PRESS RELEASE: US Photobook market to exceed $500m this year
The US photobook market is on track for healthy growth this year, with demand projected to reach nearly 17m units this year, up from close to 12.5m in 2008, according to a new US Photobook Market Report from Futuresource Consulting.
“In value terms, the US photobook market is establishing itself as a significant contributor to industry revenues,” says Joanna Wright, Senior Market Analyst, Futuresource Consulting, “with our projections showing a market value of close to $540m US dollars by the end of 2009.
“Online remains the channel of choice for most consumers, accounting for 70% of volume last year. However, the retail element is growing strongly and will play its part in further developing the photobook segment and raising consumer awareness.”
With current and forthcoming product launches like the Kis photobook kiosk, duplex printing equipment from Kodak, Fuji and Noritsu, and a number of new software features from companies like Lucidium, HP, Rocketlife and DNP, there is now a growing emphasis on developing the retail angle.
Looking to photobook production, a whole host of new players have entered the US market, with commercial print companies such as Rastar, RPI, CGX and others now accounting for around 40% of production, compared to just 20% in Western Europe.
The online Pick Up in Store (PUiS) option seems to be missing both markets in the US, accounting for less than 5% of books sold. This is in stark contrast to the situation in Western Europe, where approximately 20% of photobooks are sold this way.
“With product awareness still a very real issue for the photobook market, growth will ultimately be fuelled by increasing availability and physical presence of services - particularly at retail – combined with falling prices and quicker and easier software solutions,” concludes Wright.
Notes Futuresource Consulting is a specialist research and knowledge-based consulting company. With more than 30 years' heritage, Futuresource provides its clients with expertise in consumer electronics, digital imaging, entertainment media, broadcast, optical manufacturing, storage media and IT.
(First posted on Tuesday, May 12, 2009 at 17:14 EDT)