Key Note Media Centre
Film Adaptations Create Hope for Declining Book Industry
According to Bookselling, a new Market Report from market intelligence provider Key Note, the book industry has experienced several turbulent years as the recession and a rise in the popularity of e-books have combined to impact upon the market. The recession is believed to have reduced sales of consumer books, which beforehand, was by far one of the most profitable sectors of the bookselling market. This decline is believed to be as a result of a fall in spending on books during and after the economic downfall, as the population became, and continues to remain extremely cautious in their spending behaviour.
In addition, the coinciding popularity of e-readers and digital books have also had an impact on the traditional bookselling market, as consumers are increasing opting to use the technology-savvy devices, where e-books can be downloaded instantly, often at a much lower cost than hardcopy books. Manufacturers are continually updating these e-readers, which further influences the market. The online market leader Amazon is set to launch two new versions of its Kindle e-reader in 2012, while it is expected that Apple will also release its third generation iPad in the coming period.
Despite this book-to-film adaptations are believed to have helped steady the declining market. In 2011, this was most notable in David Nicholls' One Day, which was the highest selling book of the year. This trend is set to continue in 2012, with several film adaptations expected. These include film launches of Hunger Games, The Twilight Saga: Breaking Dawn, The Hobbit, Great Expectations, The Bell Jar and The Great Gatsby, among many others. This trend provides a significant boost for the bookselling industry as sales of the original titles receive a large amount of 'free advertising' in the run-up to the film's launch, while books are often re-released, with a new cover of a still taken from the film. Overall, the popularity of film adaptations are believed to be a great support the bookselling market in terms of sales; however, sales similar to those witnessed before the recession are not expected to be seen for the bookselling industry for some years.
Press enquiries: Jack Sykes at Key Note at firstname.lastname@example.org or 0845 504 0452. Press/review copies of the report are available on request.