When the calendar reboots it always seems like time to reassess and plan for the future. I know, this was a month ago, but the new year never sinks in with me until: 1) I’ve remembered to start writing “2018” on checks, which takes weeks, and 2) all my 1099s arrive–the definitive word on what worked and what didn’t. So in this blog I’m going to discuss what we learned in 2017, and in the next blog, I’ll make my annual forecasts about what we can expect in the future.
What We Learned In 2017:
- Audiobooks Are Still Hot. In fact, they are the fastest growing segment of publishing, and have been for several years running. Don’t believe me? See for yourself here. If you haven’t got an audio edition of your work, you are literally leaving money on the table. Every year at my writers conference we’ve had someone speak on how to produce your own audiobooks professionally and affordably. This is critical information. In today’s world, it’s just as important as knowing how to use a word processor.
- Bookstores Are Not Hot. Which is not to say they are unimportant. Just less so. We have one national bookstore chain and it appears to be in financial distress. The Nook and its associated ebook businesses have declined for years. (Forbes says B&N has lost $1.3 billion on the Nook.) B&N says they are now focusing on the core business–books–but when I go in, I see lots of games and toys and magazines and coffee and CDS and DVDs. If B&N crumbles, what then? Brick-and-mortar retailing appears to be steadily failing, replaced by online buying. Some say bookstore sales only account for 7-10% of the total market.
- The Indie Market May Be Maturing. Some people are making money with independent or self-publishing (click here for details), and that will increase in the years to come. CreateSpace controls 80% of the print-on-demand market. It’s growing while its competitors (Lulu, Smashwords, etc.) decline. Overall, ISBN purchases have declined, which could mean that fewer people are publishing–or fewer people are bothering with the print edition (eBooks do not require ISBNs at KindleDirect). A lot of fly-by-night operations are closing, which may make it easier for writers to know what to do and how to do it. I will write more on indie success techniques later this year.
- Wattpad is Profitable. Wattpad received a $40 million cash infusion from a Chinese retailer. They’ve also partnered with Hachette for audiobooks and offered a premium “no-ads” subscription. They generated 20 million in advertising revenue, a big increase over the previous year. Wattpad Studios is developing film projects. The point being, if you think of Wattpad as just a place where adolescent girls publish fan fiction, think again. Serious writing careers are being launched at Wattpad.
- Traditional Publishing Can’t Launch a Bestseller. Yet again, NY publishing failed to produce a single breakout hit. The bestselling novels last year were 1984 and The Handmaid’s Tale, neither new books, surging due to television and current events, not NYC marketing. Which does not mean publishers aren’t making any money. But the stories about eBook sales declining are nonsense, not borne out by any statistical analysis that includes Amazon, where self-published eBooks are about 40% of all unit sales. Traditional publishers are responsible for “just over half of paid ebook downloads” (Publishers Marketplace). And that doesn’t consider all the online “borrowing” that takes place through Kindle Unlimited.
- Readers still love reading and still love books.
That last one is, of course, the most important. That’s why we bother.
Made plans to attend the Red Sneaker Writers Conference yet? Register in February and the entry fee for all contests is waived. Stay at the conference hotel and save another $50 off registration. Click here for details.