Millions of books are on sale every year, but the process is plagued by a lack of transparency and competition, according to a new study from PricewaterhouseCoopers.
The study, which examined more than 10,000 book publishing companies across the U.S., found that publishers are undercutting each other for more lucrative content and pricing, and that publishers often fail to deliver what consumers want.
In the book industry, pricing and content are a huge concern, according the study, released Wednesday by Pricewaterampers consulting firm.
Publishers say they are trying to make a profit but, in many cases, they are not delivering what consumers are looking for, said Kevin Fenton, the firm’s vice president of strategy.
Book publishers say they want to make books available in bookstores and in physical bookstores, but they are struggling to do so.
Publishers are struggling for revenue, Fenton said.
Many publishers do not have the revenue to make the book available in physical stores.
The study found that some publishers were taking advantage of digital sales, but other publishers were also using print and e-book sales to drive more profit.
PwC found that more than two-thirds of publishers said that the majority of their revenue came from e-books and print books, with a smaller percentage of print books and ebooks.
Fenton said that digital sales can be good for the publishers, but publishers need to make sure they are providing the right content for consumers to use.
He said that publishers need a better understanding of the audience that is going to buy a book, and a better idea of what is going on in the marketplace.
“Publishers have to be able to offer customers what they want and then be able tell us what’s going on on the front end of that,” Fenton told The Huffington View.
According to the study released Wednesday, many publishers are struggling with increasing competition from online competitors, like Amazon, which has had a large influence on book publishing in recent years.
PwC said that as a result, many smaller book publishers are finding themselves in the crosshairs of online competitors and competition from smaller publishers that do not sell their books on Amazon.
“There are a lot of publishers who are trying really hard to compete with Amazon, but there are some who are just trying to sell online, which can make it tough for them to be successful,” Feson said.
The report also found that Amazon is becoming increasingly more dominant in the publishing industry.
A study by the consulting firm found that, between 2012 and 2016, Amazon had more than doubled the number of titles published by its Kindle and Kindle devices.
Other factors that may be affecting book publishing are increasing competition for sales and distribution, as well as digital and print book sales, Feson noted.
One of the biggest issues facing publishers is that they have a very narrow audience for their books, said Fenton.
“There is a huge amount of potential for consumers in the book publishing business to be interested in a certain content and the way that that content is delivered,” he said.
Book publishers have to compete against a whole lot of other publishers, including retailers, booksellers and the traditional publishing industry, Fortunon said.
There are a few factors that are preventing them from becoming a dominant player in the market, such as the fact that the traditional publishers have had a lot more competition for the last 15 years, he said, and this is one of those challenges.