Opportunities and Challenges in the Publishing Industry
Module: The Publishing Industry/Level 5/Grade: 77
Module: The Publishing Industry/Level 5/Grade: 77
Introduction: Seventy-two per cent (app.1) of industries change their businesses to adapt to the new technological adjustments (Bitcom, 2016). The publishing includes industry as well. The present report will discuss the challenges a new publisher should face, such as keeping on track with everything, included literary merit, editing, marketing, psychological rejection but also piracy or plagiarism. The second part of the report will describe the opportunities a new publisher has, such as new technological assets, rising demand for books, flexibility, cost-effectiveness, or contract longevity.
2.0 Challenges:
2.1 Challenges in print:
2.1 Challenges in print:
Working as a publisher today, it is either too demanding or too easy-going, as publishing industry does not have a focus anymore. The workload is divided so much among individuals, that its essence disappeared. At the same time, much more money is spent on marketing and sales than on literary merit. Publishers research everything about push marketing technics, content, distribution, graphs, rates, leaving no time or money for the assistant editors and the actual content. As Greco Albert (2013: 274) says
Is the bestseller list, a depressing collection of third-rate or fourth-rate products, while authors of serious literary fiction and nonfiction are unable to get their works published?
Is it, therefore, possible for publishing to have been taken over by non-cultural people not being able to taste any cultural signs? Marketing is not a bed of roses, but neither quality is. Do not forget, enjoyable content should attract its audience without force as pull marketing works out much better than push marketing. New publishers, therefore, across the additional requirements of technical skills due to the digital evolution, should keep studying intensively, being able to recognize cultural signs, as the industry is all about printed books and content with digital being merely something demanding but extra.
2.2 Challenges in digital:
Web 2.0 affords consumers flexibility and an enormous number of choices. In this way, consumers have fewer indicators for buying a book in comparison with the past, such as shipping cost or timing. Hence, books' releasing time plays a significant role for publishers. UK Publishers must consider more issues, such as distributing a book in the Open-Market*1areas (e.g. Western Europe, Singapore, Australia) first, than in the UK, reaching more sales than their competitors. Competition lures even the most naïve publishers, making them obsessed with the number of imports and exports and the battle of the UK towards the US over monopolization. Besides, publishers must deal with the omnipotent power of Amazon. A lot of publishers have even responded against Amazon as they cannot supply their books at so low prices. With Amazon selling around 85% of self-published books, publishers became almost invisible. Simultaneously, consumers hold the belief that an author can go direct to his public, supporting that the distribution of free content accords with digital democracy, being less willing to pay for directly online content (app2). With such vibes being to the forefront, piracy and plagiarism raise dramatically. Plagiarism is stealing ideas without acknowledging the author, while piracy involves individuals distributing e-books for free or selling them at a lower price. The weird thing is that people do not feel that they do something illegal, as when a Goodreads poll (2018) asked 1,829 readers from where they buy their e-books, 20,94% of them answered that they pirate them.
Opportunities:
3.1 Opportunities in print:
*1: Open markets do not have any Government restrictions of imports and exports in an attempt to eliminate discrimination. The opposite of an open market is a closed market (protectionist market).
It is clear, that digitalization brought many changes in the publishing industry. It is worth mentioning, that it made everyone values physical books more as around 60 percent (app.4) of people prefer printed books instead of e-books (Linchpin, 2019). The ability to produce many outputs from one input developed precision of quantity and timing. That prompted the development of digital printing and the ability to print very few copies each time, even one. Print on demand allows publishers to take more risks in the industry, without making concerns about any financial losses. At the same time, consumers are not restricted to their choices, as one can go to a bookstore and order the book he wants even if it is out of stock. As Clark & Philips say (2008:123) ‘The Reversion of rights has become more complicated- print on Demand and the e-book means that a book need never go out of print.’ A single contract agreement offers to a publisher longevity, to publish a book in all formats, languages, and countries, even 70 years after the death of the author.
3.2 Opportunities in digital:
Digitalization offers publishers broad flexibility while allowing them to research their targeted audience being in this way more precise in what they offer. Publishers can reach authors much easier through blogs, social media accounts or websites, deciding by reading their work if the collaboration would be beneficial. In this way, no time is lost, reading a whole book of an untalented author, unable to bring any profit. Additionally, even if self-publishers increase, conscious authors seek guidance from publishers as it is more probable to become victims of piracy without the specialized knowledge of publishers, who handle the situation more professionally. The rising demand for e-books and kindles works out in benefit of the publishers as well, as people are less tempted to buy used books (app.5). Used textbooks are popular, especially among students, generating 35% of student’s sales. Though, publishers, sales rep or authors do not receive anything from sales of used textbooks. Additionally, raising e-book publishing welcomes new publishers and small firms to stand over the challenges due to the small overheads in comparison with traditional publishing.
Digitalization offers publishers broad flexibility while allowing them to research their targeted audience being in this way more precise in what they offer. Publishers can reach authors much easier through blogs, social media accounts or websites, deciding by reading their work if the collaboration would be beneficial. In this way, no time is lost, reading a whole book of an untalented author, unable to bring any profit. Additionally, even if self-publishers increase, conscious authors seek guidance from publishers as it is more probable to become victims of piracy without the specialized knowledge of publishers, who handle the situation more professionally. The rising demand for e-books and kindles works out in benefit of the publishers as well, as people are less tempted to buy used books (app.5). Used textbooks are popular, especially among students, generating 35% of student’s sales. Though, publishers, sales rep or authors do not receive anything from sales of used textbooks. Additionally, raising e-book publishing welcomes new publishers and small firms to stand over the challenges due to the small overheads in comparison with traditional publishing.
Conclusion:
Publishers must give more effort to sustain the literary quality together with marketing, distribution, and editing. They must fight piracy, plagiarism and at the same time, looking after their mental health due to the rejection they face from the public. Publishers are the film production in a movie, as people always applaud the actors. Although, contract longevity, technological tools, and rising demand for books in whatever format, allow publishers to continue struggling. People give more attention to knowledge as the annual revenues (app. 6) of books in the publishing industry keep growing during the last years. Positivity is the key, as everything changes and those who survive are those who can adapt, effortlessly, in the new circumstances
Publishers must give more effort to sustain the literary quality together with marketing, distribution, and editing. They must fight piracy, plagiarism and at the same time, looking after their mental health due to the rejection they face from the public. Publishers are the film production in a movie, as people always applaud the actors. Although, contract longevity, technological tools, and rising demand for books in whatever format, allow publishers to continue struggling. People give more attention to knowledge as the annual revenues (app. 6) of books in the publishing industry keep growing during the last years. Positivity is the key, as everything changes and those who survive are those who can adapt, effortlessly, in the new circumstances
5.0 Appendices:
Appendix 1:
Appendix 1:
Appendix 2
Appendix 3:
