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EMERGENCE OF E-BOOK AND ITS IMAPCT ON THE BOOK PUBLISHING INDUSTRY ▪ Nov 2015
Traditional book industry versus e-book: Analysis, Challenges and changes. - NOVEMBER 2015. P a g e | 1
Traditional book industry versus e-book: Analysis, Challenges and Changes
MBA Case Study Assessment
(Words count: 3288)
Author: Amine Belmejdoub
EMERGENCE OF E-BOOK AND ITS IMAPCT ON THE BOOK PUBLISHING INDUSTRY ▪ Nov 2015
Traditional book industry versus e-book: Analysis, Challenges and changes. - NOVEMBER 2015. P a g e | 2
Table of Contents
Table of content …………………………………………………………………………………………………ii
List of figures and tables ...….…………………………………………………………………………….……iii
Introduction ……………………………………………………………………………………………………..4
CHAPTER I - Analysis of Book Publishing industry prior to e-book revolution
1.1 Book Publishing Industry: Market & Product description ……………………………………5
1.2 Products related to another distinct industry …………………………………………………..5
1.3 Geographic scope of competition ………………………………….…………………………….5
CHAPTER II – Book Publishing Participants & Groups Segmentation (prior e-book)
2.1 Forces shaping the industry competition ……………………………………………………….6
2.2 Profitability level determinant …………………………………………………………………...9
2.3 Controlling forces of profitability ………………………………………………………………..10
2.4 Challenges faced by publishers …………………………………………………………………..10
CHAPTER III - Emergence of e-book
3.1 Impact of e-book on the industry structure …………………………………………………….11
3.2 New underpinning forces/constrains affecting publishers …………………………………...12
3.3 Book publishers’ positioning in the current e-book dominance ……………………………..13
3.4 SWOT analysis ………………………………….…………………………………………………14
CHAPTER IV – Strategic recommendations for publishers to adapt their business for the future…16
Conclusion ………………………………………………………………………………………………………18
References ……………………………………………………………………………………………………….19
Bibliography …………………………………………………………………………………………………….20
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List of Figures and Tables
Tables
1. Table 1: Main segment products and their substitutions
2. Table 2: Different forces cost per one book published
3. Table 3: New value proposition of e-book and e-reader
4.
Figures
1. Figure 1: Main challenges faced by publishers
2. Figure 2: Different players’ interactions before and after e-book
3. Figure 3: SWOT analysis for book publishers
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INTRODUCTION
The latest fad in the digital world is exponentially altering the books are written, read, sold
and perceived, book publishing professionals need to explore innovative ways to tackle new
challenges and keep up with the ever-changing dynamics of the industry. Consequently, yesterday’s
successful strategy might be today’s threatening issue. Rife technological breakthroughs have
substantially changed customer behaviours, impelled stiff competition and driven prices downwards
creating complexity and turbulence.
Faced to these major challenges occurring in many dimensions, manager and leaders must
be excellent in judging exactly where power lies to understand not only the strength of current
competitive position but also the strength of an expected position, as understanding where the
power lies coupled with taking advantage of the company’s strengths can help improve the firm’s
weakness and avoid taking any wrong steps.
Managers needs to “integrate, build, and reconfigure internal and external competencies to
address rapidly changing environments” (Teece, Pisano and Shuen 1997: 516) leading to become
the new source of competitive advantage.
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CHAPTER I - Analysis of Book Publishing industry prior to e-book revolution
1.1 Book Publishing Industry: Market & Products description
Book publishing industry in the US is considered as significantly segmented market
encompassing two main sections; Education segment that comprises college; elementary and high
school (K12 or El-Hi). The industry accounts 87000 book publishers and reflects a stable average of
net book sales of $24 million along with an average of 277 428 new books and edition published as
of the period ranging from 2004-2009. Publishers market initially hardcover books which generate
more profitable revenue and profit, followed by mass market paperbacks.
