LONDON, Sept. 21, 2022 (GLOBE NEWSWIRE) — Loud The Business Research Company’s research report on the Online Book Services Market, changing consumer preference to read books online is driving the growth of online book services market. The change in consumer preference to online books is due to the lower subscription cost compared to buying all the books you need offline, as well as easy access and convenient reading compared to traditional books. The other reason that has changed consumers’ preference for reading books online is the global pandemic that has resulted in the closure of most of the bookstores around the world. This shift in preferences is clearly driving readers to consume e-books that are readily available and readable. For example, Rakuten Kobo, a Canada-based e-book company, announced in May 2020 that more than 2 million new users have subscribed to Kobo during the pandemic. This adoption of e-books was fueled by the global pandemic and the closure of most bookstores around the world, indicating the change in consumer preference towards reading books online and leading to the adoption of e-books. Therefore, the changing consumer preference towards reading online books will drive the growth of online book services market.
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The global market size for online book services is expected to grow $19.00 billion in 2021 to $20.05 billion in 2022 at a compound annual growth rate (CAGR) of 5.51%. The global market share of online book services is expected to grow to US$24.85 billion by 2026 at a compound annual growth rate (CAGR) of 5.52%.
Strategic partnerships are becoming increasingly popular in the industry trends for online book services. Businesses partner with e-book sellers and distributors to expand their services into new markets by leveraging each other’s resources and expertise. These partnerships also serve to bring e-books into new areas such as public…
