Traditional Publishers in Decline, as Self-Publishing Trend Develops into Booming Business
The traditional publishing is in a state of steady decline. Outdated publishing methods, long lead times, expensive processes and red tape has caused the industry to lose traction, with total revenue dropping in four out of the past five years, and dropping by a whopping 5% last year alone.
However, the struggle of traditional publishers has given rise to the arena of self-publishing. Some of the most widely read books of the past few years have been self-published (think 50 Shades, The Martian, Milk & Honey), but the industry is now growing at an unprecedented rate. 2018 was the big year for self publishing, as 1.6 million books were self-published and the industry grew 40% in 12 months. However, commentators who claimed that this was a new fad set to fall out of favour could not have been more wrong – fast-forward to 2020 and 17 of the top 100 selling books on Kindle are self-published.
There are a variety of ways for people to self-publish their books, but one company in the UK is making things easier than ever before. The UK’s leading biography-writer, StoryTerrace, connects everyday people to professional ghost-writers, to help everyone write their life stories, biographies or memoirs. However, StoryTerrace are also helping their customers to self-publish – many of their customers’ books are now available on Amazon and a variety of other platforms.
Self-publishing gives budding authors a new avenue to success, by removing the barriers and dramatically improving the efficiency of the publishing process. Software and AI, such as the technology developed by StoryTerrace, helps writers and editors to communicate seamlessly and collaborate far more efficiently, whilst also providing unparalleled access to consumer data and feedback.
Rutger Bruining, CEO of StoryTerrace, explains why traditional publishing is struggling, and discusses the advantages of self-publishing:
“One of the key problems faced by the traditional publishing business is their reluctance to adapt and the stagnation of their business model. Traditional publishing is predicated on long lead times, lots of links in the chain and the authority of established publishing houses and agents, many of whom simply do not have their finger on the pulse of consumer demand and the latest advancements in the industry.
We’ve been fortunate enough to help hundreds of our readers self-publish their memoirs or biographies with much success at StoryTerrace, and we are excited to see how this industry develops.”
If you have been thinking about writing a book or documenting your life story, or that of a loved one, do take that step and put pen to paper (or rather fingers to keys). In today’s world of self-publishing, there is a very real opportunity for anyone to become a published writer.