1.2 Products related to another distinct industry
The publishing process of books depends to a large extent on other industries that are part
and parcel of the book production. The main industries namely; Paper manufacturer supplying
different quality of paper depending on every book requirement, Hardcover books for instance
require a superior quality of paper than a traditional paperback, thus reflected in the price of every
book type. In addition to the printing service which abides by different rules such as long-run
printing process that requires a minimum of print-run, usually 500,000 copies for paperbacks and
from 5000 to 75000 copies for hardcovers.
1.3 Geographic scope of competition
Education and trade segments differ in terms of target markets and guidelines, the first
segment covers education providers such as primary and elementary schools, it works by adoption
system which represents an average of 49% of total textbook sales for the period from 2004-2009, or
open territory system representing 51% of total textbook sales for the same period. The education
segment is geared towards driving publishers to compete at a national scale. Whilst the trade
market could be considered for competition at a national and international scale since most of
publishers actually have their own subsidies internationally.
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CHAPTER II – Book Publishing Participants & Groups Segmentation (prior e-book)
2.1 Forces shaping the industry competition
Competitive Rivalry
Rivalry between publishers hinges principally on titles, services and prices, however, the
price factor, albeit important for consumers, the majority of publishers set high prices for hardcover
copies when first published, This is true if considering the ‘windowing’ strategy dictating identical
tactics used by publishers to generate most profit out of hardcovers before releasing paperback
copies. In reality, it could take up to one year or more to release paperbacks if the hardcover copy is
still selling well. This may increase the buyer sensitivity over time leading to seeking low-cost
alternatives or open up doors for new companies to fulfil the customers’ needs.
While rivalry for K12 and EI-Hi axes on the quality and compliance of material to strict
guidelines dictated by educations providers. This segment remains uncertain in terms of rewards
guaranteed until the selection of publisher textbooks and materials.
Competitive advantage for various book publishers in the trade segment is mostly ossified
by acquiring the rights to authors’ manuscript which typically means hardcover, paperback, audio
and electronic format.
Buyer Power
Publishers customarily sell their books to different market buyers; the retail market
represents the major part by 35% sourced by wholesalers, it includes chain and independent book
stores and non-bookstores retailers, followed by direct consumers’ sale representing 20% (online,
mail order and book clubs), college bookstores 17%, schools 15 % and public libraries 10%.
Significant buyer for the publisher is primarily the wholesaler benefiting from 50% discount
price from the publisher for sourcing to retailers such as Barnes & Noble, Borders and book-a-
million in addition to independent retailers that represent 55% of the retail market and reached
over 60% of American adults in 2009 most of whom purchased a paperback or hardcover titles,
besides large and small speciality chains.
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By contrast, the wholesaler’s power remains limited to 35% market sourcing, whilst
publisher source 65% of the markets comprised of direct to consumer’s sales, Colleges, Schools,
public libraries and others. However, handling wholesalers serving 35% of the market might induce
them dictating their own terms and negotiating better profit margins. This is exemplified by
publishers halving their gross profit with wholesalers. No salient costs of switching appear for both
wholesaler and end users if they are to switch to another publisher, nevertheless there are no
alternatives to shift to other publishers for a specific title due to copyrights encompassing all title’s
formats.
Supplier Power:
The Book industry depends substantially on three main key input suppliers; Authors, paper
and printing suppliers; Author’s popularity is pivotal to the book success, they can represent a
competitive advantage that alleviates the cost of marketing and publicity for publishers and harvest
important sale volumes, they are paid in advance for the manuscript, their royalties represent 30%
for each book sold by the publisher. They operate via agent who takes up 15% on author advance
and royalty payments. Author’s power remains controlled as selling the manuscript represents
selling the rights to publishers who will be sole owners.
Paper supplier with whom publishers enter usually into multiple-years contract source low-
quality paper used for paperbacks, higher quality paper grade used for hardcovers and larger page
size for a photography or art book. Choosing the paper supplier requires a careful consideration
from the publisher, this is elucidated by the sine-qua-non role of paper in book composition. Thus
paper suppliers could have significant effect in the production as a whole and on prices specifically.
