I've heard from multiple sources that indie authors like me (but more like JA Konrath and Amanda Hocking) are going to kill traditional publishers. It's a pretty story, but I don't think this is true-- there's plenty of room in the publishing industry for indie authors and traditional publishing companies alike.
That said, it's inevitable that publishing is necessarily undergoing a huge transformation. The evolution of technology has completely changed the game. Here are five things I believe traditional publishers will need to do to stay competitive.
Stop Printing Paperbacks
That said, it's inevitable that publishing is necessarily undergoing a huge transformation. The evolution of technology has completely changed the game. Here are five things I believe traditional publishers will need to do to stay competitive.
Stop Printing Paperbacks
Whaaaat? Book lovers everywhere shriek and flail! Why would you want to stop printing paperbacks?
Paperbacks are intended for casual, throw-away reading. E-books fill this need much better with lower costs and less environmental impact. Plus, the internet has made impulse book buying even easier than strolling past a shelf while buying groceries. They can make so much more money on e-books than they ever did on p-books. (See what I did there?)
Hopefully, books will never entirely go away. We should always be able to buy the books we love in the form of lasting, beautifully bound hardbacks. But for the sake of costs and the poor forests (think of the forests!), paperbacks need to die.
Publishing is horribly wasteful. They print too many, and when bookstores don't sell them all, they try to foist them off on other businesses. Failing that, huge quantities of books are tossed in the Dumpster. That's right. All those beautiful books we lovers cherish are just survivors of a huge, constant book massacre. If you really love books, set them free.
And while we're talking about e-books...
Support E-Readers
Pick an industry standard format (like epub) and stick to it. Support e-readers that support this format. Publishers can use all the money they save discontinuing paperbacks by researching better e-reader technology to make it the most pleasant, consumer-driven experience possible.
Instead of fighting technological change, publishers can embrace it and try to innovate. Stay ahead of the curve! A particularly ambitious publishing company might even be able to get on this quickly enough to beat the industry giants, like Kindle and Nook. There's also a lot of potential money in getting more readers onto e-readers.
Plus, by making books available on as many e-reading platforms as possible (mobile phones, desktop computers, handheld devices, etcetera), it makes that impulse buying thing worse. Believe me, I know. I have way too many books on my Kindle that I haven't read yet.
Learn from the Music Industry's Mistakes
I'm talking about piracy. The RIAA has spent a lot of money taking a lot of individual pirates to court and charging ridiculous sums of money for a few downloads to recoup "lost costs." What they don't seem to realize is that these pirates are not, and never would be, customers. For any number of reasons, they would never buy the album they downloaded illegally. Fighting against them makes the RIAA look evil. It's not great for PR, and it's a waste of time and money.
The publishing industry can avoid Evil Status by taking innovative anti-piracy measures. Reward paying readers for buying the books. Pirates are sometimes cheapskates or lazy-- you can turn both into customers by making books cheap and easier to buy than steal. And the principled pirates ("I won't buy music because I don't want to support the RIAA!") won't have a leg to stand on.
Vary the Catalog
The costs of e-publishing are lower, so the risks are also lower. By eliminating most printing and focusing on cultivating talented writers, publishers can take on riskier projects and offer a wider variety of stories and genres appealing to a broader market.
The Internet has made it so anyone can find anything on any subject they're interested in. People expect entertainment to be shaped to their preferences. This is why more people are abandoning cable and satellite for online services like Netflix and Hulu, too-- they allow people to watch any show they want at any time they want.
Readers will likewise expect new books to be available promptly in any form they desire. I've talked about the niche zombie kitten/transsexual alien market. By catering to these niche preferences, traditional publishers can build an even larger readership than they've had in the past-- but they'll have to take a risk on more authors.
There will always be a smattering of books following the trends set by best sellers (like the swaths of Twilight- and Harry Potter-like books that came out after their release) because they are certain to sell well. But this way, smaller interests will get their time in the limelight, too.
Vary the Catalog
The costs of e-publishing are lower, so the risks are also lower. By eliminating most printing and focusing on cultivating talented writers, publishers can take on riskier projects and offer a wider variety of stories and genres appealing to a broader market.
