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My lead article on children and YA literature in German Book Office Tuesday newsletter, 17 July 2012

My lead article on children and YA literature in German Book Office Tuesday newsletter, 17 July 2012

Greetings

Today, we want to further introduce you to the world of children’s books. Our GBO friend Jaya Bhattacharji Rose who is an international publishing consultant will tell us more about Children’s and Young adult fiction. How do these genres work in India, what are the challenges the publisher faces?

Above that, we are very excited to announce the final programme for our Jumpstart conference 2012! And we are publishing the second part of Manasi Subramaniam’s report on children’s Book publishing in South Asia.

So again come join us in learning more about the children’s Book Industry!

Enjoy the read!
Best wishes from the GBO Team

Children’s and YA literature
50% of India’s population is below twenty-five. Yet, children’s literature defined as predominantly trade literature meant for children and young adults as a distinct genre is a recent phenomenon in India. (Although non-fiction sells well too.) Traditionally, children have been brought up on a vast repertoire of storytelling based upon oral tales, folk tales and mythology. So, to have access to literature in the written form is a relatively new concept. Having said this, publishing for children and young adults is booming. It is estimated that it is worth Rs 400 crores or nearly US$ 90 million per annum.

The variety in the lists is commendable, given that India is multi-lingual though the lingua franca continues to be English. The market is not homogenous. Readers are comfortable with reading in more than one language. Publishers are competing with each other for a miniscule space, though translated into numbers it may seem attractive—the population is large and even a small percentage would mean substantial unit sales. The consumer profile varies from a family that has to survive on less than US$ 1 per day to millionaires. For most Indians, the emphasis is on education and not on reading for pleasure. Changing this mindset is taking time, but it is now perceptible. Another factor that has contributed to the growth and interest in children’s literature is the transition from joint families to nuclear families, so parents need books for their children, to fill in the vacuum of elders who would normally have told children stories. Also, more families are double-income which means that there is some disposable income available for books. Children and teenagers too have greater exposure to books through various platforms—book exhibitions and direct marketing initiatives in schools like those by Scholastic; book clubs that circulate regular newsletters; book weeks that are organised by schools where authors are invited, there are regular interactions like Q&A, storytelling sessions, dramatizations of the stories and author-in-residence programmes; and storytelling nights that are organised in all cities and towns or initiatives like Paro Anand’s Literature in Action. Within this context, it is no surprise then that the sale of children’s books in brick and mortar bookstores is estimated to be 35% of total book sales. Surprisingly, this genre contributes only 5% or less towards sales in online retail stores. Most publishers are recording annual leaps in sales. Much of this behaviour can be attributed to a fashionable trend or a bestseller, but there is no doubt that readers are creating and behaving like a community.

Online social communities like Facebook, Twitter, blogging, fan fiction sites are creating a demand as “friends”, cutting across geographical boundaries, young readers discuss and post links, join discussion groups or follow their favourite authors and engage in impulse buying. This generation wants their demands met immediately and with easy and immediate access to information, they do not have much patience. According to authors, publishers, editors, distributors and importers, reading has definitely increased in the past few years. E-books are available but nothing can beat the sensuous appeal of reading a book, touching the pages, experiencing the thrill of holding a book, turning the pages, smelling the ink on paper, caressing the illustrations, fiddling with the dust jackets or admiring the cover design. Even parents admit that their children are reading much more than they did five years ago. Last year at Bookaroo, I saw 10 and 11-year-olds showing off manuscripts that they had written. It is exactly for these reasons that a forum like Jumpstart is significant where there is a cross pollination of ideas and experiences to foster and nurture the future of this genre amongst professionals. Paro Anand sums it up well. “Networking opportunities for creators of children’s and YA literature for themselves, is what makes Jumpstart unique.”

Jaya Bhattacharji Rose is an international publishing consultant.

Jaya Bhattacharji Rose is an independent international publishing consultant. She has a column on publishing in Businessworld online and a literary column in Books & More. Associated with Indian publishing since the early 1990s, her responsibilities have included guest editing the special Children’s and YA Literature of The Book Review, and producing the first comprehensive report on the Indian Book Market for the Publisher’s Association, UK. Her articles, interviews and book reviews have also appeared in Bookbrunch, Frontline, The Book Review, DNA, Outlook, The Hindu, Hindustan Times, LOGOS, Businessworld, Brunch, and The Muse. As a Literary Director with Siyahi, she helps identify and guide the next generation of writing talent.

Email id: [email protected]
Twitter: @Jbhattacharji
Linkedin: http://www.linkedin.com/pub/jaya-bhattacharji-rose/1/b51/a57

On YA Lit, a response to Publishing Perspective

On YA Lit, a response to Publishing Perspective

“When Do YA Novels Go Too Far, If Ever?” http://publishingperspectives.com/2012/07/when-do-ya-novels-go-too-far-if-ever/?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed:+PublishingPerspectives+(Publishing+Perspectives)&utm_content=FaceBook I feel, true, stories like “50 Shades of Grey” would be tough to stomach, especially in YA literature. Yet, I do NOT agree that a ratiings system should be enforced for YA. It won’t be correct at all. Then we may as well begin to impose a ratings system on trade literature meant for adults too. YA literature is the only space (IMO) that allows the exploration of ideas and is quite realistic. No wonder it is a success. #50shades #YAlit #ratings

On literary agents, unedited and complete article

On literary agents, unedited and complete article

Literary Agents and agencies in India, Brunch (http://www.hindustantimes.com/Brunch/Brunch-Stories/How-to-sell-and-buy-a-book/Article1-826279.aspx )

BRIEF: on literary agents and agencies in India: who they are, what they actually do, whether they serve here as they seem to do in the west as any writers’s first reader, handholder and guide.

Literary agents are defined as those who represent writers to publishers, theatre and film producers. They negotiate on behalf of the author for the best and fairest deal possible. For this, they are paid a commission, which is a percentage of the proceeds of the sale that they have negotiated for their client. It is usually 15 per cent for domestic rights and 20 per cent for international rights. According to David Godwin, “usually an advance is paid over four moments–signature, delivery, publication and paperback publication.” Author and poet, Jeet Thayil says, a literary agent is a blessing, since s/he is responsible for all the nitty-gritty administrative work, including the tedious follow up required in signing a book deal, releasing precious time for the author to focus their energies on a constructive and creative output, rather than be exhausted by paperwork.

