tt R. Singer has spent the past 20 years advising companies on how to adapt to change, to embrace technological advances, and to put the best strategy in place to deal with the next big thing—essentially, teaching them how to hit curveballs. Therefore we thought he is the right person to speak with on the changes that the book publishing industry is going through.Scott, a noted media industry expert, investment banker, strategy consultant and the author of HOW TO HIT A CURVEBALL: Confront and Overcome the Unexpected in Business, join us for an interesting conversation on the future of publishing. Here it is:
What is the influence of the launch of the iPad on the book industry?
I think the iPad's launch is a game changer. Not only is it a fantastic Internet surfing, photo storing, app powered, movie viewing device, but it's also a powerful iPod with a gorgeous screen, functionality, and e-reading capability. The iPad opens the door for full color books and magazines to jump into the digital reading sphere.
Do you think the trend of transforming from print to digital is currently no more than just a hype when e-books sales are less than 2% of the market?
Clearly, not everyone will want to read books or magazines in a digital format. There is still high demand and great pleasure derived from reading materials in printed form. That said, a large and growing base of consumers are on the go, looking for more convenient ways to consume
the content they enjoy, and like the eco-friendly nature of an e-reading device.
It is important to keep in mind though that for the most part, every child that's born is "digital" and every elderly person that passes away is "analog." As a result, we are experiencing the third
tectonic shift in traditional media - first music, then video, now print. My middle school-aged children don't have printed text books. They are all electronic.
What is your advice to bookstores, both independent and big chains, who look for innovative models that will help them to thrive in the digital age?
Bookstores need to reinvent themselves as centers of learning and brand development for the content industry. They can be the social hub of all types of media, not just print. By realizing that a portion of their retail sales are likely to be disintermediated by digital content, they
should focus on ways to keep customers coming to their establishments and offer them products that can be consumed in such a manner.
Bookstores are still a place to browse, socialize, and share ideas. They're not libraries, so you don't need to keep quiet. You can drink coffee, meet friends, and buy many things. Not just books.
What's the potential of the e-book market in the next 10-15 years?
There are many projections concerning the penetration of tablet devices. It is my view that there is a huge market for a device that can fill the gap between full computing and a PDA. The more content that's available, the greater the potential. And by that I mean magazines,
newspapers, and text books, not just consumer fiction and non-fiction books.
It is clear that newspapers in a printed form are headed the way of the dinosaur. That industry needs to embrace this change and redesign its business model to deliver valuable, hyper local content in a form its consumers want. No one else is better at reporting on high school sports, the goings on at town hall, or issues facing local school boards.
Do you think the publishing industry can actually gain from the cannibalization of physical books market by e-books?
TV was supposed to kill radio, VHS tapes were supposed to kill TV, and the Internet was supposed to kill them all. But that's not what happened. More content is being created on more platforms and consumed to greater degrees than ever before. I think the publishing world will
thrive in this environment, especially if it is able to deliver more quality products at lower costs, not to mention in shorter production times.
Do you think the publishing industry can actually gain from the cannibalization of physical books market by e-books?
TV was supposed to kill radio, VHS tapes were supposed to kill TV, and the Internet was supposed to kill them all. But that's not what happened. More content is being created on more platforms and consumed to greater degrees than ever before. I think the publishing world will
thrive in this environment, especially if it is able to deliver more quality products at lower costs, not to mention in shorter production times.
Do publishers still have the same added value in the age of POD (print on demand) and social media?
The need for the curatorial and editing skills publishers bring are even more important in the digital world when anyone with Internet access can essentially be a published journalist/author. We as consumers will rely to an even greater extent on our media brands to help us sort through
the online clutter.
Finally, we are going to celebrate Earth Day tomorrow - what should be done to make the book industry more eco-friendly?
Well, the e-reader is perhaps the best answer to saving trees and lowering the use of fossil fuels and reducing emissions. Fewer trees will need to be cut to make books, newspapers, and magazines. Fewer chemicals will need to be mixed to create ink. And fewer trucks will
need to roll to deliver these physical products assuming e-reading grows to the levels many expect. A great result for our planet overall.
Thank you, Scott.
Scott R. Singer is the author of the recently published HOW TO HIT A CURVEBALL: Confront and Overcome the Unexpected in Business (Portfolio 2010). A Managing Director and Head of Media & Entertainment at The Bank Street Group, Singer has more than twenty years experience in investment banking and strategy consulting. He previously held positions at BMO Capital Markets, Deloitte, and Bear Stearns. He lives in New York City and Connecticut. For more information on Scott's new book, see http://www.hitacurveball.com.You can read more updates on the future of publishing on our website at http://www.ecolibris.net/publishing_future.asp
Happy Earth Day!
Raz @ Eco-Libris
Eco-Libris: Promoting sustainable reading
