While eBooks represent less than 3% of total book sales, a new and ongoing study by the Book Industry Study Group (BISG) examining “consumer attitudes toward e-book reading” recently presented at the Tools of Change for Publishing conference revealed some statistics that are shaping the early market:
- Nearly 45% of buyers who have started acquiring eBooks mostly or exclusively purchase eBooks over print books
- Affordability is paramount
- The PC is currently the most-used device for reading an eBook (47%), followed by Amazon Kindle (32%), then the Apple iPhone and iPod Touch (21%)
- At least 30% of them are willing to wait up to three months to purchase the eBook edition of a book by their favorite author
This combination poses great challenges for book publishers who are concerned with the potential cannibalization of their hardcovers. Yet as they fight for price control with Amazon or reach agreements with Apple, what is clear is that they need ability to react to this early and changing market. If they are to reach the full market and maximize their revenues, they need to have the flexibility and power to efficiently and simultaneously publish books in both print and digital formats for multiple devices, and then be able to control both the price and the window of distribution.
To be able to produce both formats efficiently mandates a change in their approach to publishing. It means investing in approaches where the same manuscript becomes the “single source” or “gold master” for generating both the hardcover and various electronic versions. This change towards single source publishing is a significant shift for publishers, as it entails new workflows, technologies, and processes. And new investment.
Investments are always based on risk versus reward. Yet as we’ve already seen at North Plains, publishers of all sizes are willing to start investing in single source publishing technologies such as digital asset management and multi-channel book publishing platforms e.g., Telescope, that enable them to make these fundamental business-shifting changes.
From my conversations with publishers, it is clear that this technology reduces the risk to publishers by making them more nimble and efficient. It allows them to significantly reduce the cost of electronic book production and distribution, as they continue to also produce print versions. This is a fundamental point that is essential to their success: it allows them to transition their business at their own pace, yet be ahead of the market overall, prepared and well positioned for the impending change and growth of the eBook market.