As a result of the news coverage of the 2016 coronavirus pandemic, many book publishers are struggling to keep up with demand for their bestsellers, according to a new report from BookScan.
The book industry is suffering from an oversupply of books.
A recent survey by the UK’s BookScan revealed that only 20% of authors surveyed said they had sold at least 1,000 copies of their bestseller, while 75% of those surveyed said sales of their first novel had been less than 1,500 copies.
While many of these publishers are also struggling to find new and exciting titles, they are hoping that they will find a way to boost their business through new formats such as digital.
While book publishers will continue to have to look to new formats, BookScan’s report suggests that the demand for the next wave of books will be far greater than what they were able to handle in 2016.
“The new demand for new titles and genres will be the greatest in more than 20 years,” BookScan CEO and author Peter Loughran said.
“I think the book industry has always been in the market for new formats because they have a huge audience and a lot of the best new books are coming out of new formats.”
For the next five years, there will be an increased demand for digital sales of books, as well as new formats of reading.
“It will be much more lucrative for publishers and authors to look at new formats and try to develop new ways of selling books,” Mr Loughraun said.
In a recent survey conducted by the publisher for the Royal British Legion, 76% of respondents said they would rather buy a book from a new format than from an existing format.
Mr Loughrran believes this is because people will be looking for digital as their next big form of publishing.
“When you’re looking for a new medium, you have to find a new audience,” he said.