I just read that on twitter. If it's true it's mind-blowing.

Well, I assume they're judging by ISBNs, in which case a lot of that will be self-published e-books, and self-published PoD stuff.

Hmm.

Googling that, I found [url=https://wipfandstock.com/files/author_help_documents/CE0838FA-9BC9-F11E-0F3C8F58E324C88A/10%20Awful%20Truths%20About%20Publishing.pdf]this[/url].

Less than inspiring.

<Added>

https://wipfandstock.com/files/author_help_documents/CE0838FA-9BC9-F11E-0F3C8F58E324C88A/10%20Awful%20Truths%20About%20Publishing.pdf

I noticed a mention of non-fiction in that article, and I wasn't sure whether it was talking only about non-fiction books or books in general. But it is to be expected that, if the market is suddenly flooded with new products of a particular type, each such product will find it hard to get noticed. Look what's happened in TV since the explosion of channels in digital TV.

I wonder whether the same trends exist outside of the English-speaking world (by which I mean books which are published exclusively in languages other than English). Russians, for example, seem very literate, so I wonder whether their publishing industry is experiencing a different trend.