1. The number of books being published every year has exploded.
According to the latest Bowker Report (October 9, 2013), over 391,000 books were self-published in the U.S. in 2012, which is an amazing increase of 422 percent since 2007. The number of non-self-published books issued annually has also climbed over the same period to approximately 300,000 in 2012. The net effect is that the number of new books published each year in the U.S. has exploded by more than 400,000 since 2007, to approximately 700,000 annually. And since 2007, nearly 10 million previously published books have been reissued by companies that reprint public domain works. Unfortunately, the marketplace is not able to absorb all these books and is hugely oversaturated.
2. Book industry sales are declining, despite the explosion of books published.
Adult nonfiction print unit book sales peaked in 2007 and have declined each year since then, according to BookScan (Publishers Weekly, January 6, 2014, and previous reports). Similarly, bookstore sales peaked in 2007 and have fallen each year since then, according to the U.S. Census Bureau (Publishers Weekly, February 12, 2014, and previous reports).
3. Despite the growth of e-book sales, overall book sales are still shrinking.
After skyrocketing from 2008 to 2012, e-book sales leveled off in 2013. Unfortunately, the decline of print sales outpaced the growth of e-book sales, even from 2008 to 2012. According to BookStats data reported by the Association of American Publishers (May 15, 2013), revenues in the entire U.S. book publishing marketplace fell again in 2012, to $27.1 billion. The total book publishing pie is not growing—the peak was hit in 2007—yet it is being divided among ever more hundreds of thousands of digital and print books.