Paper supplier might stand in a powerful position in the absence of formal contract with
publishers, they might use the unceasing and desperate need of the publisher to establish higher
prices and demanding conditions, but the contract effect manages the paper suppliers’ clouts under
pre –defined terms and conditions. Presumably supplier possess more than one sole paper supplier
as ceasing the supply will indubitably effect the production and ensuing huge losses.
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Equally important in the other hand is the printing service, dominated by four players
fulfilling the printing needs for paperback mass market with a minimum print run of 500,000 copies
and hardcovers typically with a minimum print run between 5000 to 75,000 thus entitling a scale
economy that lower the printing cost for publishers. Short-run printers also exist driving
downward the power of main players and making the industry more competitive, providing
plausible option for new market entrants that might loose on the absence of the scale economy but
possibly save from small-operation costs.
Threat of New Entry
In spite of the book publishing sector’s heavy chain, entry to business represents flimsy
barriers except (K12-El-Hi) segment, this is arguably related to the nature of the business which
allow newly established companies with moderated cash flow to viably start competing, this could
be attained by hiring the required staff, finding authors with negotiable advance instalments,
printers with the possibility of short-run book printing, paper suppliers and distributors. Perhaps
the most compelling evidence is that best-selling companies such as Doubleday with its book titled
‘The Lost Symbol’ realising over 5.5 million copies in 2009 and Grand Central company with its
books titled ‘The Last Song’, ‘Cross Country’ and ‘Sail’ who reached over 3.4 million copies sold in
2009 are not listed amongst top publishers, not to mention 87000 publishers that are within the
business. Conversely, new entrants may get involved in the book business at their risks and peril as
reward depends on controlling different factors to be able to generate descent profit, yet the reward
may not follow providing that only one title out of 5 is considered commercial success, and intense
rivalry may lead to drive down prices, shorten publishing time and elevate the cost of marketing.
Threat of Substitution
The table 2 below displays the main segment products altered by the ability of buyers to find
substitutions thus weakening publishers’ power.
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Table 1: Main segment products and their substitutions
2.1 Profitability level determinant
Book publisher’s profitability is shaped by the quantity of books sold for trade segment,
since the publisher’s profit on every book sold is 5% if selling through wholesalers who reach 35%
of the total market. Publishers’ direct sales by definition generate higher profit margins as it reaches
65% of the market (including college segment) with no potential intermediaries.
Moreover, Frontlist titles considered as publishers’ newest titles represent 60% but generate a profit
of only 20% due to high cost of marketing and high rate of return. Whilst backlist titles referring to
titles in their second or subsequent edition represent 25%-30% but with a profit of 80% since much
of the upfront cost were potentially covered in the initial edition of a book.
The windowing strategy strengthen publishers profit as it speculates on hardcover longer
publishing time to generate enough profits, then other formats are gradually released.
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2.3 Controlling forces of profitability
By probing the traditional book publishing financials, it appears that main three forces are
controlling the publisher’s profitability by 80% of every book sold. These are namely Wholesaler,
manuscript development and printing, and author royalty. Figures are illustrated in table 3 below.
Table 2: Different forces cost per book one book published
The above figures lend support to the claim that wholesalers are the major profitability controller if
a book is to be distributed through them, followed by author royalties, and manuscript printing and
development. This leads to deduce that publisher revenue in this scenario is only 5% by book sold.
2.4 Challenges faced by publishers
The Book industry’s overall performance remains unwavering with potentially interesting level of
profitability and average sales of $24 million for the years between 2004 and 2009. Publishers
gearshift the overall market sector through adopting the windowing strategy and controlling 65%
of direct sales, nonetheless the challenges publishers face remains in their ability to sustain their
profitability and competitiveness over the long-term under the non-traditional means that are
gaining wide currency since 2004 to surpass traditional books in 2009 by 168%. This is particularly
owed to the industry grappling to make title appear to the market in shorter periods, the evolving
low-cost printing that gave new life to methods such as reprints, public domain, and other on-
demand printed titles. This situation considered as a precursor to an important epoch that will
revolutionise the traditional book industry.
