Rapidly changing book market dynamics
Sales of consumer books peaked in 2008 at 1.63 billion units and are expected to decline to 1.47 billion this year and to 1.43 billion by 2012, says Albert Greco, a book-industry market researcher.
E-books sales are exploding. Currently, e-books account for an estimated 8% of total book revenue, up from 3% to 5% a year ago. Mike Shatzkin, a publishing consultant, estimates e-books could be 20% to 25% of total unit sales by the end of 2012. "Eventually, digital books will overtake physical books," Mr. Greco predicts.