Good news for the publishing industry!
According to The New York Times, the publishing industry is recovering from the economic crisis of a few years ago:
BookStats, a comprehensive survey conducted by two major trade groups that was released early Tuesday, revealed that in 2010 publishers generated net revenue of $27.9 billion, a 5.6 percent increase over 2008. Publishers sold 2.57 billion books in all formats in 2010, a 4.1 percent increase since 2008.
One of the strongest growth areas was adult fiction, which had a revenue increase of 8.8 percent over three years.
E-books were another bright spot, thanks to the proliferation and declining cost of e-reading devices like the Nook by Barnes & Noble and Amazon’s Kindle, and the rush by publishers to digitize older books.
In 2008 e-books were 0.6 percent of the total trade market; in 2010, they were 6.4 percent. Publishers have seen especially robust e-book sales in genre fiction like romance, mystery and thrillers, as well as literary fiction. In 2010, 114 million e-books were sold, the report said.
This doesn’t come as a complete surprise to me. After all, not only did I just sell my first original novel to Tor, but my former Star Trek editor Marco Palmieri, who was laid off from Pocket due to the economic crisis, has recently been hired by Tor. The fact that publishers are hiring new staff at all is a sign that things are getting better.
And the news about the rise in e-book sales, while not too surprising, is heartening, since I’m currently looking at the first-pass galleys for Star Trek: Typhon Pact: The Struggle Within, the first new ST e-book since March 2008, which goes on sale in October. Hopefully it will do well and be the first of many more.