Publishing in India
The publishing industry in India is growing at a very fast rate. This is not surprising because this country has a population of over one billion people. It is also important to point out that in India, 550 million people are under 30 years of age. This is a huge potential market waiting to be tapped by publishing houses. The growing popularity of online publishing firms also implies that Indian publishing firms can make a lot of cash selling e-books. In fact, some smart publishers in India are embracing the online option already. These firms have also started using software like the popular sap grc audit for effecting book keeping and auditing.
Facts and figures in the Indian market
The publishing industry in India has one peculiar feature. A lot of business gets done here but proper records are not kept by the operators in this business. This is why experts have to rely on estimates most of the time. For all that, it is clear that things are happening here. India has about 20,000 publishers and over 90,000 titles are published every year. There is also an increase in the number of publishing houses registered with this country's office of the International Standard Book Number (ISBN). Note that many publishers do not apply for an ISBN number so this means that many books are published in this country without official records.
The style of Indian publishers
Many publishing houses in India are small family businesses. Some of these businesses are run by sole proprietors with less than 10 employees. In most cases, salaries in these small outfits are low and the operating environment is not as good as it should be. The only advantage is that small business owners in the publishing industry can cut cost and make profit because overhead costs are relatively low.
Growth potential in the Indian market
There is no doubt that the potential for growth is huge. At present, publishers in India have to make progress the hard way. Some of these publishing houses rely on aggressive marketing strategies to survive. Some publishers concentrate on text books because these books guarantee them regular sales during the school year. Others organise poetry readings, essay writing contests and seminars to create a market for their books. If reputable publishers enter this market, there will be an explosion because these publishers will exploit the online option. Again, publishers with deep pockets can afford to sell their titles at relatively low prices and this will reduce cost and boost sales.
Indicators of a growing market
One indication that the book market in India is on the verge of great things is the increasing number of literary agents in the country. Literary agents serve as vital links between the writer and the publisher. With these professionals on the scene, publishing in India will only get better and this is good for the book industry.
As stated already, India's publishing industry has immense potential. The population of this country provides a huge market for the prospective investor. If major publishers and major bookstore chains move into this country, the market will experience a boom.