A Report To Show The Changes In The Publishing

Industry Due To Digitalisation: Comprising of the Past, Present and Future

Written by: Amy Lynch, Robert Pedley, Ekene Patience, Dani Ivanov and Saadiyo Burre

Contents1.0 Introduction2.0 Histrory of the Publishing Industry

2.1 Structure of the Industry2.2 Marketing and Promotion2.3 Trends

3.0 Publishing Industry in the Present3.1 Industry Structure3.2 Market Leaders3.3 Current Trends3.4 Technology

4.0 Future of the Publishing industry4.1 Industry Overview4.2 Technology4.3 Future Trends

5.0 Conclusion6.0 Appendices7.0 Refences

1.0 Introduction

The publishing industry has been completely revolutionized over the past fifteen years and has moved in a completely new direction from where it once began. The industry has adapted with the digital age and brought publications to brand new mediums, tablets and smartphones.

2.0 The History of the Publishing Industry

The industrial revolution of the late eighteenth century and nineteenth century significantly influenced the methods of Western papermaking and the characteristics of handmake book paper. (Munn and Wallis et al., 1996, pp. 19-23) The original publishing industries required large capital investments, long print runs and large warehousing facilities. Increased means of communication lead to an increase in book production and thirst for personal development in the olden days lead to increased readership. (Unwin, 2013)  

The codex was the early form of what we know as a book--that is, pages bound together (the term codex is Latin for "block of wood.") The codex form became more refined as papermaking and bookbinding and book case-making became more sophisticated. In the past, books required a tremendous amount of effort to produce. Each copy was transcribed by hand and sometimes "illuminated" (that is, decorated with gold and silver paint and illustrations) and it took months--or years--of labour to complete a single volume. (Valerie, 2014)

2.1 Structure of the Industry

In the past, publishers added value to authors’ manuscripts by employing editors, designers, layout artists, illustrators and indexers to polish and package the books. The whole process was used as a marketing tool to capture the attention of the

public and increase potential sales of their literature. Paper manufacturers provided the materials and machinery which would produce the finished books, where they were ready to allow the product to be sold to the public. Distributors used to act as intermediaries between the publisher and retailer, and would deliver the books to trade wholesalers and retail bookstores.  (WIPO, 2014, pp.30-32).

In the past, publishers and companies would help one another to facilitate shipments of bulk orders for events and corporate training. Bulk orders are different than single copies, and the service surrounding those types of orders can be complex with intense deadlines. (Micah, 2013)Literary agents were very important for book publishers in the past, they make their earnings by charging  percentages on the amount of  each book sold by writers. Literary agents are probably the most knowledgeable of the industry as a whole as they have the right contacts and often assist writers in negotiating contracts. A good literary agent also assists the publisher in arranging better dates for book tours, or fighting for improved deals when needed.  Formerly,  a strong agent/author relationship can be incredibly beneficial for a writer as it means having someone who’s always ‘on your side’, who is enthusiastic about your writing, and whose desire for the best deal is for both your benefits. (Downing, 2014)

The copyright law underwent considerable development in the publishing industry. The United States first enacted copyright legislation in 1790, France in 1793, and Germany in 1839. The United States continued to protect its domestic printing industry and joined the Universal Copyright Convention, UNESCO, in 1952. The customary term of copyright protection is the author’s lifetime plus 50 years. The copyright legislation serves as a treaty between countries that recognize copyright. (Samuels, 2000)

 

2.2 Marketing and Promotion

Newspaper and periodical advertising is the publisher’s principal means of reaching the public, and standards here have also risen considerably since World War II. Broadcasting and television services, too, can sometimes be interested in books and their authors, and the resultant publicity may then be extremely effective. For many books, a prospectus may be issued, both for the use of booksellers and for direct mailing by the publisher. The paperbacks were being found not only in bookshops but also in drugstores, street kiosks, and newsstands. The publishing industry had to market their books to a variety of audiences, based on their age, demographic and income. Marketing their books incorrectly could be detrimental to the potential sales of the book.

