GenAI a boon for Writers and Self Publishing industry

"Did you know that 97% of people who start to write a book never finish it??" According to the reasearch findings, (https://thesynergyexpert.com/2015/10/20/the-top-reason-people-never-finish-writing-their-book/) out of every 1,000 people that set out to do so, only 30 actually complete the task.? And if you then add the fact that only 20% of people who write a book actually publish it, this means only 6 people get published.?

How can I efficiently and effectively bring my ideas to life, create high-quality written content by overcoming the challenges of limited linguistic proficiency, field knowledge, storytelling skills, or time, and navigate through the complexities of the publishing process?

Pain Points:

• People face challenges when it comes to crafting ideas, constructing plots from images, and dealing with writer's block. The writing process is perceived as cumbersome, primarily due to prolonged editorial procedures. Many individuals either rely on their own limited skills or resort to hiring professional writers, freelancers, ghostwriters, or proofreaders.
• Adapting a book into a comic, where characters visually express words and emotions, requires substantial effort. People draw initial sketches by hand and try to use online editors to create visuals that require advanced skills. Alternatively, people may opt to hire illustrators or comic creators to visually bring their ideas to life.
• Many budding authors struggle to bring their books out to market due to the time-consuming and hassle of publishing. People use traditional publishing houses like Penguin, Harper Collins that takes 12-18 months on avg.

Proposed solution - BUILD YOUR OWN BOOK

The application seamlessly incorporates advanced Generative AI and LLMs to help individuals materialize their ideas and images into compelling books. The platform collaborates with authors’ untold ideas, and tailors each book to the author's unique style, ensuring high quality and perfection. Additionally, we offer comprehensive publishing services to assist authors in monetizing their intellectual property. Coupled with an effective marketing strategy, our platform serves as a catalyst, propelling aspiring authors to embark on their journey with a powerful kickstart.

Category

This application fits into the category of Generative AI-powered writing tools, with a unique extension into the monetization of Intellectual Property through an integrated Publication Platform. Subcategories include: AI-assisted content Creation, Visual Storytelling Integration, Self-Publishing Services, Marketing and Monetization Support.

How big is this category?

Desirability of the solution

AI capabilities boost creativity, help create high-quality, revised content, meeting professional standards for publishing. Integration of visual storytelling features appeals to a broader audience and provides a comprehensive content creation experience. Effortless publishing services, harnessing the power of AI, empower users to publish their books and monetize within days.

Feasibility

The technology to generate text/images based on the prompt is available. Leveraging Open AI and LLMs showcases advanced AI capabilities, enabling powerful content generation, editing, and adapting to individual writing styles. Considerations - Concerns regarding the intellectual data used to train the model could lead to legal issues. Developing and maintaining AI-powered features can pose technical challenges. Regular updates and improvements will be necessary to keep the platform cutting-edge.

Viability

Offering AI-backed publishing services and IP monetization provides a potential revenue stream for the platform. Considerations - Addressing competition in the market requires a strategic approach to differentiate and attract users.

Value Proposition

1. We offer the technology of inculcating any text within images to enrich the Visual storytelling experience. Current tools do not produce images of editable text. This helps comic creators/illustrators to create comic books with no additional software.
2. Cost-Efficient Editorial Process: Our platform empowers users by reducing the time, effort, and financial investment traditionally associated with book and comic creation, eliminating the need for ghostwriters/editors. Users can streamline the redundant and cumbersome editing process by harnessing AI assistance for tasks such as structural editing, line editing, copyediting, figure development, fact-checking, rewriting, and grammar review.
3. Competitive edge over traditional publishers: Traditional publishers typically take 18-20 months for book publication, delaying author monetization. Our platform offers expedited publishing services that adhere to intellectual property generation protocols, ensuring authors swiftly monetize their creations. We seamlessly blend AI writing and publishing services for an efficient and streamlined IP creation and monetization experience.

Proposed Buisness and Revenue Model

Competitors and our competitive advantage

Our oppurtunity

• A ghostwriter’s fee for a quality book proposal will cost somewhere between $10,000 – $15,000.
• According to the Market Statsville Group, the global AI writing assistant software market was valued at USD 389.1 million in 2021 and is projected to reach USD 1,444.3 million by 2030, expanding at a CAGR of 18.4% during the forecast period (2022-2030).
• Traditional publishing allows very little say in the creative process and it takes several months or even years for a book to go from submission to publication.
• We leverage the increasing trend of authors choosing self-publishing over traditional methods, providing a platform that empowers them in the process. We are using this opportunity to establish a purpose brand.
• Generative AI took the world by storm in late 2022, with popular chatbots like ChatGPT reaching hundreds of millions of users globally in days. A recent Ipsos survey found that 16% of Americans reported having used a text-based or visual generative AI system to help them be more creative, in creating visual art that traditional mediums cannot capture. People leverage generative AI as a “tool” to help them be productive when doing everyday tasks.

Our product uses this context to create a copilot tool that helps create an IP monetization model based on users’ ideas and their passion for writing.