Literary agents first burst upon the scene in nineteenth century Britain. It began with A.P. Watt whose work as a literary agent appears to have begun around 1878, when he was asked by a friend, the poet and novelist George MacDonald, to sell his stories for him. By 1881, he was known as an advertising agent and a literary agent. Initially he charged a fee for the services he offered, but soon switched to taking a 10 per cent commission on the money that he earned for his clients on any transaction he completed. By the end of the nineteenth century, he was representing some of the leading writers of the time, including Arthur Conan Doyle, Walter Besant, Thomas Hardy and Rudyard Kipling. In 1893 when publisher William Heinemann wrote a scathing portrait of a literary agent, he in all likelihood had A.P. Watt in mind: ‘This is the age of the middleman,’ wrote Heinemann. ‘He is generally a parasite. He always flourishes. I have been forced to give him some little attention lately in my particular business. In it he calls himself the literary agent.’

However uncomplimentary a statement this may have been of an agent, the truth is that a literary agent is an indispensable part of the publishing eco-system, even a century and a half later. An agent has specialist knowledge of different publishing houses and is aware of the personal tastes of editors and is able to sell written material to them, matching the writer with the right stable. Agents are also able to provide an author a range of services – reading a raw manuscript, assessing if it is fit for publication, if it is then helping them tidy it up before selling it to an appropriate publisher or if there is interest from more than one publishing house, setting up an “auction” and selling it to the best bidder, negotiating terms and contracts and collecting payments and royalties. Today, agents are expected to be a filter between the publisher and the writer but also be the author’s agony aunt and professional advisor, rolled in one. They also network with agents and publishers in other territories, across the world — ensuring that the book gets published across the globe, and increasingly in different languages.

So is an agent necessary? A question often asked by new as well as seasoned authors. For well-known novelist, Hari Kunzro, “It’s now more or less impossible to access editors at mainstream publishing houses without going through an agent. The volume of unsolicited submissions means that the ‘slush-pile’ is enormous. Apart from using an agent to get connected to the right editor at the right publishing house, agents are also necessary to help you negotiate the increasingly-complex world of book contracts. Unless you know what percentage discount Amazon is going to try to negotiate for a paperback sale, or the going rate for Ebook royalties in South Africa, or whether you should be assigning Canadian rights to your UK publisher, or reserving them for your US publisher, you need an agent. Publishing is probably more competitive than it’s ever been. As the book market transforms, and thousands of hopeful new writers pile in, looking for readers, writers need to have someone on their side.” Having said that, successful translator, Arunava Sinha has no literary agent representing him, but he does realize their significance. (Arunava translates from Bengali into English, he has 14 books published in India, with 6 publishers, 2 titles have been published abroad across 15 publishers and in 11 languages, including English.) According to him, an agent in the Indian publishing landscape has three crucial aspects: for an author to reach an Indian publisher; for an author to find a foreign publisher and in qualitative consulting.

In India, the concept of literary agents is relatively new, about seven years. The oldest agency is Jacaranda, run by Jayapriya Vasudevan and Priya Doraswamy. For them, agenting in India “is hard to compare to any other part of the world.” But they do see this sector growing rapidly in India, especially since they feel that overall professionalism is setting in and processes are getting streamlined. They are beginning to discover that writers prefer to deal with agents and it is a “fair deal” since w”writing is a very personal journey and a good agent is asked to manage everything.” They do warn their authors, especially the first time authors that publishing is an extremely slow industry and submission to a publisher is very “angst driven”. So, as agents they are expected to manage the author’s “nervous energy”. They give advice ranging from editing, managing, marketing and sales. Within the Indian context, they are recognized and with the current mantra for foreign publishers being that they want to link with those who are strong in their own countries, Jacaranda’s position is well established. But as Jayapriya points out, “Our geographical locations being widely spread, with Priya being in New York and my being in Singapore, our list is eclectic and interesting. Selling rights also becomes more direct in several countries. For America for instance, we do not use any sub agents.” As they affirm, “It is a word of mouth industry and it is all relationship based. If we think it is a viable sale, To be connected to the world is a must deal.”

The second literary agency recognized in India and abroad is Siyahi, headed by Mita Kapur who is based in Jaipur. According to Mita, “Siyahi started with 2 authors in 2007 and we now have some 82 authors, with a growth rate of 100% every year and this year I am expecting double the growth rate. The turnover for Siyahi is 1.25cr which is inclusive of the funding that comes in for the festivals. I get around 5 submissions every day but we select only 2 or 3 out of our blind submissions received every year. The number of authors growing is because either they are already published authors or have come through some reliable source which we decide to take on only if I am convinced of the merits of the book.” Mita regularly negotiates rights into regional languages as well, although she works with sub-agents for international languages. “We work with Hindi, English, Tamil, Malayalam, Gujarat, Marathi, Punjabi, Russian, Portuguese, French, Italian, and German.”

Writer’s Side, based in Delhi was launched by Kanishka Gupta. According to him, “In a short-span of 22 months we have placed over 64 books with major and reputed publishers. Almost 80% of my clients are first-timers I have to be on my toes all the time. Some questions can really put your patience to test but being a published writer myself I know that feeling very well and can easily relate.” Sherna Khambatta, based in Mumbai, established her agency in 2007. But she prefers to represent non-fiction although does not say no to fiction. She represents in English, Marathi and Hindi.

Some of the other prominent players in India are David Godwin, Shruti Debi of Aitken Alexander agency, and as of this year, the Tibor Jones Literary Agency with their South Asia prize for unpublished manuscripts. Shruti Debi, who has immense editorial experience, and is now in charge of the Indian office of Aitken Alexander feels that a book is a hugely durable item. And nor does a writer have any parameters of quality or nature of the deal that they are getting into. So she feels that it is “healthy to have an agent, who becomes a sounding board for the author and publisher.” Having said that she adds, “I don’t feel like that an author can do without me, but I feel that those who have me for an agent do not suffer to have me.” Picking up an author is not a judgment value, but a literary value. Interestingly enough, as of a few months ago, Aitken Alexander has begun to represent Penguin Books India abroad. It helps by having an agent like Shruti on your side as she says, “I am a big fighter for authors.”

