Challenges of Nigerian Book Publishing Industry in Post-Covid-19 Economy and Survival Strategies

Abstract

Book publishing, like other sectors of the global economy, has experienced unprecedented challenges in the post-COVID-19 era, which include disrupted supply chains, reduced purchasing power on the part of students and teachers, and increased competition from digital media. The pandemic has also occasioned a change in business model and marketing strategy leading to transition from physical to virtual platforms.  In addition, the book publishing industry has equally experienced paper shortages, printing delays, and heightened costs of production thus, encroaching on the publishers’ profit margin. The study, anchored on Free market theory and instinctive theory of motivation, attempted to put book publishing in perspective using qualitative research that relies on secondary data. The study also looked at the effect of Covid-19 on the global economy in general and the book publishing industry in particular.  The study discovered the crucial role the advent of digitalization played in the interface of post-COVID-19 economy and book publishing sub-sector. Besides, it revealed the manifold challenges engendered by COVID-19 in the book publishing industry globally and specifically in Nigeria, which include lack of capital, inability to provide adequate numbers of high-quality books, book piracy, proliferation of unqualified author-publishers and poor reading culture, to the extent the sub-sector is struggling to survive. To endure this inclement economic era, the study suggested the following strategies: publishers need to adopt innovative strategies by investing in digital infrastructure so as to be able to publish printed and e-books as well as opening physical and online sales outlets to boost the revenue base, and different publishers can form a consortium to negotiate and minimize the cost of buying raw materials. Additionally, two or more publishing outfits can come together under merger and acquisition arrangements to bolster their capital base and stay competitive. In conclusion, the study made some recommendations that can help to support this industry to stay afloat in this trying time.