The exhibit 1 below further determines the main challenge faced by publishers;
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Figure 1: Main challenges faced by publishers
CHAPTER III - Emergence of e-book
3.1 Impact of e-book on the industry structure
The rapid uptake by e-book format lovers seems to take many established traditional book
publishing company by surprise, whilst publisher must have been aware of the extant of alternative
means at their infancy stage, book strategists were reluctant to point just how much of threat or
opportunity this new ways of reading books would have consequently threatening the current
organisation structure, as well as rendering obsolete a business model that had remained
unchanged for over fifty years.
E-book appearance starkly destabilised the environment, it has dissipated the traditional
value chain, although this seems negative, Movondo (1999) has shown that destabilisation in the
environment leads to heterogeneity in the business environment, thereby avoiding ‘me too’
strategies and encouraging differentiation.
Publisher's main challenges
Complex & heavy value chain enourmously slowing down the
book publishing process
Emergence of non-traditional printing due to
raise of low-cost digital printing
Inflexibility of the windowing strategy
Wholesalers higher profit margin at the
expense of publishers
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Publishers traditional strategy in a dynamic environment is ineffective as it lacks innovation,
creativity and originality leading to rigidity, thus the strategic success formulae becomes rapidly
obsolete and volatile (Conner, 1998) and competitors make strategies irrelevant by rewriting the
rules of the game (Fradette and michaud, 1998); this is mainly typified by publishers accepting to
cease the windowing strategy to release e-books simultaneously with the print version and
subsequently discussing new terms directly with retailers.
3.2 New underpinning forces/constrains affecting publishers
Publishers were the centrepiece in the in the book industry, their staged strategy
(windowing) and other factors controlled fostered publishers’ profitability for the short-to-medium
haul, However, different players in the industry are hardly trying to overturn the power balance
towards them by means of instigating novel technological advantages to nurture their consumer
base in order to be at the vanguard of the business and secure profitable return over the long-run.
Book retailers such as Amazon dealt with uncertainties of the book changing environment
with using a proactive approach which consist on shaping the environment, although it drove
Amazon to sell at loss of $3 per book but were strategically growing its base for the Kindle in order
to influence demand and reduce dependency on highly changing environmental conditions. As a
result Amazon accounted 80% of electronic book sales by the end of 2009.
Furthermore, publishers are ought to address the question of what could impede authors of
self-publishing their own titles and either propose directly an electronic copy in the internet at a
bargain price, or make use of new print technologies capable of producing small quantities at
affordable prices to make their own titles and market them directly in e-commerce websites.
Consequently, customers are reaping the benefits of the technological advancement
prevailing incredible capabilities of getting books in their hands at significantly low-cost.
Other new entrant companies such Apple, Sony and others followed the same path of
Amazon and created an avalanche of e-book readers offering even more sophisticated features
such as free/open source online book library, as one strategic framework for coping with turbulence
suggest that a firm must produce chaos through repeat innovation (Chakravanty, 1997).
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The illustration 2 below summarises the interactions between different players in the book
industry prior and upon e-book emergence.
Figure 2: Different players’ interactions before and after e-book
One can clearly infer that interactions prior to e-book were dominated principally by
publishers, whereas upon e-book emergence, interactions have amplified and the business
environment is changing. The wholesaler role has been dissipated and more emphasis is casted on
retailers, authors, buyers and print suppliers.
3.3 Book publishers’ positioning in the current e-book dominance
Proactive firms’ deferred profit strategy, their concentration on new product concepts
offering new value proposition, coupled with their adjusted yet effective business structure
outweighed book publisher performances and role in the book industry. Hence, one can say that
publisher’s role has diminished and is losing power under the e-book ascendency. The table 3
depicts the new value proposition offered by e-book and e-readers to customers and their eventual
advantages and drawbacks for publishers.
