Monday 28 February 2011

Fascinating Article about the Emergence of eBook Bestsellers

Somewhat by chance I recently went to a debate about "New Technologies and its Implications on the Publishing Industry".  The discussion panel was made up of everything from social media experts to extreme skeptics - however, they all agreed that as consumers get increasingly accustomed with downloading content without paying, authors face an uncertain financial future.

Personally, I believe marketeers and their tools are becoming increasingly adept at monetizing content through alternative channels (e.g. ads, product placements and direct sales) and, in this type of mindshare economy, producers of content will be king.  And, authors will have a lucrative financial future ahead.

Interestingly, so far, it also seems that readers are happy to pay for their books.  In the below article (link), Business Insider covers Amanda Hocking, a 26-year old author, who sells her books directly on Amazon Kindle, and is making millions.  By cutting out the middle men and other costs associated with the traditional publishing industry, such as printing, Ms Hocking is able to sell her books for $3.  This in turn, enables her to sell a much higher volume - reportedly around 100,000 per month.

Clearly, people are still willing to pay for their books and authors who stay on top of new marketing trends will be able to profit very nicely.

http://www.businessinsider.com/amanda-hocking-2011-2

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