Peter Drucker, the famous Austrian-American
management consultant, educator, and author, once said, that the
enterprise that does not innovate, ages and declines, and in a period such as
the present, the decline will be fast.
In an age and time
when people are not only increasingly consumed by concerns of space but also
seem to constantly look to slake their thirst for information through their
devices, digitalisation has been the much needed answer. The digital content is
so rich and dynamic that traditional content unfortunately pales in comparison.
Traditional
publishing involves printing, transportation and distribution costs, in
addition to the other costs, which make it expensive as compared
to digital publishing. In addition, printing out the material for evaluation,
is an added waste of paper, money and time. With the emphasis today being on
going green and obtaining gratification at the touch of a button, would there
be any takers for traditional publishing?
Contrast that with
digital publishing where a good software, computer and internet connection is
all it takes to add value to the writer’s effort, and it’s easy to see why it
is becoming such a favoured medium. With the wide reach that internet provides,
the editing that is possible even after publishing, and the instant user
feedback that analytics can provide, there is very little reason to forsake
digital publishing. The cheese that got moved due to COVID also created a
sudden need to search for cheese elsewhere - shift to a medium that was safe
and affordable.
That being said, the
question remains whether this is a passing fad or does it actually have a
future in India. Technavio, a leading market research analyst, has predicted
that digital publishing is one of the fastest growing sectors expected to show
a phenomenal growth rate and the key countries expected to contribute to this
growth would be US, China, India, UK and France. The report can be read here. India
definitely seems to be geared up to rise to the occasion, with consumers
rapidly devouring content published by digital media.
The Indian publishing
industry itself is predicted to be a $800 million industry in just a year’s
time and several thousand million dollars in the next ten years. Today, the print media occupies a large share
of publishing market in India with a much smaller market share for digital
publishing. However, with technology entering our lives like never before, the
increasing awareness of technology irrespective of class divides, the
affordable cost of internet along with the constant need to stay updated are
all expected to boost the consumption of digitally published material. There is
a lot of push for digitalisation from the government too, which is slowly
translating into more consumers.
Authors are turning
to self-publishing, as it is simpler, easy to market, target and reach readers
and obtain user feedback easily. Audio books have also begun to gain a lot of
traction. Online retail, services such as periodic subscription, and open
access to various resources, are added bonuses as well. Development in
technology has made digital content much more immersive, interactive and
provides a great viewing experience.
The future of digital
publishing in India seems to be very exciting and full of yet unexplored
opportunities. It no longer remains a
question of whether we have a choice to embrace digital publishing, it is more
a question of how well we do it!