Advice from David Godwin for authors is “to find an agent you have to write a terrific book then you will find someone good. It is all in the writing. Agents want great books and are on the lookout for them.” Sophie Lambert, Director, Tibor Jones Agency adds, “Do your research. Always address query letters to specific agents rather than the agency. Approach agencies that represent authors who are similar but not too similar. Personal recommendations count a lot and if someone can introduce you to an agent then even better. You’ve got to make sure to catch their attention.” She continues, “India has always had a rich literary heritage and there have always been Indian authors whose work has been read throughout the world. The thing that’s changed is how widely and how much international as well as Indian authors are being read in India. There’s a real appetite for literature and it’s exciting to see the world’s largest democracy embrace that. It’s no more difficult for an Indian author to get a literary agent than an author from any other country and at a time when the Indian market is growing, in some respects it should be a selling point.”

Given how robust the growth is for agenting in India, especially with the deluge of writers/manuscripts being written, it is no surprise that some publishers are venturing into this area as well. Of course, they are quick to add that their publishing programmes are independent of the literary agencies. But there is a conflict of interest between these two and it is not clear how efficiently can these verticals be operated. Today, with the tremendous churning in publishing it is not enough to say that no precedence exists for such a business model, but one can safely add that this is an arrangement peculiar to India alone.

Publishers like Karthika V.K., Publisher and Editor-in-Chief, HarperCollins, says that “the agents make it a level playing ground. Publishers, see the book as a product, and can engage for the duration of the production of the manuscript into a book, but not more, whereas an agent will always be there for the author, before and after publication.” Kapish, Managing Director, Rupa Publications, says of literary agents that it of a “participatory nature, they can help you find writing. Fresh writing creates longevity in the industry.” Milee Aishwarya, Random House India, says that it does help to have agents who help to expand the list and get a sense of the market.

Renuka Chatterjee, Chief Editor, Westland does have the following word of caution about agenting in India: “The advantage of agencies is that they act as the filtering process and sift the wheat from the chaff – at least that is what they are supposed to do. The ground reality is that, with the possible exception of one or two, very few of them do. I have seen this happen time and again — they start off small, and really make an effort to find original, good new voices. But then the greed to just keep on adding numbers and boast of the number of authors you have and the titles you’ve sold, takes over, and they start taking on anyone and everyone. The result is that I cannot think of any agency in India today who doesn’t have a really mixed bag. You can never be sure of the quality — you can’t say that, well, this has come from ‘X so it has to be good, and give it priority on your reading list – unless of course, it is an already published author whose quality you know. So, very often, submissions from agents just become an adjunct to the slush pile, and you read them as and when you get the time. I really wish agents in India would be more discerning. It’s the reason why we still take submissions from any foreign agent more seriously. It’s not a question of a colonial hangover — but you know that if a manuscript has come from a David Godwin or Andrew Wylie or Blake Friedman, it will have a certain basic level of quality which should make it worth looking at. You may not ultimately take it on, if the stakes are too high, or if your individual response to it is not strong enough, but you would certainly take the time to read it. That’s not always the case with local submissions. May be the rush to sign up authors amongst agents here, is a certain insecurity — because the whole agency scene here is still nascent, may be they think that if they don’t sign up this author, another one may not come their way soon enough — or be snapped up by a foreign agent — which is another fear, as most authors, given the choice, would prefer to have an agent in London or New York than in New Delhi!

I know many agents feel they are successful because by and large, they are able to sell whatever they represent. But selling in India is easy, especially now with the multiplicity of publishing houses — from
Penguin and Harper to Srishti and others. So what gets rejected by some, will find a place somewhere else, especially if you are willing to settle for a less than six-figure advance. I’m told that’s a good thing in the long run — everything has its place. Perhaps that’s so — but I feel angry that so much rubbish ends up getting published. All those trees cut down for nothing!”

The future of publishing and literary agents is positive. Shruti Debi says that the era of literary adventures is over, where the publishing industry is partial to debut, but literary agents are quality filters. “2012 will be an interesting year, when we are expecting Indian kindle, some sort of self-publishing to happen; the technology will be important; shadow involvement – you become an ally in the same process and play to the author’s strength.” For Saugata Mukherjee, Publisher, Pan Macmillan, “I firmly believe literary agents in India are here to stay. It’s an expanding market and naturally there will be space for genuine professionals with a nose for the right kinds of books. Hopefully more and more writers from the Indian subcontinent will find a publishing window through these agents and not get lost in the deluge of slush piles in publishing offices. While some of the international agents already do a lot of business with Indian publishers it’s time some of the Indian agents too make their mark. I’d say most literary agencies are still in their infancy in India and we’ll only know where they are headed in a few years as the profession matures.” For Jacaranda, it is an interesting time, but the business will change dramatically and processes will be streamlined, “once publishers stop looking at direct submission.”

While researching for this article, word had begun to trickle in of new literary agencies being established in India, whether by editors setting themselves up as independent agents; individuals passionate about reading, who are branching out into agenting or even agencies abroad, testing the waters in India, but it is early days as yet. They are as yet to prove their mettle in this landscape or even by establishing Indian authors abroad.

Jaya Bhattacharji Rose is an international publishing and literary consultant. She may be contacted at [email protected] or follow her on Twitter @JBhattacharji

Advaita Kala
I didn’t have an agent when I submitted in India, honestly, I didn’t even think of it. Indian publishers have pretty straight forward submission guidelines and I made an online submission. It was only when Almost Single was solicited by Random House in the US that I realised I would need representation and it worked out very well as the book went into auction, something I would not have managed on my own. Publishers abroad prefer to work with agents, there are a couple of reasons, my American editor tells me that especially since the big publishing downturn in 2009 (in the US) and publishing job cuts, publishers are more dependent on agents for editorial support and sifting through manuscripts. So in a lot of ways representation abroad has become even more important. I continue to handle my own affairs in India and had an agent for foreign rights. Presently I am in between publishers and in between agents so I can’t really be more specific about what swings the decision one way or the other but I am sure I will figure it out soon enough!

Tabish Khair
Having grown up in Gaya until I turned 24, and having gone to school and university in Gaya too, the path to becoming a writer was a dark and confusing one for me. There were no guides, no patrons, no contacts, no peers who were heading into media or publishing. There was a lot of well-meaning discouragement. So the very notion of having a literary agent did not cross my mind even after I had become fairly established as an author, and had moved to Delhi and then to Denmark. But living in a small town in Denmark, I realised that I needed agents who were based in the centres of literary publicity — Delhi or London or New York. And that is when I decided to get an agent. But I wanted my main agent to be based in India, as I see myself as an Indian writer, with the co-agents based in London and New York. I realised that this was not what was commonly done, but I went ahead with it anyway. And I am happy I did.

