|Staff Reporter |||Nov 22, 2018 12:48 PM EST|
This week "The London Book Fair" is taking a voyage through the publishing business around the globe with its Virtual Conference Around The World in 8 Hours. The conference starts in China with a Virtual keynote to delegates, setting out the market and open doors for book publishers on the planet's quickest developing consumer economy - China.
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1. Writers are rich
In China although individual books are not costly and cheap report writing are also accessible online, but a market where mobile phone users are more than one billion, among them 500 million or more are mobile internets consumers, whose e-commerce market ranked bigger than the U.S. there are heaps of chances for writers to end up exceptionally affluent in fact on the back of their books.
The size of opportunity in China is maybe best represented by its likeness in the yearly Forbes Rich List, the China Writers Rich List. The ninth release of this rundown was printed in December 2014, naming 36 year old Zhang Jiajia as the nation's most noteworthy winning author. His collection of bed time stories for grown-ups, started as short stories posted on Weibo, the small scale blogging site that is China's version of Twitter. In the wake of increasing huge popularity on the web, the tales were gathered into I Belonged To You, which earned Zhang Jiajia 19.5 million Yuan ($3.1 million) a year ago alone. Five stories for the collection are presently slated to be produced as movies, with the author to direct one, The Ferryman, under the direction of prestigious movie executive Wong Kar Wai.
Two youngsters' writers take second and third place on the China Writers Rich List. Zheng Yuanjie, whose fantasies have earned him the moniker of the Chinese Hans Christian Anderson, earned 19 million Yuan ($3 million) a year ago, while Yang Hongying, the country's, regularly called China's JK Rowling for her capacity to offer books in immense quantities at home and abroad brought home 18.5 million Yuan ($2.95 million).
Writers can earn considerably more noteworthy totals from conventional publishing by composing and publishing their work on the web. The online author Tangjia Sanshao (Zhang Wei) demonstrates a tremendous hard working attitude and considerably more prominent winning force. For as long as a year he has produced 8,000 Chinese characters a day, composing a progression of gigantically fantasy experiences. He sold in excess of 7 million print copies of his books in 2013, however the cash he can win from online subscriptions and licensing fee for transforming books into movies, TV projects and recreations pushed his profit to 50 miliion Yuan ($7.98 million).
2. Books Are Cheap
In Mandarin the character for 'book' is a homonym (sounds the equivalent as) of the character for cheap. In China books are low priced and this is also the case with digital books or e-books. The average cost of an e-book in China is around 8 Yuan(around $1.30), placing books in a similar price range as of the basic grocery items like rice and potatoes. Thus it's uncommon for individuals in China to purchase books as blessings, and books remain something that readers purchase for themselves.
As with such a large number of different organizations in China, the fundamental opportunity for Chinese publishers and book sellers lies in accomplishing scale. As indicated by Open Book's 2013 China Book Retail Market Report, presented by research company Open Book, the aggregate volume of book retail sales that year touched 50 billion Yuan (about $8.2 billion). This was an expansion of 10% on the earlier year, with a large portion of this development driven by online book shops, which grew 20-30% throughout 2013.
China has the absolute highest commitment with web based shopping on the planet, and it's progressing fast. Ongoing exploration by Nielsen demonstrated that 64% of Chinese customers purchased physical books on the web and 51% proposed to purchase no less than one digital book in the following year. The opportunity is gigantic however, but not to forget cost is a key driver. Online book shops in China normally offer books at a 30-40% rebate on the retail cost.
3. Chinese love serial fiction
One key distinction between the Chinese reading market and the book market in the west is that millions of readers in China are snared on serialized fiction. Premium fiction websites, for example, Qidian.com work by enabling writers to register themselves free and publish stories in portions of up to 6,000 characters. Readers at that point pay between 0.02-0.07 Yuan (which is only a small amount of $0.01) to enjoy every new installment. The blend of low costs, on online serial layout that can be effortlessly read on a cell phone and idealist content (numerous online books have fantasy or wish satisfaction topics) has made freemium fiction hugely well known with 14-21 year olds in China. Numerous famous online books have made the progress into traditional publishing - henceforth why online authors have graduated to the official China Writers Rich List. Past this, a lot more have turned out to be high earning movies and TV programs.
4. Online publishing vs. Self Publishing
Another regularly ascribed reason for the attractiveness of online fiction is the means by which the Chinese Government controls the book market. In China, publishing a novel online in portions by means of Qidian bears a few connections to independently publishing (however in reality it's nearer to posting fiction on Wattpad than publishing through Kindle Direct Publishing) yet it's not entirely publishing. In China, for a book to be sold in a bookshop it requires an ISBN, and ISBN numbers must be issued by the administration by means of a state-claimed publisher. Before the Government will issue an ISBN, the book must be formally endorsed.
Internet publishing (not self publishing) hence works as a workaround for these endorsements policies. Websites like Qidian.com enable authors to get their work into readers' hands without pursuing state approval.
5. Chinese Reading and Mobile Phones
China is a case study of what is frequently called a 'Mobile First' economy, implying that numerous shoppers basically utilize their cell phones to get to the web. According to a consulting group (Boston Consulting Group) recommend that as much as 90% of web browsing in China is led on cell phones. This is clearly indicates that any company trying to capture Chinese online reading market must focus on mobile phone. One early participant into this market was China Mobile, one of China's greatest mobile carriers. China Mobile company introduced its own ebook stores in 2009, many of them have long journeys to and from work. The service is crude in many ways, yet it's cheap ($0.50 a book) and - dissimilar to numerous western e-reading applications - can convey substance to a colossal range of phones.
However in spite of solid existences in the market as China Mobile, Amazon's Kindle, the web based business goliath TenCent and the world's fourth greatest handset producer Xiaomi, the Chinese market remains profoundly divided.
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