Every publishing house has manufacturing, marketing, and accounts departments, but the editorial department is the most important. The editorial department is responsible for the detailed preparation of the typescript before it is printed. Facts, figures, and references are checked, and elegancies of style are polished where necessary. The paperback publisher makes an offer to buy the paperback rights from the publisher of the hardcover edition, and the paperback royalties are shared between the author and the hardcover publisher. During the Golden Age, publishers and editors viewed their work as intellectual work, they viewed authors as artists, and they were willing to focus on the long-term social and financial benefits of publishing valuable works, at least occasionally, rather than obsessing over the instant gratification of a best-sellers. (Tucker, 2013)

But the publisher’s efforts — most of the time — were limited to the launch. Then the marketing team could move on. This was not a way of doing business that was appealing to authors, but it was consistent with the realities of the marketplace. The big book chains wouldn’t keep a title in stock if its sales appeal wasn’t evident at the cash register within 90 days. Without

copies of a title in the stores, there was no point to the publisher pushing the sales. (Shatzkin, 2012)

According to Gene Taft, Vice President and Director of Publicity for Public Affairs Books, “the industry used to be run by bookish people who liked to read. But there are not enough book people who are good business people. Now, with the large conglomerates having taken over so many houses, a different kind of executive is involved in the industry” (Hill and Power 2005, 54).Editors who discuss literary issues with authors, who help them develop their characters and resolve plot holes, were among the “inefficiencies” that were greatly eliminated during the Age of Acquisitions.2.3 Trends

The 1920s also saw the establishment of book clubs as a new way to market books. The Book-Of-The- Month-Club was the first, started in 1926, and was followed by the Literary Guild in 1927. The nearly instant success of these mail-order ventures surprised the publishing industry and alarmed the vested interests. The “book dividend” offered by the Book-of-the-Month Club caused some anxiety. Public libraries feared a decline in circulation, the bookshops spoke of unfair competition;; but publishers eventually came to appreciate and even count on the rewards in residual rights. Public libraries have not gone out of business as a results of the clubs.(Harlan, Robert D and Johnson, Bruce L 1978)Two other trends in the publishing scene since 1950 also had their beginnings before the war: the microform and the paperback. In the late 1930s, Eugene B. Powers of University Microfilms initiated the first commercial program of microfilm publication of original hardcover books. Unfortunately, the war curtailed development of this medium for the publishing industry. During this same period, the paperback book reemerged.

Reprint publishing was ideally suited to the needs of the expanding scholarly and educational fields in the 1960s. New libraries were being created, and existing libraries were growing. Both paperback and microform publishers took part of the reprint market. (Harlan, Robert D and Johnson, Bruce L 1978)

3.0 Publishing Industry in the Present

3.1 Industry Structure

According to Michael Porter, industries are affected by a five fundamental ‘forces’ known more commonly as Porters Five Forces. The forces are known as; the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants, the threat of substitute products or services and rivalry amongst existing firms. (Renko and Sustic et al., 2011) These forces have a major effect upon the publishing industry currently and have impacted the industry significantly over time. For example, if an industry has many companies selling more or less the same product, competition between the companies will be intense and the profit will be low. Related to the current publishing industry, there are many small publishers across the world that are competing for a market share. However, due to the competitive nature of the industry, it is extremely difficult to get the publicity and sales without the help of larger companies, who are already established within this concentrated market.

For the modern day author, it is very important to have a community surrounding your work in order to advertise and network effectively . Through social media, authors can now take advantage of the opportunities which are presented by the internet interact with one another and their fan base, whilst also promoting their work. (Petronzio, 2012), Authors can interact and sustain a community by posting updates about the book’s development status every week. This is an inexpensive way of marketing books in order to attract sales: one that has largely

impacted the industry with a forceful injection of opportunities provided by the internet.

The customer base surrounding the publishing industry has drastically changed with the development of the internet compared to the Nineteenth century. Authors and publishers can now interact with readers from around the world, as well as using the internet to keep up to date with trends amongst customers, in order to gain competitive advantage. One threat brought to individual publishers through the internet is its accessibility meaning that competing authors and publishers can survey the actions of each other, calling for an advanced skill set surrounding the use of the internet and technology which would not have been required in the publishing industry before the introduction of the internet.

