World Monitor Magazine WM_KIOGE 2018_Web - Page 62

additional content Gutenberg’s Revenge Why books are the only form of physical media whose sales are growing. The media and entertainment industry has a long history of embracing disruptive innovations, from the printing press to the personal computer. But the rapid shift from physical to digital over the past decade or so has been truly revolutionary. In general, physical media has suffered a great deal. Printed newspapers and magazines have migrated to online versions, while DVDs and CDs have been supplanted by film- and music- streaming services. But the oldest form of physical media is actually holding up quite well. According to PwC’s Global Entertainment & Media Outlook 2018–2022, the consumer market for physical, printed books is holding its own in an increasingly digital world (see “Print Presses On”). Between 2018 and 2022, sales of physical video games, home video, and music are expected to decline each year, in some instances by double-digit percentages. By contrast, sales of physical books are expected to grow modestly, by about 1 percent annually, every year. By 2022, PwC expects consumers around the world will spend US$50.3 billion on books in physical or audio (i.e., non-electronic) form, compared with $47.8 billion in 2017. In May, the Association of American Publishers (AAP) reported that in the U.S., print books, especially hardbacks, remain a source of growth for the association’s nearly 1,200 publishers. AAP’s Monthly StatShot revealed that revenues for trade (consumer) books increased by $96 million (1.3 percent), to $7.6 billion, from 2016 to 2017. The growth was attributed to a 3 percent revenue increase in the adult books category, which accounts for more tha n 65 percent of all revenue for trade books. 60 world monitor