Paro Anand

So, why, at this late, late stage of my pretty successful career as a writer for adults, young adults and children do I suddenly feel the need for a literary agent to represent me? I have no problems finding a publisher, in fact, I have several asking me to do books for them and some getting upset that I’ve gone elsewhere. So why now? I just think that the time for lit agents in India is finally here, at least for me. I feel the need to have someone who is professionally committed to looking after my best interests. I want someone who I know will have my back and watch out for me. I want someone who is able to look outside my own small world of contacts and connections. And I don’t want to be having to sell myself anymore. I find it embarrassing to have to push myself. I know that my work itself is good and worthy of pushing, but now I need a team to look after my baby after I’ve given birth to it. I need someone who I can trust and someone who will allow me to do what I do best – write and interact with my audience, without getting into nitty gritty, which I find myself doing a lot of the time. I’m not good at it so it takes a lot out of me to do it. Something like contacting sales people to ensure that my books will be there when I’m doing an appearance. As an author, my contact person is the editor, so it becomes a very four cornered affair if I’m contacted by the venue or organizer of the event, then i contact my editor, who contacts the sales team and then it’s a lot of back and forth. And very often, it ends up with the books not even being there. And this is certainly not with one publisher, but each and every one. It’s no one’s fault, really, it’s just that I’m the wrong person to be getting into it. it needs a system and i think my agent could be involved in this – at least i hope so.

For the longest time, i thought that my job was to write the book and the rest was not up to me. But now i see, that after having given birth to the baby, it’s still your job to make sure that she reaches her full potential, and sometimes there’s a lot of hand-holding involved. I’m more than willing to grow my babies up, and i love the hand holding. But i need my team to sort out the details. I want to feel like a bit of star!!! Is that so wrong? Will my agent do that for me?

Amandeep

As such our English publishing industry is not very organised and I feel even the volumes and hence payments are not very large, so agents who normally have a much fuller function in publishing, are reduced to being only book placers and not much more. It is a fact that it is hard for an unknown writer, without lineage or connections, to be easily published. The cycles of acceptance and rejections are long and many reputed firms have a caveat during submission: there is no guarantee of response. Hence, I feel some writers take help of agents to place their books with publishing houses, often on the basis of some commission. These kinds of agents do not do much more than give a quick glance to the manuscripts and sometimes some minimal editing and then work their wire to get the book placed.

The wholesome function of an agent as a quasi or even full editor, guardian of the writer account with publisher(s), seeking and placing book with foreign agents/publishing houses, support system for the writer, is very rare in India. Some extremely lucky and talented writers have such agents but most of them are abroad (both writers and agents).

So, in a topsy turvy world of publishing, local agents for local books (won’t even call them agents for they are mostly ‘book placers’ and buzz creators akin to PR) do thrive for a brief while and then fade off. For the size of the industry, in terms of titles and not volumes or sales figures, we would do well even if we even had decent scouts, but even they are missing. These book placers often do harm, for instance with my second book, because they are limited to just their own individual wires and contacts and vibes with people in the industry. All this is dismal and the only hope, for me, is to do my job and wait it out until someone discovers the work and wants to take it ahead. Very modestly, like it happened with Coetzee or Marquez.

Growing tribe of connoisseurs boosts sales of premium stationery

Growing tribe of connoisseurs boosts sales of premium stationery

 

Posted: Tue, Jul 10 2012. 1:43 AM IST
Growing tribe of connoisseurs boosts sales of premium stationery
The desire to use expensive stationery is on the upswing despite the advent of tablets and hand-held devices changing the way people communicate
Suneera Tandon

New Delhi: For Penguin Books India Pvt. Ltd publisher Chiki Sarkar, nothing is quite as beautiful as paper. Her current favourite is Pineider, the 200-year-old Italian fine stationery brand that she picked from Rome.

Sarkar is in good company in the world of letters. Pineider’s website informs visitors that it was the stationer of choice for writers from Lord Byron and Percy B. Shelley to Giacomo Leopardi and Charles Dickens, and that Napoleon Bonaparte was among the travellers who entered the Pineider shop.

The Mediterranean blue and baby pink boxes of Pineider “have the most beautiful envelopes with different inlay paper”, Sarkar says. She uses the paper for writing small notes by hand—“Thank yous and condolences.”

“I can’t do complex writing by hand,” Sarkar explains. “I have a terrible handwriting and I fool myself that it looks better when I use a fountain pen.”

Sarkar is among a growing tribe of connoisseurs of luxury stationery—which they are buying on trips abroad as well as from an increasing number of retailers stocking such products in India—for their personal use.

Although luxury paper and fine writing instruments are still a minuscule part of the Rs. 10,000-12,000 crore Indian stationery market, they are part of a segment that’s growing at a yearly pace of 20-25%, say industry experts.
Aakriti Mandhwani, a 26-year-old M. Phil student at Delhi University, treasures her Moleskine diaries, which the company’s website says were used by artists and authors including Vincent Van Gogh, Pablo Picasso, Ernest Hemingway and Bruce Chatwin to write their memoirs and stories and draw their sketches.

“If I were to record my life, I would write it down in a Moleskine diary,” Mandhwani said.

Moleskine products, which enjoy a cult following, include notebooks, which typically come with an elastic band to hold them closed, as well as diaries, planners, bags and writing instruments. They are based on notebooks that were first produced and marketed by French bookbinders in the 19th and 20th centuries and which were used by Van Gogh, Picasso, even Chatwin; Moleskine itself was launched in the late 1990s by an eponymous Italian company that read a description of the notebooks in a book by Chatwin.

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Mandhwani’s first Moleskine in red paper was a gift from a friend in London. “There is an aura around Moleskine. Only those with an aesthetic sense can appreciate it for what it is,” says Mandhwani. In India, Moleskine products are distributed by William Penn, the retail chain that stocks luxury pens.

Delhi-based retail consultant Devangshu Dutta, chief executive at Third Eyesight, attributes the growing popularity of luxury stationery among well-heeled Indians to changing aspirations.

“People want to appear more professional,” Dutta said. “As they move up the socio-economic ladder, the consumption of stationery, which is a utility product, is becoming more expensive. It’s more about the brand and being conscious about what you are seen with.”

Shailesh Karwa, co-chief executive officer of Staples Future Office Products Pvt. Ltd, says there has been an influx of brands in the luxury category and the premium is growing faster than the mid-to-low-priced brands.

