Total publishing market to reach INR 800 billion by 2024!
EY Parthenon, in collaboration with Association of Publishers in India (API), presented a new report on the Value Proposition of the Indian publishing Industry, highlighting the contribution of the Indian publishing industry to the economic growth – GDP and employment.
Among the developing countries, India has the second-largest publishing infrastructure, second only to China. As per the estimates of the report – the size of the total publishing market is projected to reach INR 800 billion by 2024 from INR 500 billion in 2019. In terms of revenue, publishing is one of the largest media-related industries in India, larger than print media (newspapers and magazines), digital media (social media, apps, online streaming, music, and games), filmed entertainment (movies), and radio and music.
Considering the key stakeholders in the publishing industry, India is dominated by educational book publishing with a small share of trade book publishing. There are c. 250 million K-12 students and more than 35 million higher education students in the country. These students rely primarily on books as the medium for learning. Thus, the Indian publishing industry makes an integral part of the Indian education system. Further, the report also highlights that there is a strong correlation between access to sources of published information, such as scientific journals and research papers and the quality of research output. The industry helps with the dissemination of scientific research and plays an essential role in the advancement of research and development.
Though there is a paradigm shift towards the adoption of digital media, print books currently dominate (90%) the publishing landscape in India. According to industry participants, digital formats account for a very small share i.e. 8-10% of the market. However, e-books and audiobooks are expected to be critical growth drivers and have a promising future in the industry.