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The traditional book publishing business has been slow to respond to changes within the industry. The growing popularity of ebooks and digital self-publishing are threatening their business. For years, the major book publishers have effectively outsourced their innovation to companies like Amazon and Apple. In order to remain competitive, they must revisit their business model to create a lower-cost lower-overhead model that focuses on simplicity, convenience, and accessibility. This paper reviews how the technology behind ebooks has evolved since the 1970s and makes several recommendations as to how book publishers can respond to this disruptive innovation.

The traditional book publishing business has been slow to respond to changes within the industry. The growing popularity of ebooks and digital self-publishing are threatening their business. For years, the major book publishers have effectively outsourced their innovation to companies like Amazon and Apple. In order to remain competitive, they must revisit their business model to create a lower-cost lower-overhead model that focuses on simplicity, convenience, and accessibility. This paper reviews how the technology behind ebooks has evolved since the 1970s and makes several recommendations as to how book publishers can respond to this disruptive innovation.

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Disruption Innovation of Traditional Book Publishers

  1. 1. Running Head: DISRUPTION OF TRADITIONAL BOOK PUBLISHERS The Disruption of Traditional Book Publishers Benjamin S Cheeks International School of Management, Paris, France Author Note This paper was submitted to fulfill the requirements of 7039-DSIN – Disruptive Innovation. I would like to thank Dr. Pezzuto Ivo and my fellow ISM doctoral students for making the class an interactive and successful learning environment. Correspondence concerning this article should be addressed to Benjamin S. Cheeks. Email: bencheeks@hotmail.com
  2. 2. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 2 Abstract The traditional book publishing business has been slow to respond to changes within the industry. The growing popularity of ebooks and digital self-publishing are threatening their business. For years, the major book publishers have effectively outsourced their innovation to companies like Amazon and Apple. In order to remain competitive, they must revisit their business model to create a lower-cost lower-overhead model that focuses on simplicity, convenience, and accessibility. This paper reviews how the technology behind ebooks has evolved since the 1970s and makes several recommendations as to how book publishers can respond to this disruptive innovation. Keywords: disruptive innovation, book publishing, ebooks
  3. 3. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 3 Introduction For the past 200 years, the book publishing has been a static and predictable process. Publishers select manuscripts. These manuscripts are edited, set into type, and a well- produced hardcover printed. These books would be housed in a publisher’s warehouse until they were sold on consignment through retail bookstores. A year after the release of the hardcover copy, the less expensive paperback version would be released. The growing popularity of ebooks and digital self-publishing are threatening this tradition and ultimately publishers’ business. For years, the major book publishers have effectively outsourced their innovation to companies like Amazon and Apple. Since the release of the first Kindle e-reader in 2007, sales of ebooks has surged. By 2011, just four short years after its release, ebooks sales surpassed physical book sales on Amazon. Released simultaneously to the Kindle, Kindle Direct Publishing (KDP) is an online platform that provides authors and small publishers the tools required to publish books of their own. By 2015, self-published and Amazon published ebooks gained a larger share of Amazon’s ebook market than that of the Big 5 book publishers. This is significant when you realize that Amazon controls 75% of the ebook market in the US. These technologies are disrupting the traditional book publishing business. In order to remain competitive, they must revisit their business model to create a lower-cost lower- overhead model that focuses on simplicity, convenience, and accessibility. The potential for technology to change how we create, sell, and consume books is unlimited, and how the industry adapts to these challenges will be the key to its survival. Disruptive Innovation The concept of disruptive technology was first introduced by Clayton Christensen (1997) in his book The Innovator’s Dilemma. In his research, Christensen found that industries can be disrupted even if they are following good business principles such as listening to customers and providing products that appeal to broader markets or higher tiers
