Understanding sales and numbers are ideal when you are marketing but let's face it, not all of us are good with them. So I will try and explain this as simple as possible and hope that you can understand where I am coming from.
1- Ebooks have had a decline in growth in the last three years by 20% on average. They estimate profits of 1 billion per year.
2- Paperback books have been on the rise at 8% per year and they estimate profits per year on 2 billion dollars.
3- Hardback has also seen an increase in sales of 5% and an estimated 2 billion in sales.
4- Audiobooks are still a rapidly growing market at 34% per year and bring in currently about 1 billion in revenue.
So which ones should we do? Well, obviously you want to go where the money is and where there is growth. Growth is in paperback, hardback, and in audio, but not in Ebooks. in fact, they are declining.
If you want to be a serious writer and make money off of it, you are going to have to do more than just an ebook. Sure that is a great foundation to start with but you should look at it as just the beginning.
Let's put it this way. One author has one ebook listed online for sale. She does a great marketing campaign, gets the word around about her book fairly well and brings in say $1,000 a month in sales. Pretty good yes?
Author two has just published her first book. She has formatted her book for ebook and paperback. Same marketing but with her marketing, she is promoting sales for both the ebook and paperback. Her sales for the month are $1,700. If she had done hardback also she would have made $2,400.
In the long run, Author one will publish three books, spend three times in marketing just to make the sales of one book in three formats.
We all write because we love it. But let's face it, if you can make twice as much off of just one product with one marketing campaign then you have to go big.
Think about that for a while and tell me your thoughts. Thanks for reading and until next time, keep writing.