The publishing market deals with the production and distribution of information including literature, news, communication, and travel aids through print media such as traditional books, newspapers, and magazines. China has the largest publishing market in the world. In the five years leading up to 2022, the publishing market faced turbulent times due to increasing competition from large online companies. The market for education and research publishing grew, which could be due in part to increasing college admissions.
The year 2021 marked the outbreak of the COVID-19 pandemic and the resulting economic uncertainty for businesses due to supply chain disruption across the world. Demand for publishers and retailers decreased, particularly for smaller outlets and independent businesses. Even though consumer preferences changed, the publishing industry remained focused on its mission to serve readers and the public interest. In 2021, print books continued to dominate the market in China, accounting for 82% of the total publishing market, valued at $42,704 million. With a value of $5,533 million, the newspaper medium had an 11% share in the publishing market. Magazines accounted for 8% of the publishing market, amounting to $4,157 million. The publishing market in China reached $52,394 million in 2021, up 8.9% YoY.
Few of the major publishers in China include - China Publishing Group, People's Education Press, Phoenix Publishing and Media Network Group, Higher Education Press, and Foreign Language Teaching and Research Press.
Many readers are turning to online news, stories, articles, and e-books because they want current and accurate information, which is easily available and accessible. This led to an increase in the number of readers. However, an increase in traffic will not benefit all publishing outlets equally. As organizations face increasing pressure to make information more widely available, some online publishers with a subscription-based revenue stream removed the paywall for specific articles. The publishing industry's inverse relationship with online readership traffic will most certainly force publishing companies to shift to or focus on their online offerings.
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