The demand side is also that for people who do read their spending may be down. I used to buy roughly $400 in books a year. I now buy maybe 1 book a year and subscribe to kindle unlimited for everything else. I don't think I'm reading much less but authors are certainly making less per read, especially since 30% of my spend on KU goes to Amazon and any book that has a publisher still needs to give the publisher their cut out of the remaining 70%.