“Pens have been seeing a growing demand in the market”, he adds.

No surprise then that the high-end retail chain William Penn, which sells writing instruments such as Sheaffer, Pelikan and Caran d’Ache, has been growing at 20-25% over the last five years.

Started in 2002 by Nikhil Ranjan, who quit his tech job at International Business Machines Corp., the company has seen the market evolve.

“The personal gifting and consumption of pens has gone up dramatically, driven by growth in spending power” says Ranjan, who uses a Sailor 1911 fountain pen to sign his cheques. Currently, the company has 15 stores in six cities and five shop-in-shops and stocks products that range in price from Rs. 750 to Rs. 1 crore and more. The La Modernista from Caran d’Ache is what costs a cool Rs. 1 crore. The Shri Ganesh from Sailor is more affordable; it costs Rs. 4.5 lakh.

Over the years, the chain has seen both its sales by volume and average ticket size go up. Sales volumes are driven by writing instruments priced between Rs. 3,000 and Rs. 5,000. Gifts account for almost 50% of sales.

Every now and then Ranjan gets requests for customized products. Recently, he was asked to inscribe a family name on the nib of a Caran d’Ache, a Swiss brand, as well as on the box to be passed on to future generations. Such services are provided at a 100% to 500% premium, says Ranjan.

He plans to expand the product line, enthused by the growing market for premium stationery. He has introduced Rubinato quill pens from Italy and a range of stationery and accessories from Dalvey. The growing league of individuals who relish the idea of well-crafted stationery is pulling more cult brands into the market.

Retail experts say that the pen market, estimated at Rs. 3,000 crore a year, is seeing a lot of traction.

“As the country moves towards higher levels of literacy, we are seeing demand for stationery products go up. Also as the economy matures, per capita expenditure on such categories will continue to go up,” says Sushil Patra, associate director of retail at consultancy Technopak Advisors Pvt. Ltd.

The desire to use expensive stationery is on the upswing despite the advent of tablets and hand-held devices changing the way people communicate. For instance, Suresh Mohankar, national planning head at Dentsu Communications Pvt. Ltd in Bangalore, is a self-professed stationery addict who prefers putting to paper his work-related ideas instead of typing them out on his laptop. “I’ve always been used to writing, so I still use diaries or journals to make points for my ppts (PowerPoint presentations) and proposals.”

Mohankar’s personal collection comprises 50 fountain pens with Montblanc, Conway Stewart and Sheaffer among them. “I never use office stationery, I get my own. It’s the feel-good factor of writing on good paper with a good pen,” says Mohankar, who picks up stationery from outlets at airports and from retail chains.

Like Chiki Sarkar and Mohankar, Jaya Bhattacharji Rose, an international publishing consultant, also finds good stationery sensually appealing. “It’s addictive,” she says. Her personal collection consists of Moleskine journals, Paperblanks (diaries) collected from her trips to Europe and diaries produced by Roli Books Pvt. Ltd and Penguin Books India.

There are others who swear by Rubberband launched five years ago by Mumbai-based design consultant Ajay Shah. Rubberband imports pulp from Indonesia and Russia to make its notebooks, which sell at 50 outlets in India. Available in bright colours, the notebooks and writing pads cost between Rs. 160 and Rs. 1,500.

Buyers are typically professionals such as architects, graphic and interior designers, photographers and storyboard artistes, Shah says. He also sees growing interest for his brand among lawyers, doctors, executives and those working in the hospitality sector.

2013 DSC Prize for South Asian Literature Panel, Jury announced

2013 DSC Prize for South Asian Literature Panel, Jury announced

It consists of Koyamparambath Satchidanandan (chairperson), Muneeza Shamsie, Suvani Singh, Eleanor O’Keeffe and Rick Simonson. A wonderful team. I am certainly looking forward to the winner they select.

Buddha in the Attic, Julie Otsuka

Buddha in the Attic, Julie Otsuka

I read The Buddha in the Attic by Julie Otsuka last night. I could not put the book down. A brilliant example of historical fiction from contemporary writing. It is about the Japanese immigrants chasing the American dream in the early 1900s. Told from the perspective of a collective group of Japanese women, who remain nameless. But it tracks them from the time they board the ship in Japan as the modern day equivalent of mail order brides to land on the hallowed shores of America, the birth of their children, the various menial jobs they hold or travel in search of better jobs till the time of WWII when the “Japs” are looked upon askance. These women are caught in a terribly painful situation of being ostracized by society, treated like worse than filth by their patriarchal husbands and what is worse, distanced by their own kids who do not want to really have anything to do with their parents, who are so obviously alien to the American culture, modes of lifestyle and language. Julie has written this slim (it is only 117 pages) novel after loads of research. She lists some of the books that were consulted for her writing. It is the perfect little gem of historical fiction. Brings you immediately into the story (the hallmark of a good storyteller) and creating a moment in history evocatively, putting in sufficient background details to place it in a period setting, but without crowding the text or obstructing the narrative/story/plot. Read it, if you can.

Ox-Tales, Profile books

Ox-Tales, Profile books

This is a comment I wrote to a friend who asked, “I was looking for a good book of modern short stories – European and or American. preferably written in the last 10 years. could you recommend anything?” There is a set of four anthologies called Ox-Tales, published by Profile Books and Oxfam. It consists of 38 short stories by contemporary writers. I think it is a mixed bag, but sounds very promising. I am itching to read it. It should be available in India soon, if not already. Hachette India is now representing Profile Books Ltd in India. Some of the authors are: Kate Atkinson, Beryl Bainbridge, William Boyd, Jonathan Buckley, Jonathan Coe, Geoff Dyer, Michel Faber, Sebastian Faulks, Helen Fielding, Giles Foden, Esther Freud, Xialou Guo, Mark Haddon, Zoë Heller, Victoria Hislop, A.L. Kennedy, Hari Kunzru, Hanif Kureishi, John le Carré, Marina Lewycka, Alexander McCall Smith, Michael Morpurgo, David Park, DBC Pierre, Ian Rankin, Vikram Seth, Nicholas Shakespeare, Kamila Shamsie, Lionel Shriver, Helen Simpson, Ali Smith, William Sutcliffe, Rose Tremain, Joanna Trollope, Louise Welsh, and Jeanette Winterson.