Features of the internet allow the user to personally review books and suggest more books for fellow readership (Goodreads, 2014) There are, however, negatives to the use of online publications as there is are studies suggesting that “users often leave web pages in 10-20 seconds” (Nielsen, 2011) Online publications can link to other articles “offering related content and strengthening their interest in your publication”. (Lutz, 2013)

3.2 Market Leaders

The publishing industry is a highly concentrated industry: for instance in France there is an oligopolistic publishing market with some fringe competition: 4.3% of French publishing  firms bring in 65.3% of the revenues, 12 publishers account for 80% in Italy, the 5 largest groups are covering 63% of the total sales (De Prato, 2013). Companies once described until recently as media giants (e.g. Bertelsmann, Hachette), often critically because of the concentration they brought are now competing with the world’s largest market cap companies: Apple and Google. Companies which have optimised early on the introduction of the internet and have remained current with

trends and technologies (later developed throughout this report) in the modern age, in order to gain an uphold their status as media giants within the digital age.

3.3 Current Trends

''The fat years of printed word are over”, says John Sutherland, an academic and author of  several books on the history of publishing. Nowadays when books are very affordable, yet readers are not motivated to buy them. The rise of e-books is part of the reason readership has shifted from printed to digital material. (Guardian, 2009).

The biggest trend within the publishing industry are currently eBooks, the electronic versions of books introduced at the beginning of the 21st century when the internet was becoming more and more popular in households across the world. The growth continues, due to the benefits of the internet. Many companies, such as H.B. Fenn and Company have not altered their business plans to adapt to the growing trend of eBooks and modernisation of the industry which as a result, has caused the companies to become bankrupt due to their resistance in adapting to digitalization. (Medley, 2011)

Jeff Bezos, CEO of Amazon, says that the owners of eReaders are purchasing more books now than ever before due to the simplicity and accessibility of eBooks (Pressman, 2014). Amazon, who own the brand Kindle, have 90% of the e-reader market share within the UK (BBC, 2013) and have one of the largest selection of eBooks for their consumer,. In 2008, eBook sales accounted for 1.1% of the US market, however in 2012, that figure rose to nearly 30% (Campbell, 2013). This shows that there has been a huge growth in demand for the product, within the past five years and that the publishing industry has grown with eReaders and eBooks into the technological age of the internet.

The past few years have seen a growth in the provision of electronic resources in both academic and public libraries. Many of the initial threats regarding the introduction of ejournals, such as raising user awareness, bundling, proliferation of passwords and consortia purchase (Ashcroft, 2002), have been resolved and they have become a firm provision in academic libraries in many countries. However, while there is much activity in the eBook market, the situation regarding eBook provision is less stable. eBooks issues regarding licensing, costs and platform continue to erupt. While librarians identified some key attraction of eBooks, they also voiced concern about the bewildering variety of licensing and business models which is time-consuming and not geared to user needs (Ashcroft, 2011).

The cost of eBooks have caused a lot of controversy within the industry, due to their high prices when compared to hardback copies of the same book. According to consumers, the prices of eBooks should be significantly less than hardback copies as there are no printing or distribution costs incurred to the company. (Bentley, 2012) In some cases, it has been seen to be more expensive to purchase an eBook than the printed counterpart. (Hannah, 2013) Consumers also do not get the same experience with the electronic versions as they do with the paperbacks. For example, consumers prefer the smell and feel of a new book, which they cannot get from their eReaders. These changes within the industry have caused audiences to make a conscious decision of whether they should stay with their preferred medium instead of adapting and advancing with the industry. This could be seen as a threat towards the publishing industry as the customers preferences are what will produce the final sales in the industry.

3.4 Technology

Two things have driven the explosion of activity on the internet in the last couple of years: it allows existing activities to be

carried out at lower cost; and it creates new business opportunities such as worldwide publication. The publishing industry has not ignored these opportunities, the vast technological development and advances from the early 19th century to the fast paced production techniques of today have contributed to the industries surge into the 21st century.  The need to maintain turnover and profit has meant that publishers are being forced to seek revenue outside the traditional areas (Hibbert, 1999).  The main source of revenue currently being developed is electronic commerce. This prediction made in 1999- over 10 years ago- demonstrates the development of the publishing industry.

The development of computers and eBooks now allows the author to edit and alter their published texts which could never have been done without the use of the internet.  Before, authors had to edit, then re-publish their books and magazines in order for the reader to receive the most up to date information. For educational purposes, this is a brilliant new way of having up to date textbooks for students without having to spend more money for the newest editions. However, this could cause a problem in the future with referencing texts in academic work as the texts could simply be altered, removing quotes that could already have been used and referenced.

