After gaining enormous popularity online, the stories were collected into Zheng Yuanjie, whose fairy tales have earned him the moniker of the Chinese Hans Christian Anderson, earned 19 million Yuan ( million) last year, while Yang Hongying, the country’s, often called China’s JK Rowling for her ability to sell books in huge quantities at home and abroad took home 18.5 million Yuan (.95 million).
We’re participating in the Virtual Conference with this post – the Top Five Trends that are transforming the book business in China.
To get involved with the conference on the day, keep an eye on the hashtag #pdmc15 or follow London Book Fair on Twitter.
According to Open Book’s 2013 China Book Retail Market Report, released by research agency Open Book, the total volume of book retail sales that year reached 50 billion Yuan (about $8.2 billion).
This was an increase of 10% on the previous year, with most of this growth driven by online bookstores, which grew 20-30% over the course of 2013.
He sold more more than 7 million print copies of his books in 2013, but the money he can also earn from online subscriptions and licensing fees for turning books into films, TV programmes and games pushed his earnings to 50 miliion Yuan ($7.98 million).
One key difference between the Chinese reading market and the book market in the west is that millions readers in China are hooked on serialized fiction.The combination of cheap prices, on online serial format that can be easily read on a mobile phone and escapist content (many online novels have fantasy or wish fulfilment themes) has made freemium fiction enormously popular with 14-21 year olds in China.Many popular online novels have made the transition into traditional publishing – hence why online writers have graduated to the official China Writers Rich List.The price of individual books may be very low, but in a market where there are over one one billion mobile phones in use, over 500 million mobile internet users, a bigger e-commerce market than the U. there are lots of opportunities for authors to become very wealthy indeed on the back of their books.The scale of opportunity in China is perhaps best illustrated by its equivalent of the annual Forbes Rich List, the China Writers Rich List.This week The London Book Fair is taking a tour of the publishing industry around the world with its Virtual Conference Around The World in 8 Hours.The conference begins in China with a Virtual keynote to delegates, setting out the market and opportunities for book publishers in the world’s fastest growing consumer economy – China.Before the government will issue an ISBN, the book must be officially approved.Online publishing (rather than self-publishing) therefore acts as a workaround for these approval rules.China is an example of what is often called a ‘mobile-first’ economy, meaning that many consumers primarily use their phones to access the internet.One estimate by Boston Consulting Group suggest that as much as 90% of internet browsing in China is conducted on smartphones.