Sales of eBooks Expected to Hit Nearly A Billion by End 2010

This post was first posted on Penn Olson on 9 November 2010.

It is apparent the rate of eBooks adoption is rapid since the launch of Amazon’s eReader in 2007. Why so? There are many advantages presented: eBooks are cheaper and cost nothing to produce, lesser trees need to be cut down, purchased and downloaded instantaneously, do not collect dust, and have the ability of being interactive.

According to a forecast by Forrester Research: By the end of this year 2010, $966 million worth of eBooks would have been sold. By 2015, the industry will have nearly tripled to almost $3 billion!

* But in fact, only 7% of online adults who read books actually read eBooks – they are also the ones who read the most books and spend the most money on them.
* Today, the two most common ways people get books today is borrowing from friends or the library.
* The average eBook reader already consumes 41% of books in digital form.

With still so much more room for the market to grow, what does this mean for traditional publishers? Catch up, or get left behind. As more features are added into the eBook technology, it is possible eBooks would make its way into classrooms or even dominate publishing industry in the near future.

Sidetracking a little – with more and more entrants to the competitive industry of eBook readers and tablet devices, we have Amazon Kindle, Barnes and Noble Nook, Samsung Galaxy Tab, Blackberry Playbook, and of course, the Apple iPad. As much as I am convinced to switch to going green, I can no longer decide which device I should get. What say you – comments, and suggestions would be great!

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