In a recent op-ed for The Financial Times (registration required), John Makinson, CEO of the Penguin Group, outlined the opportunities e-books offer to publishers:
What is being missed in the debate about the division of digital spoils is the opportunity offered by e-books to authors and readers, as well as to publishers who have the specialist skills to exploit it… [W]e should not forget that the growth of the book market has always been driven not by changes in consumer demand but by the availability of new channels of supply. It was true of supermarkets and book clubs, and it will be true of digital platforms and formats.
While e-books mean that publishers can develop new products that expand on the traditional book, says Makinson, digital technology will also provide them with “rich consumer data” that can inform decisions about pricing and content. Furthermore, social networks and online communities will allow for greater reader engagement in the publishing process.
According to Makinson, technology will redefine the industry but, so long as publishers are adept at learning new skills, it will enhance their role rather than diminish it. And even with the “explosive growth” of e-books, Makinson is optimistic about print:
Perhaps the charm of the physical book will be lost one day. But I doubt it. Readers of all ages retain a remarkable emotional attachment to the thing. It is portable, convenient and a pleasure to own… There’s life in the old book yet.
(link)
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