The year 2008 began with a promise. Then came the twin blows — recession and the global financial meltdown. The first impact of recession was felt by the books, music and food industries, according to Kapish Mehra of Rupa & Co.
Though the publishing industry saw an impressive growth in the first half, the effects of recession were felt around October 2008. Though there has been unanimous agreement that the publishing industry has not suffered as much as the other sectors, there, indeed, has been a slight drop in sales. According to Allwyn Paes, former manager of Rupa, the drop in the sales has not been more than four to five per cent. This drop in demand can be attributed to the whim buyers.
This trend looks set to continue in 2009 too. Though books have a core of serious readers, there has been a drop in corporate sales. Big corporates which buy books to gift have become more cautious due to recession and this has affected the sales of illustrated books. According to Padmini Mirchandani, publisher, India Book, there certainly is an adverse impact on illustrated books, which are used as gifts during Christmas and New Year. The recent terror attacks, which led to a drop in tourism has also effected a drop in sales of these illustrated books.
Several book releases have also been postponed, says Pramod Kapoor of Roli, as the publishing industry will experience a slowdown in the first six months of the coming year.
However, there is a good chance of turnaround in mid-2009, predicts Mirchandani.
“In 2009, we will see a mix bag of genres being released in the market. Unlike 2003 which could be called the year of fiction or 2004 for self-help books, 2009 will see a variety of books on offer,” says Mehra.
But according to Paes, 2009 will see religious and self-help books dominate the scene as people try to cope with their fear and frustration of the meltdown.
The fiction genre which is often described as a stress-buster will see steady sales. Popular names like John Grisham, Sidney Sheldon or Paulo Coelho will see a steady demand according to Krishna Naroor, sales director, Random House.
Indian authors have seen a steady rise in popularity over the last few years, feels Mehra. The reason for this can also be the increasing number of “serious and smart readers” who know exactly what they want. And now with Aravind Adiga winning the Booker for TheWhite Tiger, the genre will reap dividends. As Mirchandani puts it, anything on India is cool. Which may be the reason why books by Indian businessmen have done so well. Kishore Biyani’s autobiography and Nandan Nilenkani’s book on India are prime examples.
