You are Driving the Growth of Digital Reading At This Moment

With the continuous development of technology, the ways of information spread and presentation are becoming pretty diversified, which influence the reading habits of us. Digital reading has become the main approach to acquire knowledge, culture, and wisdom for people, which offers a fantastic environment for nationwide reading. With the coming of the 5G era, it will bring a profound impact on transmission patterns and media ecology, and bring new opportunities and challenges for digital reading.

Digital reading refers to the digitization of reading, mainly consisting of the digitization of reading objects and reading methods. The former is to present the reading content in a digital way, such as E-books, E-maps, and blogs, etc. The latter is to digitize the reading method. That is to say the reading carrier and terminal are no longer printed paper, but the electronic equipment with screen display. Digital reading has the strengths compared with traditional paper publications, large storage, perpetual preservation, and low cost, and environmental protection, which is increasingly favored by young people around the world. The development of digital reading in foreign countries is far earlier than that in China. Since 2009, digital reading has gradually increased in China, and then it has stepped into a rapid stage in the next decade.

The Growth Rate of Printed Book with Slowing Down and the Utilization Rate of Digital Book Keeping Rising

The overall reading rate in China has maintained a steady rise, reaching 80.8 percent in 2018, up 0.6 percent from the same period last year. However, the ways all people use of reading generally has changed dramatically. The growth of printed books has slowed markedly, increasing by only 0.1 percentage point between 2017 and 2018. At the same time, other traditional ways of reading, such as periodicals and newspapers have also declined. The opposite way, digital reading, is becoming increasingly popular due to its many strengths such as convenience, low cost and substantial resources. In 2018, the utilization rate of digital reading was 76.2%, up 4 percentage points from 2017. Mobile reading has become the most significant part of digital reading with good portability and user experience, which mainly includes online reading, mobile reading, e-reader and tablet reading.

Nationwide Reading Drives the Growth of Digital Reading Effectively

Since 2014, nationwide reading has been considered into the work report of the Chinese government six times in a row, with the concept of " Reading Is Great, Read Excellent Books, Be Fond of Reading " advocated. But there is a common phenomenon that people are unable to carry out the reading plan immediately on account of the limitation of time, cost and book source, which is no longer a problem until digital reading appears. Compared with traditional reading methods, digital reading shows outstanding strengths that it achieves one screen with numerous E-books, which settles the problems resulted from the limitation of time due to its mobility and fragmentation, and that it reduced the reading cost released from heavily printed books. It is reported that, by 2018, the digital reading market in China has reached $3.63 billion, with the number of digital reading users of 432 million and 12.4 books per capita.

The Digital Reading Industry with Rapid Development and an Expected Market Scale Wealth 5.4 Billion USD in 2022

The traditional publishers are more open to digital reading, which enlarges the supply of quality content. With the help of market opportunities and capital support, digital reading manufacturers accelerate the layout of content end and channel end, contributing to a high-speed development process of the digital reading industry in China. Also, the digital reading industry is growing remarkedly beneficial from the improvement of the high penetration rate of intelligent terminals, the continuously increasing scale of 4G users, and the injection of capital market. And the popularity of smartphones and 5g makes the advantages of mobile platforms surpass those of PC, which will further promote the development of the mobile reading market. Data shows that the digital reading market in China is in a period of rapid growth from 2012 to 2017, with a CAGR of 31.27 percent. It is predicted that the market size will exceed 5.4 billion USD by 2022 with a GR of about 20 percent in the next five years.

The Three Powers Are Stable among Fiercer Competition

In the mobile reading market, the top three market patterns are composed of iReader, QQ reading and Ali stably. iReader keeps more than 100 million monthly active users with excellent channel capabilities and a high penetration rate of 23.7% ranking first in the industry. At present, the business of iReader has extended to the creative field of the upstream content and gradually formed a comprehensive enterprise from a single reading platform aiming to build the most influential ecosystem of digital reading in China. QQ reading, a mobile product of China Literature, ranks second depending on its abundantly original content with a penetration rate of 48.5% in 2018.

The booming development of the domestic digital reading market in the future has become the consensus of the industry, with the previous business model of "Content Is King" taking the replace of "Traffic Is King" and becoming the main melody in the industry eventually.  Under the gradual trend of market supervision, the reading platforms will be regulated and the content will be screened strictly, thus, high-quality literary works can be further known by the public. However, at this stage, influenced by lots of aspects including our consumption ideas and traditional ways, the development of digital reading in China cannot be achieved overnight, requiring us to work together.

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