Enhanced Sales Forecasting for Publishers
To improve sales forecasts for books, the market research firm Media Control is increasingly utilizing Artificial Intelligence (AI). Publishers, retailers, and other industry representatives will soon have access to an analytical tool designed to predict which books consumers are likely to purchase and read.
According to Ulrike Altig, managing director of Media Control, a successful test phase that ended in late February has led to the official launch of the tool in mid-March. “The demand is high, particularly from publishers,” she stated. The algorithms analyze data on sales, returns, pre-orders, as well as core data about authors and titles, alongside insights from social media analyses.
Tool Development and Access
The tool, named “Demandsens,” was developed by the company BearingPoint. In its application at Media Control, it will be referred to as “MC Folio.” Altig explained that access to MC Folio will be license-based and tailored to individual customer needs, with specific terms depending on the desired scope. It is not intended for consumers or the general public to use the application.
Data Insights on the German Book Market
Media Control claims to utilize data from over 9,000 sales outlets, boasting a market coverage of 88%, which provides the most comprehensive book retail panel in the German-speaking region. This data serves as the foundation for the German book charts, including the bestseller lists published by “Börsenblatt.”
The results from the new AI tool are expected to assist in providing the right number of books at the right locations. Christoph Bläsi, a book scientist from Mainz, believes this approach can help reduce the number of returns. However, critics worry that smaller publishers and lesser-known authors, as well as editors, might face challenges if the AI favors certain themes, styles, or other factors.