Printed books
In 2021, unit sales of print books in the United States surpassed 825 million. Meanwhile, Americans’ expenditure on reading averages between around 100 and 120 U.S. dollars each year.A significant share of U.S. adults responding to a survey on book consumption reported having read a print book in the last year. Younger consumers aged 18 to 29 years old were most likely to have done so, with close to 70 percent saying they had read a print book in the 12 months leading up to the survey. Adult non-fiction was the bestselling print book category in 2021, and almost all categories saw a hike in unit sales year over year.
Digital books
Audiobooks are a growing segment of the book industry, and over 74 thousand different audiobook titles were published in 2021 alone. That is more than double the number of audiobooks published in 2015. Audiobooks are an appealing alternative to print not only for those who want to listen whilst on the move but also for people who find reading difficult. Data from an annual survey found that the average number of audiobooks listened to each year continues to grow, and the share of adults engaging with the format has also increased. This trend is set to continue as more consumers take advantage of what the format has to offer.E-book sales are also climbing. E-readers remain a popular method of e-book consumption, and average annual spending on e-readers has remained relatively stable at above 25 U.S. dollars. The widespread use of smartphones and e-book apps also made e-books available to a huge portion of the population without the need to purchase any additional hardware.
Although audiobook and e-book revenue data does not include figures on independent authors and generally comes from just a handful of publishers, it is clear that the demand for digital books is growing. Audiobooks and e-books are also cheaper to produce than print, which means that they often enjoy higher profit margins than their print counterparts. The future of digital book formats will be characterized by growth, but that is not to say that digital alternatives will replace print books. A global study found that many readers in the United States prefer a combination of book formats, which is encouraging news for publishers seeking to capitalize on the varied and changing reading habits of modern U.S. book lovers.
