Mariana Féged, a key speaker from Bookwire, recently presented an insightful analysis of the Spanish digital book market for 2023. his presentation was delivered during a professional meeting organized by FGSR, in collaboration with several associations from the Spanish book industry, to discuss the results of the digital book market in 2023..
Féged is General Manager, Spanish Markets, France, and EMEA at Bookwire and oversees Bookwire’s activities across Europe (excluding Germany) and Latin America.
Her presentation provided a comprehensive overview of current trends and significant developments, emphasizing the market’s growth and evolving dynamics. Here’s a closer look at the main points covered and what they signify for publishers and stakeholders in the book industry.
Market growth and evolution
The digital book market in Spain is experiencing notable growth, with eBook turnover increasing by 8% compared to the previous year. This positive trend contrasts with other markets where eBook growth has slowed or even declined. Féged highlighted that, despite predictions a decade ago that digital reading would surpass print reading, the reality is that digital and print formats now complement each other rather than compete. For many publishers, digital sales account for a significant portion of their total revenue, ranging from 5% to 80%, depending on their strategy and audience.
The report reveals that unit sales still dominate, constituting over 80% of the revenue for Spanish-language publishers, while subscriptions account for less than 6%. However, this does not mean that subscriptions are unimportant. Féged pointed out that subscription models are particularly effective for certain genres and markets. For example, romance and technical books see significant revenue from subscriptions, highlighting that the effectiveness of sales channels can vary greatly depending on the type of content and target audience.
Libraries have been instrumental in driving this growth. Post-pandemic, substantial European funding, particularly from Next Generation EU funds, has allowed libraries to acquire more digital titles. This investment has not only increased the availability of digital books but also expanded the pool of digital readers, contributing to a broader reach for publishers. Féged emphasized that this boost is not just financial but also strategic, enhancing the visibility and accessibility of digital content.
Price trends and market distribution
Price trends for eBooks have seen some fluctuations, with Latin American markets experiencing higher prices due to currency exchange rates. In terms of market distribution, Spain continues to lead, generating over 60% of digital book revenue. This is noteworthy given the large Spanish-speaking population globally. The relatively high consumption of digital fiction in Spain compared to other regions underscores the strong market for fiction in Spain, which contrasts with the more balanced consumption of fiction and non-fiction in Latin America and the United States.
Féged’s presentation particularly highlighted the burgeoning success of audiobooks. The market for audiobooks has grown by nearly 50% annually, with Spain showing impressive progress compared to neighboring countries like France and Italy. This growth is driven by significant investments from major publishing groups in Spain, which have expanded the audiobook catalog and set a precedent for smaller publishers.
The U.S. market, in particular, presents a significant opportunity. The consumption of Spanish-language audiobooks in the U.S. has surged, now representing 26% of all revenue from Spanish audiobooks. The launch of Spotify’s audiobook subscription model, although currently limited to English-speaking countries, is expected to impact the Spanish-speaking market positively. This model could introduce millions of potential audiobook listeners in Latin America and the U.S. to new content.
Féged concluded her presentation with an optimistic outlook, emphasizing that the future of digital content, especially audiobooks, looks promising. The expansion of AI and advancements in digital technologies are set to further transform the industry. Publishers are encouraged to stay engaged with emerging trends and adapt their strategies to leverage new opportunities in digital and audio formats.
