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Dear Publishing Companies:
Your industry is dying, but you are still in denial. Let me help you. The cost of making and distributing an e-book is something small for the first one and BASICALLY NOTHING for every one after that. In economics, we say the marginal cost is zero. You can’t reasonably expect people to pay $15.99, $17.99 or $24.99 when we know your marginal cost is zero. Moreover, we know you know we know, and that just PISSES US OFF.
If your industry were just greedy and in denial like the recording industry or the broadcasting industry, I would shake my head and wonder, but I wouldn’t have to call you idiotic as well. Here’s the difference between those industries and yours: people still watch TV and listen to music, but reading is a dying pastime. It makes me want to cry, but it’s true. Americans aren’t, what’s the word, readers. Some statistics:
- 1/3 of high school graduates never read another book for the rest of their lives.
- 42 percent of college graduates never read another book after college.
- 80 percent of U.S. families did not buy or read a book last year.
And my favorite: Each day in the U.S., people spend 4 hours watching TV, 3 hours listening to the radio and 14 minutes reading magazines.
So, while you are acting high and mighty resisting a pricing cut for e-books to $9.99 and talking about how it should come after the hardback but before the paperback, realize IT’S ALL A PIPE DREAM. It won’t be long before all books are e-books. GET ON BOARD ALREADY. How could you miss this trend? Do you see people using a yellow pages anymore? No, and it won’t be long before they give up anything bound as well. Basically, you’re hosed. Either be the change or get ready to go down with the ship, because even a monkey can disrupt an industry with economics as backwards as yours.
Truly,
The Thin Population of Readers You Still Cling to for Revenue
