Could This New Publisher Be the Next Big Thing?
By: Yuelan Yuan
ByteDance, the parent company of TikTok, recently filed a trademark for a publishing imprint. The new company, 8th Note Press, is described as a business that provides a range of book publishing products and services.
The new company has attracted the attention and concern of many in the publishing industry. One reason for this is that the company provides online marketing services. As TikTok, already one of the largest social media platforms, continues to grow, traditional publishers and self-published authors could be put at a disadvantage.
On Tiktok, videos tagged #BookTok have been viewed over 91 billion times. Their popularity has drastically changed the way authors market their books. Sales of authors with large BookTok followings reached $760 million in 2022, an increase of 60 percent over 2021.
There are concerns that fewer book videos will become viral if ByteDance prioritizes its own projects. The company could boost its own authors at the expense of others, making BookTok less organic and user driven.
Currently, ByteDance's plans for the company are unknown. Some are doubtful if this venture will succeed, as publishing is an analog and relationship-driven business.
Although it is unclear what the future holds, it is clear that 8th Note Press has potential to succeed in the industry.