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The printing and publishing industry has been transitioning to an increasingly digital environment over the past decade. The last year has introduced further challenges with the rise of AI, a trend that is prompting printing & publishing companies to review their digital strategies. These changes are also creating new opportunities.
The 28,616 companies that make up the U.S. printing and publishing industry employ 638,865 people. This number has been slightly decreasing, with a drop of 1.25% over the past year.
Average annual sales add up to $568 billion, and data from MNI reveals that a significant percentage of these sales happen in the U.S. market.
Printing and publishing companies are unlikely to market their products abroad. Only 15% of publishers distribute their products internationally, a percentage that is almost doubled for the manufacturing sector overall.
Publishers also tend to purchase raw materials in the U.S. While 11% of manufacturers rely on imports, this percentage drops to 4% for the printing and publishing industry.
Publicly traded companies are slightly more common in this industry than overall, with 7% of businesses using this structure. Women and minority owners represent 3% and 1% of owners, respectively, two percentages that align with overall trends for the sector.
From a geographic point of view, approximately a third of these companies are located in the South and another third in the Midwest. The Northeast and West regions account for 19% and 18% of these companies, respectively.
The printing and publishing industry offers a wide range of products that can be organized into different subindustries.
Newspapers
Monthly or weekly newspapers act as local or nationwide news outlets. Despite increased readership for local news during the pandemic, this subindustry is facing ongoing challenges, and a third of publications have disappeared over the past two decades.
Periodicals
Periodical publishers offer magazines and journals that follow a regular publication schedule. These publications include trade journals, academic publications, and leisure magazines.
Books
Novels, textbooks, children's books, and coffee table books are only a few examples of the diverse publications that make up this subindustry. Book sales are increasingly happening online.
Commercial Printing
Businesses rely on printed material to promote their products or services. Publishers can offer catalogs, mailers, brochures, business cards, or training manuals, to cite a few examples. This subindustry often focuses on relatively small runs.
Greeting Cards
The greeting cards subindustry is growing as consumers find more occasions to celebrate. There is a growing demand for personalized and niche products.
Bookbinding
Consumers are purchasing fewer physical books but have heightened expectations regarding quality. Bookbinders use specialized printing equipment to meet these expectations.
Printing Trade Services
Printing trade services offer wholesale printing, such as typesetting or commercial printing. A reseller typically transmits the order to the printing trade service, and the customer receives the finished product without being in contact with the printing trade company.
The industry is facing some significant changes linked to new habits from consumers and the rise of AI.
Digital Content
The eBook market could generate $14.61 billion in revenue by the end of 2024, with a user penetration rate of 13.3%. Audiobooks are also growing in popularity, with the number of monthly listeners possibly reaching 270 million in 2024.
Consumers expect to have access to a varied selection of digital products that deliver interactive experiences. Successful publishers are broadening their offerings by offering eBooks and products combining print and digital versions of the same publication.
Developing a presence on digital distribution platforms and getting algorithms to recommend their products can be challenging for smaller publishers.
Technology and Subscription-Based Publications
Newspaper and magazine publishers rely on a subscription-based business model that can be enhanced by leveraging technology.
Offering digital versions of these publications can help reduce printing and distribution costs while giving consumers access to a more diverse selection of products.
Data and analytics can result in a more personalized experience. Some publishers are using analytics to recommend additional printing products or curate content. Data can also help create value for advertisers by improving visibility over a publication's audience.
Connecting With Readers
Innovative publishers are exploring new ways of connecting with readers and marketing products. Selecting content that reflects diverse voices or exploring niche genres can be a winning strategy.
Social media is another key trend to explore. Platforms like TikTok are changing the way readers discover books, and TikTok users say they read 50% more thanks to the recommendations from BookTok.
Authors have an essential role to play in building their online communities. Publishers who support authors in this endeavor can gain a competitive edge.
Copyright Issues and AI
The emphasis on digital platforms creates new copyrighting challenges. The rise of AI represents a risk as creating spun content is easier than ever, but it's also an opportunity for publishers who can find ways to monetize their catalogs to train AI models.
Publishers should look for ways to leverage technology to detect copyright infringement and review publishing contracts to account for the new challenges of AI.
Printing and Sustainability
There is a growing demand for eco-friendly printing solutions. Using recycled paper is a standard option that can save as many as 17 trees per tonne of paper.
Printing companies are exploring eco-friendly ink solvents and digital printing systems that reduce waste for small runs,
The printing and publishing industry continues to face an increasingly digital environment and must find ways to connect with readers in this space.
As printing companies and publishers explore new strategies, there are opportunities for offering relevant products and services. Having the right data can make a difference. With IndustrySelect, you can access nearly half a million profiles with accurate data points, including company size, subindustries, contact details, and more. Narrow down your targets with the Printing and Publishing Industrial Database or explore all database options here.
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