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Joseph Esposito: Stage Five Publishing

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Joseph Esposito: Stage Five Publishing

  1. 1. Stage Five Book Publishing AAUP Presentation Joseph J. Esposito CEO GiantChair June 18, 2010
  2. 2. Hope is the thing with feathers <ul><li>--Emily Dickinson </li></ul>
  3. 3. Topics <ul><li>What is sustainability? </li></ul><ul><li>The place of innovation </li></ul><ul><li>Tracking four key properties </li></ul><ul><li>The 5-stage typology </li></ul><ul><li>Red herrings </li></ul>
  4. 4. What is Sustainability, Anyway? <ul><ul><li>Is the current situation worth sustaining? </li></ul></ul><ul><ul><li>Sustainability and the status quo </li></ul></ul><ul><ul><li>Where is scholarly publishing going? </li></ul></ul><ul><ul><li>Create a picture of the future, and paint yourself in </li></ul></ul>
  5. 5. The Place of Innovation <ul><li>Looks to the future </li></ul><ul><li>Aligns a publisher with trends in the industry </li></ul><ul><li>Permits a publisher to get in on the ground floor </li></ul><ul><li>The “inevitability factor” </li></ul>
  6. 6. Tracking 4 Key Properties <ul><li>Venue (where are books sold?) </li></ul><ul><li>Medium (is the book in print or digital?) </li></ul><ul><li>Sales channels (is the book sold through middlemen or directly to consumers?) </li></ul><ul><li>Nature of offering (is the book sold by itself or as part of a broader marketing program?) </li></ul>
  7. 7. Stage 1 Book Publishing <ul><ul><li>The traditional model </li></ul></ul><ul><ul><li>Sold in bricks-and-mortar bookshops and to libraries </li></ul></ul><ul><ul><li>Print books </li></ul></ul><ul><ul><li>Sold through various resellers </li></ul></ul><ul><ul><li>Each book is a discrete entity </li></ul></ul><ul><ul><li>For virtually all publishers, whether scholarly or commercial, this is still the primary way books are published and sold </li></ul></ul>
  8. 8. Stage 1 Properties
  9. 9. Stage 2 <ul><ul><li>Advent of online bookselling (Amazon et al) </li></ul></ul><ul><ul><li>Most of the traditional model remains:  discrete products in print sold through resellers </li></ul></ul><ul><ul><li>Perhaps 25% or more of the scholarly book business today </li></ul></ul><ul><ul><li>Most publishers view online stores as they do physical stores </li></ul></ul><ul><ul><li>Important aspect of online bookselling is the new priority given to metadata to aid in the discovery of books </li></ul></ul>
  10. 10. Stage 2 Properties
  11. 11. Stage 3 <ul><ul><li>Advent--or the tipping point--of the ebook </li></ul></ul><ul><ul><li>Sold online; no meaningful bricks-and-mortar role </li></ul></ul><ul><ul><li>Still sold through intermediaries </li></ul></ul><ul><ul><li>Highly disruptive </li></ul></ul><ul><ul><li>Role of online discovery soars, increasing pressure on high-quality metadata and search-engine optimization </li></ul></ul><ul><ul><li>This is where the industry is now, but note that Stages 1 and 2 are still active and comprise the bulk of revenue </li></ul></ul>
  12. 12. Stage 3 Properties
  13. 13. Stage 4 <ul><ul><li>Emergence of direct marketing </li></ul></ul><ul><ul><li>Linked to SEO </li></ul></ul><ul><ul><li>Higher margins, better control of marketing </li></ul></ul><ul><ul><li>Dispenses with print, bricks and mortar, and resellers </li></ul></ul><ul><ul><li>  Collection of data about end-users </li></ul></ul>
  14. 14. Stage 4 Properties
  15. 15. Stage 5 <ul><ul><li>Just now on the horizon </li></ul></ul><ul><ul><li>Selling books by subscription </li></ul></ul><ul><ul><li>Reduces the cost of acquiring customers </li></ul></ul><ul><ul><li>Likely to take many different forms </li></ul></ul><ul><ul><li>The leaders for this stage have not yet emerged </li></ul></ul>
  16. 16. Some Reflections on Stage 5 <ul><ul><li>The music business is moving toward subscriptions </li></ul></ul><ul><ul><li>Multi-publisher aggregations are a short-term tactic </li></ul></ul><ul><ul><li>Likely to result in restructuring of presses </li></ul></ul>
  17. 17. Stages and Properties (summary)
  18. 18. And that has made all the difference --Robert Frost