The publishing industry is the key enabler for education attainment, continuous learning, and for the promotion of Indian culture, values and excellence, according to the EY Parthenon report ‘Value Proposition of the Indian Publishing Industry’ prepared in collaboration with the Association of Publishers in India (API).
Amongst developing countries, India has the second-largest publishing infrastructure, second to China. As per the estimates of the report, the size of total publishing market is projected to reach Rs 800 billion by 2024, from Rs 500 billion in 2019. “In terms of revenue, publishing is one of the largest media-related industries in India, larger than print media (newspapers and magazines), digital media (social media, apps, online streaming, music and games), filmed entertainment (movies), and radio and music,” the report noted.
Neeraj Jain, president, API, and MD, Scholastic India, added, “We look forward to witnessing the opportunities that are highlighted and yet to be seized in the market.”
“The publishing industry has a promising future in India. Encouraging publishers’ involvement in policymaking reforms pertaining to the publishing industry and government’s intervention in overcoming regulatory challenges are expected to transform the current landscape. Besides implementing immediate reforms, the government could also facilitate the growth of human capital in the long run,” said Subrahmanian Seshadri, general secretary, API.
According to the report, India is dominated by educational book publishing with a small share of trade book publishing. There are about 25 crore K12 students and more than 3.5 crore higher education students in the country. They rely primarily on books as the medium for learning. Thus, the Indian publishing industry makes an integral part of the Indian education system. The report also highlights that there is a strong correlation between access to sources of published information, such as scientific journals and research papers and the quality of research output. “The industry helps with the dissemination of scientific research and plays an essential role in the advancement of research and development,” it added.
Although there is a paradigm shift towards the adoption of digital media, print books dominate (90%) the publishing landscape in India. According to industry participants, digital formats account for a very small share i.e. 8-10% of the market. However, e-books and audiobooks are expected to be critical growth drivers and have a promising future in the industry.