, it is wise for authors and publishers to explore the market more than ever before in the coming year.
It is interesting to note that publishers and writers stand better chances to make more proceeds from ebooks than from the physical or hard copy versions.