According to a Bain survey (Béhar and Colombani et al., 2011, p. 7), more than 42% of all book readers are reading more eBooks than the traditional paperback. This vast increase shows that the market is heading towards digital products. There are currently three transmission technologies which are and will continue to be of importance to the publishing industry:

Digital interactive TV (DITV) which make it possible to access books, journals and magazine articles through television and broadband, meaning that the publishing industry will be more accessible to customers from the comfort of their home, broadening the demographic, however this does not necessarily mean profits for the publishing industry as book

prices in digital form are infamously lower than the price of the ‘old fashioned’ printed books.

Advanced telecoms such as ISDN. ISDN (Integrated Services Digital Network) is a set of CCITT/ITU standards for digital transmission over ordinary telephone copper wire as well as over other media (Rouse, 2012)

Interactive mobile services.Companies who withhold from developing their technologies, “If publishers (and authors) continue to take a wary stance, they will significantly hold back the development of digital books, creating a real risk that major international retailers will not actively target the Dutch market” (Poort et al, 2012, p. 86).

4.0 Future of the Publishing Industry

4.1 Industry Overview

The future of publishing and more specifically book publishing is full of uncertainties. One of the biggest uncertainties lies in the digitization of printed media and whether they will face the same issues as the music industry – piracy, alienating people that are not tech-savvy, and whether people who read once in a while will want to buy an eReader or will they only be purchased by a small group of consumers that read a lot. (Ballhaus, 2010) One thing is for sure, the digitization of printed media is like a train, going down a track at top-speed whilst having no brakes.

This digitalization trend will also change the structure of the whole industry. Predictions are that by 2020 50% of eBooks will be published by indie (self-publishing) authors that are sometimes better than the New York’s best sellers. (Coker, 2014) Is this the end of publishing houses? Even with Today’s technology you can publish an eBook online and have it printed on demand for people who like the feel and smell of a physical paper book. I would imagine that as years go by this process

will only become easier, cheaper, and more convenient. (CompletelyNovel, 2013)

4.2 Technology

In the past, if you wanted to purchase and read any book you had but one option – go to the store and purchase a physical book. Nowadays, you have Amazon and the internet where you can purchase physical and digital books and pay electronically. However, that’s been so for a while now. What is the future of publishing technology?

Near field communications or NFC for short. (Machaalani, 2013) With NFCs you can go to any physical store, browse through their selection, and hold your phone or tablet over any product to purchase it online and have it delivered to your doorsteps the very next day. This allows you to see and feel the actual product before you commit to purchasing it which is a huge drawback of online shopping.

Nowadays almost everybody has a 2D printer in their homes. However, the future of printing is in 3D. (Lumb, 2013). The technology is there but it cannot currently “print” in fine materials required for printing an actual physical book. Perhaps one day we’ll be able to purchase a book online and, shall we chose a physical copy, print it in our homes on our 3D printers.

4.3 Future Trends

Traditional publishers know next to nothing about the consumer. Their primary focus up till now has been to work with the authors and, market and distribute books. In contrast, Amazon knows everything about the consumer and even goes as far as to inform their customer-base when a new book comes out by their favorite author. Traditional publishers must learn to build a bond with the modern consumer or parish and give way to new technology. (Morgan, 2012)

As books go digital, authors can now tap into something called "Networked Books". (Berinstein, 2014) A Networked Book is a concept where authors can choose to post part of the book, the whole book, or a draft online and allow people to comment, challenge ideas, correct facts, and lively and intelligently build a conversation with the aim of creating a perfect final product. A digital book can become a social network of itself where fans of the author can gather and interact with one another. Not just this, say that since the the publication of the book and the time its read something important happens, why not add an new chapter to the book or perhaps a new paragraph? It is all possible now that changes can be made quickly and easily.

The new companies in the eBook publishing business are in many ways similar to Spotify  for music and Netflix for video. They have leveraged the internet and provided the possibility for unlimited streaming of both music and video through utilizing modern technology such as cloud computing which provides these services to the end consumer for a flat rate of $10 per month. Similarly the publishing industry will utilise this technology in the future to provide unlimited eBook streaming for a fixed monthly subscription price.

