E-books: A New Chapter in Media Consumption
If you've waited in an airport, taken a train, or relaxed in a coffee shop over the last year, you've likely noticed the surge in popularity of e-readers and e-books. From revolutionizing the publishing industry to forcing Barnes and Noble to go up for sale, e-books are having a big impact. This month, we'll explore how e-books are changing the ways we consume media and what opportunities exist in this market.
The Technology
The concept of e-books isn't new per se, but our ability to easily carry them with us and read them is. Google launched Google Books back in 2004 and began indexing scanned versions of books. But it wasn't until Amazon's introduction of the Kindle in late 2007 that a device began providing users with the ability to easily carry and store e-books. The Kindle introduced electronic paper to the masses, a technology designed to mimic the appearance of ordinary ink and paper, avoiding the straining of the eyes that normally results from reading off of screens. Suddenly, e-books became a viable option. The latest version of the Kindle uses Wispersync technology to allow users to access their e-books from iPhones, iPads, Computers, Android devices, and BlackBerrys as well. And of course, there's the iPad. Released this past April, the iPad acts as a touch screen e-reader (although it does not use electronic paper) in addition to allowing users to access the web and utilize thousands of applications. As the technology of e-readers has evolved, more and more publishers have begun to make e-books and interactive applications available for e-readers, which are being adopted at increasingly fast rates.
Beyond Books
The iPad has provided publishers with the chance to offer readers more than text and create interactive books and learning applications. In May, 2010, Wired introduced an iPad edition of its monthly magazine, complete with animated graphics and embedded video. This not only presents opportunities for publishers, but for advertisers as well. Advertisers including General Electric and Fidelity Investments placed premium ads in Wired's first iPad issue, featuring video and slideshows. The iPad has also opened up especially exciting opportunities in the world of children's publishing. Disney has released numerous e-book applications through its Disney Digital Books initiative, which allow young readers to draw, play games and music, and highlight words within e-books on the iPad. Other applications, like abc PocketPhonics help teach kids how to read and write on the iPad as well.
The Perks
There are a variety of benefits to e-books including portability, cost, environmentally friendliness, and more. Perhaps the most obvious benefit is that users can easily carry their libraries of e-books with them anywhere on their e-readers. Through wireless connections users can also browse and downloads books instantly, which is a plus for both users and publishers, since some analysts believe this increases e-book sales. E-books also save publishers a great deal of money by bypassing the print production and distribution process and this cost savings is passed on to consumers. For those concerned about the environment, e-books also offer a green alternative to printed materials, eliminating paper usage and the physical delivery process. Finally e-books make knowledge and information more accessible to people. Books in the public domain are available free of charge through Google Books, Amazon's Kindle store, and the iTunes store. Additionally, the One Laptop Per Child initiative, which oversees the creation of affordable electronics for use in the developing world, expects to release a $75 e-reader by 2012. This will allow underprivileged children the chance to learn to read and access more information and opportunities through e-books.
The Concerns
While there are many clear benefits to e-books, there are concerns as well. E-books represent a new business model for publishers and distributors. While some publishers have been quick to embrace e-readers and create content for them, others have expressed concern. Random House, the world's largest English-language book publisher has chosen not to sell e-books for the iPad, citing that Apple requires publishers to set books' selling prices. This changes the traditional model, in which the retailer sets sale prices, something that Random House finds concerning.
Publishers, retailers, and readers are also concerned about the future of printed books. In early August, the world's largest book retailer, Barnes & Noble announced that it was 'exploring strategic alternatives, including the possible sale of the company,' admitting that competition from e-books has been a contributor to the store's troubles. While experts don't expect that printed books will completely disappear, it is possible that if e-book sales increase while print book sales decrease, that it may no longer be financially feasible to print less popular books. So in addition to economic concerns about the publishing industry, some readers and retailers are concerned about the availability of printed books in the future.
What It Means for You
E-books and e-readers present a world of possibilities and challenges in terms of education, accessibility, sustainability, and revolutionizing the publishing industry. They also may mean something for your business. For one thing, e-readers can be used as a tool for more easily sharing and carrying documents, notes, and presentations. If your company's target audience is using e-readers, they may also prefer to access whitepapers, video, or podcasts that way and it may be worth your effort to make sure that the media available on your website is also available through e-readers. E-books and e-readers are quickly changing the media landscape, and it will be important for publishers, retailers, and marketers alike to watch trends and remain agile as this landscape evolves.