Jeeves and Wodehouse, fascination with cricket

Jeeves and Wodehouse, fascination with cricket

Gosh! I had not a clue that Wodehouse’s fascination with cricket ran so deep. Jeeves, who made his first appearance on 15 Sept 1915, was named after Warwickshire all-rounder Percy Jeeves.
Source: Wodehouse at the Cricket: A Cricketing Anthology

Retelling myths

Retelling myths

Recently I have read a bunch of books aimed at children and YA that retell well-known mythologies. Maybe it is only a moment in time when they are being published or re-issued. For instance, Anthony Horowitz retelling of classic myths and legends, published my Macmillan. Horowitz first wrote them in 1985. It is a set of six books, although I have only read two. Familiar tales told with the zip and zing that are Horowitz style of storytelling. His introduction is so straightforward, “I can’t pretend I’m any great expert on this subject, and everything I’m writing in this introduction may be quite wrong, but I’ve always thought that this is how myths must have begun. People need explanations for the world that was around them, and the most imaginative of them — the shamans or the storytellers — began to weave together stories that did just that.” As with many of his stories, there is a zip and zing to his style. Great fun to read. Unfortunately, while reading the two volumes in quick succession, I realised that a couple of the illustrations had been repeated. It should not be a problem really, except in this case it is of a coy “nymph” who is used to represent Aphrodite and a portion of the Scylla and Charybdis story as well. A bit confusing. 🙂

Hachette has a new series called “The Book Mine” where they reissue classics. One of these is the gorgeous retelling by Nathanial Hawthorne of six great Greek myths for children — A Wonder-Book for Girls and Boys”. Definitely a treasure trove, apart from the genteel style of storytelling.

Another book preoccupied with the retelling of myths, but this time Norse is Francesca Simon’s The Sleeping Army Imagine a world where the official state religion is that of the pagan Saxons and Vikings. People still worship the Norse gods. Christianity has been reduced to a minor exotic cult. (Although the Nordic religion being practiced has all the familiar institutional structures of Christianity.) The young heroine, Freya, is named after the Nordic goddess. Her parents have separated. Her mother is a priestess and her father is a guard at the Museum. While spending the night with him at the museum, Freya is fascinated by the Lewis Chessmen on display. And it is from there that this lovely story takes off.

This is the first children’s book published by Profile Books Ltd and Faber and Faber. It is a story inspired by the Lewis Chessmen on display at the British Museum last year in the exhibition — “History of the World in 100 objects”. Strong storytelling with a good connection between contemporary events, debates (there is even a neat little conversation about religion and Richard Dawkins) and mythology. Highly recommended! ( )

The myth quest series by Hachette India, written by Anu Kumar retell popular and lesser known, but equally fascinating tales from Indian mythology. I have not finished reading the books, so am unable to comment sufficiently, but here is a link of a review in the Hindu. ( http://www.thehindu.com/life-and-style/kids/article3296420.ece )

India: Book laboratory of the world

India: Book laboratory of the world

http://www.printweek.com/news/1047437/India-Book-laboratory-world/?DCMP=ILC-SEARCH

India: Book laboratory of the world

By Ramu Ramanathan Friday, 03 December 2010

The Indian print industry will be $21 billion in 2011, a growth of 73%. This along with $8 billion per annum budgetary support for education will boost the book market.

On 16 September, Chennai inaugurated the Anna Centenary Library (ACL), a magnificent eight-storey structure said to be South Asia’s largest and most elegantly designed state-of-the-art library. The ACL will stock 1.20 million books in all major languages of the world, besides providing access to 0.2 million e-books and 20,000 e-journals. The $40 million which has been spent on ACL is unusual by Indian standards.

 

Unusual, because the Indian government is unhelpful about books. Aroon Tikekar, who is president of the Asiatic Society of Mumbai and was former editor of Loksatta says: “There was a directive that there cannot be a tax on knowledge. But the municipal corporation in Maharashtra (one of the most progressive states in India) levied octroi on books. After some protest, this was revived to no tax on essential books.” This created confusion about what was an essential book.

Tikekar says, “Should a country of this size with so many languages not have a national policy for books! Maharashtra was known for its network of more than hundred public libraries, even that is depleting.”

Having said that Tikekar is still hopeful. One reason is, he inaugurated a new initiative recently. http://www.bookganga.com/eBooks/ is an online website for Indian literature. It boasts of having the largest repository of Marathi books. And attempts to give Marathi authors a “sexier” look.

All about books
The book demand is being propelled by India’s — 8.8% growth in 2010 — and the reading habits of the burgeoning Indian middle class.

Publishers have begun to forecast that India will be the biggest English language book-buying market in the world. Today, it is the third largest after USA and UK; but ahead of major Asian competitors such as China and Japan.

The good news is, India is poised on the cusp of a great educational revolution. Today, if one averages seven textbooks per literate student, the Government prints 1.5 billion books per year. Plus another two billion exercise notebooks.

The downside is, more than seven million children in India drop out from schools. And all they need is a book. For that to happen, these books have to be created. In India, the government has made a commitment of $7.56 billion every year for a period of five years and has set aside $3.33 billion for 2010-11. This should improve the quality and availability of schoolbooks in this country.

Today, the demand drivers for education are based on the fact that it’s a young nation which has a population of 400 million between the ages of 5 to 24. Of this, 220 million attend schools and colleges. And at the present birth rate of 22 million/annum, complemented with better enrollments in primary schools; it will lead to a double digit growth.

The Indian education market
The “guesstimate” for Indian publishing is $1.9 billion. Of this educational books and higher educational books monopolise 60% of the marketshare.

The bookscape is dominated by the big three: Macmillan, Oxford University Press (OUP) and Orient Blackswan, which have 40% of the market share of the national board schools.

Then there are the giant Indian print-publishers. Navneet Publications is the largest and publishes books for state board schools with massive operations in the two states, Gujarat and Maharashtra. Navneet is followed by MBD, S Chand, Palaniappa which have a presence in state board schools with “guide books”.

Hundreds of publishers publish regional books authored by local authors. The Indian school market continues to be highly price sensitive, with the price range of textbooks being $1 to $2.

Navneet Publications has restructured its division through its e-learning initiative. The company would have tied up with 450 schools by the end of 2010, and hope to close with more than 500 schools for FY 2011.

Sunil Gala, the director for finance at Navneet Publications says: “In the subsequent years, we will see many schools following these numbers and therefore we might have much more larger audience or the student community using our e-learning products in the classroom.”