The Internet has made it so anyone can find anything on any subject they're interested in. People expect entertainment to be shaped to their preferences. This is why more people are abandoning cable and satellite for online services like Netflix and Hulu, too-- they allow people to watch any show they want at any time they want.
Readers will likewise expect new books to be available promptly in any form they desire. I've talked about the niche zombie kitten/transsexual alien market. By catering to these niche preferences, traditional publishers can build an even larger readership than they've had in the past-- but they'll have to take a risk on more authors.
There will always be a smattering of books following the trends set by best sellers (like the swaths of Twilight- and Harry Potter-like books that came out after their release) because they are certain to sell well. But this way, smaller interests will get their time in the limelight, too.
Lower the Price of E-Books
Readers aren't stupid. They know that when they buy a paperback for $4.99, they're paying for the costs of paper, ink, and glue, in addition to paying the author and all the operating costs of the publishing company. It's a tangible product that takes up shelf space. It's worth $4.99.
Readers aren't stupid. They know that when they buy a paperback for $4.99, they're paying for the costs of paper, ink, and glue, in addition to paying the author and all the operating costs of the publishing company. It's a tangible product that takes up shelf space. It's worth $4.99.
An e-book has fixed costs. Once they've put in the one time investment for cover, layout, editing, etcetera, there's no additional cost per unit other than the small royalty taken off the top by the distributor. You don't have to print an e-book.
So why are they still charging $4.99, $7.99, $9.99, or more for e-books? Amazon has been fighting this pricing scheme for months and making little progress.
Independent authors can charge anything they want for their books, and frequently offer their work at $2.99, $.99, or even free. As more talented authors move to independent publishing, this will begin to pose a bigger threat to traditional publishing companies. But they don't need to worry... as long as they catch on and lower prices, too.
On the subject of piracy, lower costs will also discourage illegal book downloading. Piracy is all about cost and convenience. As long as buying books is cheap and convenient, people generally will not go to the effort of locating and downloading illegal copies. Convenience is already taken care of where e-readers are concerned -- you can buy books directly on most devices -- so publishers need to start looking at cost, too.
What do you guys think?
Does indie publishing pose any kind of threat to traditional publishing? What should publishers do to remain competitive?
I don't see Indie publishing being a threat, but from the view a typical reader, I prefer a book in my hand plan and simple. I'm betting all publishers are looking into this new way of reading. I just hope we don't stop printing books in general. I do prefer hardbacks so I don't mind skipping paperbacks but i cant stock my bookshelves with kindles. :)
ReplyDeleteInteresting thought.
(have you read Matched by Ally Condy? If not you should, you might find it
interesting how technology is handled or how books are handled in her futuristic
world).
Connie
Matched is on my to-read list! But I have so many books there, I feel like I'm never going to get around to everything. Sigh.
ReplyDeleteI love the sensuality of physical books. There's nothing like cracking a new book open (ahh) and sniffing the pages. But from a financial perspective, and a hippie "save the trees" perspective, e-books are much more practical.
I never thought I could love e-readers until I got my Kindle a couple years ago. Now I feel kind of weird reading paperbacks. The only books I read in print form these days are board books with my baby. ;)
You make a couple of good points, but I have to disagree with the e-book pricing one.
ReplyDeleteYes, it may not be paper-tangible, but it's still blood sweat and tears that the author puts in, and a good /story/ is certainly worth more than 99c. I agree that $9.99 or higher is a little off for an e-book...unless perhaps that book is a non-fiction item. But any less than $4.99 for an e-book, (unless on special promotional offer or something), is the reason why people are writing and self-publishing...quality ceases to matter. /That/ is what we should be crying out against.
And I also half-agree with you on the paperback books. Why not have one copy of each book in a bookshop and then use Print-On-Demand instead?
Print on demand is a fantastic alternative to the current publishing model without abandoning paperbacks entirely. The only problem is that most POD services take a long time to print, which is deeply inconvenient. E-books are delightfully instant, and instant gratification is the expectation of the internet generation.
ReplyDeleteAppropriate pricing is something I feel pretty torn about. On one hand, as I said above, the costs of each individual book are low. But I do agree books are worth more than .99 cents, particularly coming from traditional publishers. Indie authors need to make it easy for readers to take a risk with them without a high cost investment, though, so .99/2.99 books are appropriate in such cases.