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Table 3: New value proposition offered of e-book and e-reader
3.4 SWOT analysis
The use of swot analysis in the figure 4 will serve as great tool to further determine the
publisher positioning in the e-book epoch and expound further challenges faced.
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Figure 3: SWOT analysis for book publishers
Swot analysis will be compared to the results of Porter Five forces to deduce consistent
strategic recommendations for book publishers by matching strengths to opportunities to gain
competitive advantage and convert threats and weaknesses into strengths and opportunities from
swot tool, and identifying forces constraining or underpinning profitability from the five forces
analysis to reshape the forces in publisher’s favour.
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CHAPTER IV – Strategic recommendations for publishers to adapt their business
for the future.
Organisations should be designed according to the demands of the situation (Randolph & Dess,
1984). Since any organisation function with a certain environment that affects it. The organisation
will also be influenced by environmental factors. Thus managers in the industry are ought to adopt
a broad differentiation strategy based on providing unique products and services that different
from those of competitors;
Managers should capitalise on their own online presence by way of building a strong
corporate website to market all their available book formats at once along with accompanied
products or services to the global market at competitive prices, since no value chain is involved
except delivery charges and other minor costs. This will eliminate the heavy value chain and
charges, and lowering the processing time, therefore removing wholesaler dependency and deal
with retailers at lower wholesale price, for instance at 25% discount.
Successively, depending on budget and finance capacity, publishers should consider
investing in their own e-reader and sell their e-books at competitive rate as an incentive for
customers to buy.
In addition, publishers should also consider acquiring their own printers to serve low-cost
and short run printing to cater for low-budget customers. The benefits of this strategy lie in the
following:
Come out on top of competitive rivalry
Reduce the threat of substitution
Eliminate wholesaler and print supplier’s power
Power to create a competitive concept that allows publishers to contribute their share to
shaking the market by releasing unremitting innovative e-reader with extra features and
larger storing capacities for instance;
Inflict barriers to entry to new businesses willing to enter the industry due to the R&D
investment involved;
Above average profit can be earned and demand for product/service will be less elastic.
Increasing the buyer’s perceived value
Give buyers a strong guarantee and show stand-behind own products. For example,
Publishers can offer more time warrantee for their device than the competition.
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Promote excellent results. Include several testimonials, success stories and references in the
marketing which will act as actual proof that the product or service are satisfying others’
needs and over-delivering on value;
List several benefits in the marketing as it gives people the impression of solving several
problems with the solution offered and is well worth the costs.
As the book industry becomes more dominated by digital means, it will become more complex
and unstable, then organic design becomes more essential. Management needs to consider the
followings;
Adopting a culture of change, adaptation & flexibility to react quickly to achieve an
advantage over competitors. They should adapt to change instead of reacting to change;
Staff that have to cope with environmental shocks as restricted by detailed perspective plan
(Glass, 1996). Low formalization is conductive to better satisfaction and more evolvement of
the member of the organisation. As such organisation with low formalisation tend to be
more adaptive, innovative and flexible.
Strategic decision should be based on goals set by top management, but planning details
should evolve from the environment.
Publishers should be regarded as being innovative, constantly changing and aggressively
entering new markets.
Leadership style should be open and democratic, with independent and entrepreneurial
action relying on self-control.
Managers should adopt a planning horizon of (3, 6, 12 months) that forces them to face
change regularly, this will proactively spark a positive attitude to risk and be aggressive in
order to lead and control the market.
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Conclusion
Recent research stressed the inter-relationship between an organisation and its environment
(Polonsky et al. 1999). Firms co-evolve with their environment and therefore are able to influence
the environment to a greater extent than previously thought (Brooks & Weatherson, 1997). Without
adaptiveness and development every business will face stagnation and eventually devolution and
bankruptcy. This is particularly applicable for book publishing industry that lied for so many years
on a sole iterative and rigid strategy.
Publishers that succeed in implementing a broad differentiation strategy can readily build a
solid and loyal customer base that will stabilise the company’s revenue and lessen the impact of
market uncertainties and downturn because of loyalty in good times and bad.
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