What is interesting is, the company will be breaking even in the e-learning initiative. As Gala says: “We would be closing at $132 million. And the numbers in the bottomline would be better than last year.”

Navneet’s automatic storage section at Dhantali

Growth in books
Jaya Bhattacharji Rose, publishing consultant, agrees: “The focus is shifting from typesetting and low-end work to high-quality books like medical journals, dictionaries, hardcover coffee table books and even magazines for circulation in the United States. Exports have been partly fuelled by duty drawbacks as printers bid for orders from international publishers in newer, non-traditional markets.”

Mike Bryan, who was head of Penguin India confirms that reading habits are going up. He says that books are not just bought, but read, and the growth is as big as 25%. Bryan has been replaced by Andrews Phillips as CEO at Penguin India. This is a significant move since Andrew Phillips began his career at the rights department but before he came to India, he was heading the  DK operations.

Today, DK has shifted it main operations to Nodia (30 kilometres from New Delhi, and a publishing hub). This holds true for Routledge, whose editorial services are being moved into India; and the team has been christened “production.”

Children’s books are clocking solid growth (this year at the children’s book fair in Barcelona, a few niche publishers performed exceedingly well), followed by books on current affairs, business and self help books. Ravi of DC Books, Kottayam, a leading Malayalam publisher feels the growth of readership is in regional language publications. He singled out Tamil which has witnessed growth in the last couple of years; along with Malayalam and Marathi.

Today the average paperbacks in India cost $4-6 which is comparable to the discounted price of paperbacks in the USA.

Hardbound books are cheaper in India, priced at around $10 as against $22 in the UK. He agreed that at these rates, publishing in India is profitable. Also, as the population gains buying power, the price of books will increase.

Interestingly, in the past few years, literary agents have increased the number of their authors from 10 to 50. One can also see the growth of translation agencies in India. And interesting models of collaborations between small and big publishers – like Mapin and Harper Collins, as well as Zubaan and Penguin. This means, a few titles by the smaller publisher are promoted and distributed by the larger one.

Print: The game changers
Only recently, HT Burda Media (HTB), a newspaper group in India bagged 16 million Euros contract.

This meant HTB would be the exclusive printing partner for Outiror for two years and will print 100 million catalogues every year for the company’s three brands—Direct Delta, Outiror and Oye Oye—at its newly commissioned rotogravure printing presses at Greater Noida. Outiror is the market leader in
France for “market on wheels” retail selling. HTB is in an advanced stage of negotiations with two large international retail brands for annual printing of 12 million catalogues.

In the more traditional book space, too, print firms like Srinivas Fine Arts (SFA), Lovely Offset, Sel-Jegat and the Noida-based Gopsons Papers are setting up game-changing plants in Sivakasi (a print hub in South India).

SFA is a good example of where the Indian book printer is heading. The company is on the verge of completing what could be the biggest book plant in India on a 65-acre plot. The unit has an array of Kolbus, Aster and Sigloch equipment on the one lakh sq/ft pillarless shopfloor.

SFA has grown into a company which produces premium diaries, notebooks and 200 paper products under its brand of Nightingale. Today, SFA is also one of the few global stationery companies with a presence in five continents – USA, Europe, Asia, Africa and Australia.

R Chockalingam who heads the company says during a tour of the new plant: “Until now Sivakasi was regarded as a print city with cheap labour. But now, we have to innovate.” The most obvious reason is, Indian print companies are dreaming bigger dreams. At the same time, they are fearing competition from China – which has relentlessly climbed up the value chain.

Chockalingam adds: “We have to be global – and at the same time, we have to be competitive in our own domestic backyard.”

Chockalingam at SFA’s new book plant on a 65-acre plot


A journey with books

The story is similar at Lovely Offset, which is leap-frogging the company into a new league with an expansion on a 23-acre plot.

K Selvakumar, director of Lovely Offset says: “40% of book production in the new unit will be for exports.”

When questioned about the pace of investment, Selvakumar says: “Multinationals expect 40% of the world’s growth over the next few years to come from China and India. What we have realised is, we have to work harder if we have t to prosper in this booming market.”

Lovely converts approximately 11,000 tons of paper per annum. Selvakumar states: “Volume is the name of the game. A majority of four-colour work is manufactured in India. Publishers in Europe and USA prefer local print firms only for time-sensitive jobs. Otherwise a bulk of the books is produced in India; and we ship the books to Europe. The potential is huge.”

The other big news in Sivakasi is Noida-based Gopsons Papers setting up a 17.5 acre plant near Sivakasi. Vasant Goel of Gopsons, says: “We have purchased the land and will start construction by end of June.”

The company expects to begin commercial production by Q1 2011. The plant will produce books for both export and domestic market. The capacities in phase 1 will be 35,000 hardcover books per day, 1,50,000 paperback books per day and saddle wire – 1,25,000 per day.

Goel says: “It is an exciting phase for the Indian book printer. My worry is, Indians talk in terms of millions copies printed, but the Chinese measure the production in container-loads.” But Goel is quite clear that India needs hundreds of book production units like SFA, Lovely and Gopsons, if India has a serious chance to take on the might of the Chinese in the global market.

The trick he says is “straddling the pyramid” or “playing the piano”. By this he means, “serving both the publisher at the bottom of the pyramid and those at the top.”

Selvakumar of Lovely: “converting 11,000 tons of paper”

Book production: The Indian way
During the PrintWeek India Awards in 2009 and 2010, we had jury members from large India book publishing companies; and they told me that the job was no longer about, “merely following the cheapest price around the world”. While there will be some buyers out there who subscribe to this viewpoint, publishers are keen to achieve a good deal and buy responsibly at the same time.

Priya Singh of Hatchette India, feels that as part of the international media group, the Indian operations has a strict corporate social responsibility (CSR) policy, and this means that while price and quality boxes need to be ticked, the company must also fulfill its responsibility to its customers and suppliers. She says: “We have group policy norms for empanelling print firms. For us, labour and environmental approaches are as fundamental as capacity, technology, delivery and scheduling capability. Often there are independent group audits commissioned to check on the presses in India and how they uphold standards. Apart from this, there are internal QC norms and external checks.”

To tackle this, the Indian post-press company Welbound Worldwide undertook a series of knowledge sharing sessions across the country. One such session was hosted at the corporate headquarters of the country’s leading educational publishers – Orient Blackswan (OBL). The presentations had a user perspective; in order to make it relevant to the print buyer.  The OBL management shared some of their faulty book samples which had “fallen apart”. The Welbound team analysed the reasons for these failures.

