India Book Market Report 2022: Bible for the Indian Publishing Industry
The publishing industry has undergone significant changes over a couple of years, owing to the rise of digital publishing and technology. Coupled with the impact of Covid-19 pandemic, the dynamics of publishing industry have changed tremendously. In such a scenario, data analysis is a cutting-edge tool for publishers to know the exact situation of the industry and predict future trends and growth projections. Federation of Indian Publishers (FIP) has partnered with Nielsen BookData to bring out the second edition of the India Book Market Report. The report will provide the industry with an understanding of the current dynamics and the changes that have occurred over the last few years.
Here, Pranav Gupta, Project Leader, India Book Market Report 2022; Joint Secretary, FIP & Executive Committee Member of the International Publishers Association (IPA), shares more about this humongous report.
AABP: It is indeed praiseworthy to know that FIP has partnered with Nielsen BookData to bring out India Book Market Report. What was the need for this report?
Pranav: The role of data plays a vital role in any industry as all decisions are made based on the data available. Even, the government refers to this data to make important decisions and regulations. The publishing industry is huge in terms of revenue size but the data available for the industry is much smaller as compared to other industries. What we need is well-researched quality data, which is important for its growth. Only then, the government can look at it as a serious industry and can complement it with their vision and objectives for the development of the nation. Foreseeing the need for a reliable data source, FIP has partnered with Nielsen BookData to bring out India Book Market Report, which is not a proprietary report, but a syndicated report. It is an industry report where the voice of the industry has been taken care of.
AABP: What has been your contribution in this report?
Pranav: I was bestowed upon this responsibility by FIP to lead this project and I must say that co-working with Nielsen BookData and commissioning them with this report, was a fruitful experience. I am extremely thankful to Vikrant Mathur, to lead and manage this project successfully with the entire team of Nielsen BookData.
Besides, the report of this stature is a costly affair. So, as the project leader for this report, I was instrumental in generating funds for the report from publishers and other stakeholders of the industry.
AABP: What is the scope and major highlights of the report?
Pranav: This report is very meaningful because things have dramatically changed after COVID. The report has been remodelled to give insights into not only the new size of the industry but also the forecast for the next 5 years. Apart from that, it is also important to touch base ‘digital’ which has grown exponentially, more so due to the ongoing educational shift. Another important move is the draft 5th National Science Technology and Innovation Policy (STIP), which seeks to make scholarly research papers and literature accessible for free to everyone in the country, under ‘One Nation, One Subscription’ model.
It is also critical to understand how the industry has grown and what kind of growth it can offer with multiplier effect (within the industry). For example, What happens if this industry grows by twice that of paper, ink, print or any other industry? What will happen if this industry doesn’t grow and starts de-growing? What impression will happen on the paper, print, or ink or any of these? Since, publishing industry draws a lot of raw material for their production, the repercussion effects of the growth and de-growth of this industry go a long way.
Another important aspect, which we cannot ignore, is the employment opportunities this industry offers. This report is going to talk about all these factors which have the direct implication on the economy of our nation. It is an advanced report in terms of market sizing because it addresses the opportunities and also talks about the challenges in publishing, the business workings plus it also reflects on the ‘economic contribution.’ In a nutshell, this report is more of a practical report than a theoretical one.
AABP: Who are the target audience and how can they benefit from it?
Pranav: The target audience for this report are huge. This report will be a ready reckoner for the people from the publishing world, as things have changed post-pandemic. The publishing industry wants to understand the actual size of the market now and the growth projection for the next 4-5 years.
Then, this report will be equally informative to other stakeholders like distributors, retailers, and those who are operating within this market. This report may also be able to give some recommendations to policy-makers as it makes a voice about the challenges in the industry, which include issues like custom duty, ISBN, copyright, etc.
The report will also be beneficial to investment companies, who want to carefully invest in this market through IPOs, etc. Multinational publishing houses, who wish to establish their branch office in India, will find this report extremely useful as it will give them the reliable data, market size growth, the legalities and challenges this industry faces.
Even the printing industry will find this report handy, as they can project the printed volumes in this market and the possibility of India coming up as a printing hub.They can better understand the role of various ministries and other agencies involved in the process of publishing and the kind of challenges being faced during this process. It will answer their queries like whether the caramelisation is happening and where the print market is going.
In short, vast majority of people who are connected directly or indirectly with the publishing industry in India, will benefit from this report as it will help them understand the Indian market in the current situation.
AABP: Brief us about the key trends and projections in the industry to be featured in this report?
Pranav: The number of books published every year has significantly increased and you will find the exact numbers stated in this upcoming report. Apart from these, the report showcases how books by Indian authors now achieve million copies sales. This is just the tip of the iceberg, there is much more to read and explore…!
AABP: What are the key takeaways from this report?
Pranav: The report suggests that even though disruption exists in the publishing space due to digital, but the future is bright. Undoubtedly, the compound annual growth rate (CAGR) of digital publishing is growing but we are the creators of content and knowledge. A book is only a tool through which we monetize. The delivery of content will change to adapt to the changing times but content will reign. Another important takeaway is that print will continue to grow and will co-exist with other forms of publishing.
AABP: When will this report be launched and how is it priced?
Pranav: It is expected to be launched in September and I am truly proud and excited for the launch of this report and the essential results it will share with everyone, especially how the publishing industry has become the lifeline of the education system!
The report is priced at Rs. 33,000 for FIP Members, Rs. 50,000 for Non-FIP-Member (publisher only) and Rs. 75,000 for Others.
AABP: As Joint Secretary of the Federation of Indian Publishers & Executive Committee Member of the Indian Publishers Association, what are the major challenges for the industry, and how is FIP helping the publishers?
Pranav: Perhaps one of the most daunting challenges for the Indian publishing industry is the copyright and IP regime. Cases of infringements by way of illegal photocopying as well as physical or digital reproduction of books is a growing concern. Time and again, we have taken up this challenge with the concerned authorities. We also make multiple representations before the government of India for a level playing field for private publishers vis-a-vis government supported/subsidized publishing. Other issues like GST on royalties being paid to authors of books, better funding to libraries, negligible public library infrastructure not commensurating with the population, and the non-availability of a national book database of the country, are also being addressed from time to time. I am also the Project Leader for various projects taken up by FIP, the more recent ones being the commemorative volume on 75 Years of Book Publishing in India (1947-2022) and the India Book Market Report 2022.
AABP: Any message you would like to give to the industry?
Pranav: To all my fellow entrepreneur friends from the Indian Publishing Industry… each of us has something valuable to contribute towards creating a new India in upcoming times. We are vehicles of change and instruments of global transformation, in which we all have to perform better so that few of us can rise up to become the top publishing houses of the world.