The future of the subscription services with eBooks still have to adapt in a way that is profitable to authors and their publishing agents. Many of the NY bestselling publishers are currently not willing to work together with subscription services because of how much they are devaluing books. (Coker, 2014). This is something that will eventually exist due to the success of video and music streaming services.

5.0 Conclusion

The twenty first century is an exciting period to develop a career in publishing. Publishing industries do not require hand written books, printing, distributors nor literary agents which are often used in the past. Internet and developed technologies have made it possible for individuals to be at the core of

publishing and increase in sales of eBooks. These processes have changed the whole process of publishing in terms of storage, communication, demand and supply of books.

In the eighteenth and nineteenth century, newspapers and periodical advertising is the publisher’s principal means of reaching and promoting to the public. Publishers nowadays follow few steps, due to the internet era which makes publishing much more affordable. For  example, in the nineteenth century, the establishment of book clubs was used as a way to market books. Authors now take the opportunities offered by social media to promote and consequently sell their books as the digital era has allowed published books sell internationally.

The simplicity and ease of accessibility has led to readers purchasing more eBooks.  Consumers can now access eBooks at the comfort of their home instead of going to the library by the means of the internet. The innovation of computers, technology and the internet now enables authors to edit and update their published texts which could never have been done without the use of internet.

The future of book publishing seems very bright for consumers. Companies such as Scribd and Oyster provides access to their library with thousands of downloadable eBooks at a very affordable rate. Publishers can use these companies such as Scribd to gain exposure to their millions of readers and potential customers. The companies satisfy the customer’s ’need for speed’, instant availability and quick reads. With today’s technology, authors can publish an eBook online and have it printed on demand for people who like the feel and smell of a physical paper book. Digitalization has come to stay, there is predictions that in five decades from now,  50%  of books would be published by individuals.

All in all, the publishing industry has improved substantially due to the digitalisation  of the industry. Publishing

has become more affordable for the authors and consumers. Physical books might never disappear, however it might become more common for books to be printed on demand in the future. Publishers would prefer this practise as it will reduce their storage costs.

6.0 Appendices

Pearson’s PLC

Pearson is the world's leading learning company, operating the famed Penguin and Puffin publishing houses as well as offering educational materials and services. But the publishing industry isn't what it used to be, and so in 2011 Pearson decided to move towards a more digital distribution model for its multi platform business. (Stepner, 2014)

Pearson is the world’s leading learning company, with 48,000 employees in 70 countries and a strong consumer publishing division led by Penguin, which publishes over 4,000 fiction and non-fiction books each year, as well as the Financial Times newspaper (not included in this ranking). Pearson has seen organic growth and made continuous investments over the past decade, overcoming the economic crisis of 2008 with total revenues of 4.4 billion GBP in 2007 to 6.1 billion GBP in 2012, and with profits rising from 600 million GBP to 950 million GBP. (Publishers Weekly, 2013)

The Bankruptcy of H.B. Fenn and Company

Owned by entrepreneur Harold Fenn,the company was founded in 1977 and has been one of the largest Canadian book distributor and publishers.

In 2011, however, the company went into bankruptcy blaming “the loss of distribution lines, shrinking margins and the significant shift to e-books” for their financial difficulties. (Medley, 2011) The ‘significant shift to ebooks’ is a factor which affect the industry as a whole, and therefore it is evident looking at the publishing industry today that the successful companies were able to adapt in order to keep up with market trends.The business plan is not a static document, it is a dynamic planning instrument that should be updated regularly (Hisrich, R. and Peters, M. 1998). Failing this, H.B. Fenn have illustrated the implications of recycling a tired business plan.

From the bankruptcy of H.B. Fenn, alongside many companies which failed to develop their business plan to accommodate for the vast impact which the internet had and continues to have. One thing is clear: The demise of H.B. Fenn, which put upward of 125 employees out of work, marks the end of a business model in which Canadian publishers were able to support domestic programs with revenue derived from the distribution of foreign titles. (Barber, 2011)

7.0 References

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Appendix

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Reno, T. (2013). Leading Fitness and Health Publishing Company Officially Closes Doors After 40 Years. Available: http://www.mastheadonline.com/news/tosca_reno_opens_up_about_robert_kennedy_closure/.Last accessed 25 March 2014.

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