The planning team at OBL felt they should pay a bit more attention during the procurement stage of materials – and focus on text and cover paper especially related to grain direction. They discussed the unrealistic pressures on production since very short time is available between planning to delivery.

Cost and quality
According to a sample survey conducted by Welbound there are 1.3 billion books which are perfect bound in India. There are approximately 1,800 printer-binder-publishers that produce these books and consume 3,250 MT of hotmelt adhesives.

What is interesting is, that the 1.3 billion textbooks are averaged at a price (or cost) of $0.66. Therefore the perfect binding segment of the Indian book publishing should be $800 million.
The numbers are conservative. But it provides an indication about the low cost for book production in India; as well as a tiny base.

Today, the Indian paper industry is poised to grow at 8% a year. This means, it will consume 11.5 million tonnes of paper in 2011-12 from 9.18 million tonnes in 2009-10. This is because per capita paper consumption has increased to 9.18 kilograms in 2009-10 as compared to 8.3 kilograms during 2008-09. These numbers are expected to improve with enhanced book production.

One reason is: the Indian book printer has become much more competitive due to improvements (howsoever slow they may be) at ports, roads and railways and communication facilities. Plus most of them are importing new and second hand kit that permits technology upgradation.

Replika Press at Kundli (near Delhi) is a good instance of a book printer who produces 75,000 hard-case and 150 thousand soft-case books per day. The company has procured another five acre land to spruce its export-base (direct and indirect) which constitutes 70% of its turnover.

Digital applications
Obviously books on demand are nothing new, companies have been offering digitally produced books for a number of years – but with even the most traditional of book printers in India, such as Repro India (Mumbai / Surat) and Palaniappa (Chennai), installing digital book production lines, it’s clear that the technology now matches the demands of the market.

Both groups are deploying digital to produce on-demand highly personalised books (500-1000 copies).

Leonard Fernandes who oversees operations at Dogearsetc, an online book store and a print-on-demand (POD) service, says: “Of our many clients, there are a few publishers. They use POD to “test the market” in different countries. They simply ship a few copies there, mostly at book fairs, and gauge the response to their titles. POD allows them to test the waters without investing too much.”

He adds: “POD allows publishers to keep their back lists in circulation without a large print run. We have done this for a publisher in Canada. We print one copy at a time when the book is ordered and ship it to the customer. That way there are no unsold copies lying around, yet the book is always available.”

Recently, Ricoh Infoprint (a digital print manufacturer) did a sample-survey in the Delhi region. They invited quotations from offset and digital print firms for both colour and monochrome printing on the basis of fixed specifications. These quotations were then averaged and analysed.

The results revealed: printing full colour books of 75 copies or less is more economical using digital presses than going the conventional offset route. However, in the case of monochrome book printing, offset printing is more economical for any quantity from 50 books up till 500 books. Of course this would hold true for higher quantities as well. The basic point seems to be that offset printers in India are extremely competitive and willing to print much shorter runs than in other markets.

BPO publishing
Today, global publishers and service providers are outsourcing their printing and publishing services to printers like Vakils & Sons in India.

Talking about a printing and publishing BPO, Bimal Mehta, the executive director at the company, says: “Estimates put the Indian publishing BPO at $400 million with 30% annual growth. Worldwide, the industry is valued at $2.5 billion and is expected to double in India by 2009. Volume of work which is headed towards India is expected to touch approximately $1.1 billion by 2011.”

Vakils has a fleet of computers which services international clients. It ranges from financial institutions, publishers and Japanese comic book publishers.

With the dawn of new business ventures and entrepreneurial challenges, the requirement of data conversion has attained its peak. It is not an unfamiliar term in today’s business scenario.

Dev Ganesan who is the president and CEO of Aptara, a digital e-book conversion and digital publishing company headquartered in Falls Church, Virginia with operations in India is impatient with traditional methods of publishing. He says: “Corporate enterprises are recognising the e-book medium for what it is — an ultra convenient, flexible, device-agnostic format for providing information to customers, prospects, employees, partners and shareholders. Using an XML-based workflow, e-books can be created and personalised on-demand and saved in whatever format the reader desires.”

What Ganesan is saying is, that content-intensive organisations can provide the right information, to the right people, at the right time, in the right format and language—and on the right device, be it an iPhone, Kindle, PC, Mac, Blackberry, Android or Nokia—without making readers jump through a series of technological hoops to get to the content they desire.

This is thanks to XML technology which establishes a workflow for the simultaneous delivery of content through multiple channels (print, online and multiple mobile devices) is a simple process.

And so, anything that can go digital, will go digital. From annual reports, policies and procedures, training materials, marketing collateral, technical documentation, sales literature, analysts’ reports, newsletters, white papers, and presentations—basically any content needed to run a business can be presented in e-book format. Ganesan says, “It offers readers so much more than simply the digital equivalent of the original content.”

The future
There’s a great deal of traction in the book publishing segment. Publishing houses like Katha and Popular Prakashan have entered the arena of translations; in an attempt to boost translation of Indian language authors. There’s also an attempt to ensure better co-ordination with government education and textbook boards for upgrading production methods for textbooks.

Next month, the Industrial Design Centre at IIT, Mumbai is attempting to develop a talent pool of experts who can collaborate with the best artists in the country to create children’s books.

Increasingly, European publishers (and print firms) are scouring India to find a pool of suppliers that not only meet price and quality demands, but also subscribe to the group’s own publishing aspirations. This could include: green initiatives, to Forest Stewardship Council-certified paper to ISO 14001 accreditation.

There’s Gita Press based in Gorakhpur in Eastern Uttar Pradesh which has none of the above certifications. But the press has notched up a total of five billion copies of religious books published up to March 2010. And the demand is growing. And the amazing thing is, these books are sold at a highly subsidised rate of $0.02. Future plans include: launching 100 new titles every year; adding new languages; digitising hand-made paintings and images; and harnessing the internet to spread book readership.

Clearly, the Indian book market is questioning the established approaches and definitions that traditional publishers have relied on for decades. At the same time, it is changing the way we think of publishing.

Today, with digital content, almost everyone is a publisher. That’s why it is difficult to predict in which direction the market will unfold. But what is evident is, India is a key contender to profit from the opportunities.

 

 

 

 

 

 

 

 

 

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