I may be wrong, but I am under the impression that reading was at its peak in the US between 1895 and 1930 - when the inexpensive pulp magazines were available and popular.
As I see it, reading declined when people bought radios to listen to. The motion picture may have contributed some as well, but people went to the movies only once a week.
I think that the popularity of the pulps was based in large part on their low price. Today we see books with $30 price points, notwithstanding the bestsellers' being discounted down to half that. And mass market paperbacks are now up to 7 and 8 dollars.
I can't help but think that the publishers are pricing themselves out of business.
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