Jens Klingelhöfer, the founder of Bookwire, presented the sessions organised by the company within the framework of Readmagine. The third day of Readmagine was curated by Bookwire and that is why the title was “Readmagined by Bookwire”.
During his welcome speech Klingelhöfer addressed the critical focus on new audiences and emphasized the importance of forward-thinking and the need to capitalize on new opportunities within the publishing industry. This text summarises the key points of his presentation, highlighting the evolution of the industry, the emergence of new audiences, and the challenges and strategies associated with these changes. During his intervention alluded to many of the ideas and opinions shared by several speakers during the previous two days in the event.
You can follow his entire speech in this video and read this brief text.
Embracing opportunities and forward-thinking
Klingelhöfer began by reflecting on past predictions and the importance of viewing opportunities as substantial. He acknowledged that his prediction in 2015 that 50% of the market would be digital was incorrect, yet he stressed the value of aiming high to drive progress. This philosophy of forward-thinking is central to Bookwire’s mission, focusing on future opportunities rather than dwelling on the past.
New audiences and consumption trends
Klingelhöfer highlighted the emergence of new audiences who are discovering and consuming books in various formats and through diverse channels. These new audiences include different generations and demographics who access content through print, digital, audio, databases, and e-learning platforms. The distribution channels have also diversified, with books being available in bookstores, e-commerce platforms, subscription services, libraries, educational institutions, and even bundled with telco contracts.
The changing landscape of book discovery
The traditional bookstore is no longer the sole point of book discovery. Readers now find books through numerous avenues depending on genre, age group, and country. Klingelhöfer referenced Marcelo Gioia from Brazil, who discussed innovative approaches like telco companies bundling books and state-funded educational initiatives aimed at creating new readers. These examples underscore the importance of meeting readers where they are and adapting to various discovery methods.
Challenges in a complex, fast-paced world
The publishing industry faces significant challenges due to the increasing complexity and rapid pace of innovation and social change. The multi-format world now includes print, digital, and print-on-demand, requiring coordinated processes. Additionally, the industry must navigate a multi-business model environment, moving beyond simple unit sales to include libraries, subscription platforms, and various licensing agreements. The multi-channel world demands attention to both digital and physical sales channels, further complicating the landscape.
The shift in power dynamics
In today’s interconnected world, consumers hold more power than ever before. They are no longer passive recipients but active participants who need to be engaged. The traditional push model has shifted to a pull model where consumer engagement is crucial. This change in dynamics requires publishers to rethink their marketing and publishing strategies, focusing on how to attract and retain new audiences.
Collaboration and data sharing
One of the key strategies discussed was the importance of collaboration and data sharing across the value chain. So Michael Then from the German retailer Weltbild emphasized the necessity of sharing data to better understand and reach audiences. Despite potential conflicts, especially with large platforms, the core idea is that collaboration can help achieve common goals, such as selling books and reaching new readers.
