Loading books takes an excessively prolonged time.
The electronic books market experienced a deceleration in growth during the first quarter of 2022, with indicators standing at 24% compared to 32% a year prior, according to Sergei Anurev, the CEO of Litres Group. The market, which reached 5.3 billion rubles in Q1, has been driven by the subscription model, self-publishing, and audiobooks, with the latter two reflecting growth of 56% and 36%, respectively.
Litres, a leading player in the market, maintains leadership in subscription services, self-publishing, and audiobooks. In Q1, self-publishing accounted for 38% of the market, amounting to 2 billion rubles after a 21% growth. Audiobooks represented 36% of the market volume, amounting to 1.9 billion rubles, remaining consistent with the previous quarter's figures.
Subscriptions displayed the highest growth rates for the period, with a 56% year-on-year increase in Q1. The subscription model currently takes up 46% of the total market volume, and Litres expects the ratio of subscriptions to other monetization models to approach parity by year-end. The market research firm also forecasts the digital books market to reach 23.4 billion rubles by 2025, growing at 24% year-on-year.
Despite this slowdown, the e-books market is seen as returning to pre-crisis development rates by market participants. The growth can be attributed to various trends, including the proliferation of mobile devices, the pandemic-induced shift towards digital formats, the rise of independent authors through self-publishing platforms, and the growing popularity of audiobooks.
Other major players in the market, such as Yandex Books (formerly Bukmek) and Litnet, follow Litres as runner-ups, each holding 17% and 11% respectively, with the remaining 8% shared among authors.today, Litmarket, and MTS's Stroki.
The slowdown in growth was attributed to the high base of the previous year by Natalia Kamenskikh, head of Knigi Bilain, who attributed the slowdown to the high base effect, while platforms like Yandex Books and Stroki reported continued growth due to subscription models and audiobooks. Ridero also reported steady growth in Q1, with its user base approaching 870,000, and new titles gaining popularity through subscription services.
In summary, the e-books market's growth in Q1 2022 is primarily influenced by the renewed emphasis on subscription services, self-publishing, and audiobooks, with Litres maintaining its lead in these segments. While growth rates have temporarily slowed, the market is expected to rebound and continue its expansion through the end of 2025. The digital books market is projected to reach 23.4 billion rubles by 2025, driven by these trends and the growing prevalence of mobile devices, independent authors, and digital format preferences.
Technology played a significant role in the growth of the e-books market, with the subscription model and audiobooks being key factors. Despite a temporary slowdown in growth during Q1 2022, books in digital format continue to gain popularity, and technology is expected to drive the market's expansion, with self-publishing platforms, mobile devices, and digital format preferences being key trends.