  4. 4. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 4 of existing markets. In other words, doing what they are trained to do, they are paving the way for their own disruption. This is ultimately the innovator’s dilemma. Christensen identified two types of disruption that can be represented in a three- dimensional graph. The first two dimensions are time and performance. At first, entrant companies establish themselves in lower ends of the market introducing new and often inferior products. Christensen refers to these as low-end disruptions. The third dimension is represented as a third axis, as shown in Figure 1. This third axis represents new contexts of consumption and competition as new value networks are created. Christensen refers to these as new-market disruptions. A distinguishing feature of new-market disruptive technologies is that they typically enable a broader population of less-skilled or less-wealthy people to do something that once required the services of a specialist. In other words, they enable “nonconsumers” to solve pressing problems. Figure 1: The three dimensions of the disruption model showing low-end disruption and new-market disruption (Christensen & Raynor, 2003). Low-End Disruptions. Low-end disruptions attack the least profitable section of the customer market. These products are often inferior to the mainstream products, but they tend to be simpler and more affordable to own. These products are often ignored by the incumbent as they seen as inferior and they do not threaten their core market. However,
  5. 5. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 5 rapid advances in technology can quickly push these products into the mainstream (see Table 1 for a summary of the technical advances described below). Many people believe that the path toward ebooks started with the Kindle. However, as with many of today’s disruptive technologies, it was the Internet, that paved the road for electronic books Key technical advances that led to the success of ebooks. Ebooks were introduced in 1971 by Michael Hart as a part of Project Gutenberg. Hart’s vision was to create electronic versions of literary works and disseminate them worldwide. At first, the books in Project Gutenberg were only those available from the public domain. They were created using the low set of ASCII - called Plain Vanilla ASCII – in order to be read on any hardware and software. Books were created as continuous text files without pages or chapters. Caps were used for terms in italic, bold, or underlined of the print version. Hart and volunteers personally typed the books into the computer and made them freely available (Lebert, 2009). Needless to say, the publishers likely did not take notice of Project Gutenberg and ebooks except to protect their copyrights. However, technological advances continued. With the invention of the World Wide Web in 1989-1990 and web browsers in 1993, readers had an easy channel to find and download ebooks to be read on their computers. In 1993, Adobe introduced the PDF (Portable Document Format) and the free Adobe Reader. Now ebook creators had a professional format to create and share information. In 1995, Jeff Bezos launched Amazon.com as an online bookstore. At this point, Amazon.com was viewed by the publishers as just another retail channel. In 2000, the Mobipocket reader was introduced. From April 2002, the Mobipocket format and the Mobipocket Reader could be used on any PDA and on any computer. It quickly became global standards for ebooks on mobile devices. Lebert (2009) calls 2003 the turning point for ebooks. By this time, more and more books were being sold in print and digital formats. Thousands of books, mostly best-sellers were sold as ebooks to be read on the ever expanding number of e-readers. At this time,
  6. 6. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 6 ebooks were either sold at the same price as the hardback or the release of the ebook version was delayed for up to one year from the release of the hardcopy. This practice was consistent with the process followed with paperback versions of the books. Publishers did this to maintain their margins. In 2007, Amazon released the original Kindle. The Kindle was launched with a catalog of roughly 90,000 ebooks, each priced at $9.99 or less. The screen used the E-Ink technology, a paper-like display technology with high brightness and contrast yet minimal power use (Wikipedia, 2016). Books were bought directly on the Amazon site and downloaded via the device's 3G wireless connection, with no need for a computer. The large storage capacity meant that now users could carry with them a full library of books in a device weighing less than one book. Upon launch, the Kindle sold out in less than six hours (Patel, 2007). 2010 brought the release of the iPad. The iPad brought to the table an impressive color display, a fancy bookshelf with iBooks and an easy to use interface. Users could also read ebooks that incorporated multimedia. In 2011, just 4 years after the release of the original Kindle, ebook sales exceeded physical book sales on Amazon. In the three-month period April 2010 to June 2010, Amazon sold 143 Kindle books for every 100 hardcover books, including hardcovers for which there is no Kindle edition. In June 2010, sales rose to 180 digital books for every 100 hardcover copies (Miller, 2010). Year Event Comment 1971 First Ebook available through Project Gutenberg Books were only those available from the public domain. They were created using the low set of ASCII - called Plain Vanilla ASCII in order for them to be read on any hardware and software. Books were created as continuous text files, with caps for the terms in italic, bold or underlined of the print version. 1989 - 1990 Invention of world wide web The invention of the world wide web created a channel through which ebooks such as those on Project Gutenberg could be accessed.
  7. 7. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 7 1993 First web browser introduced Web browsers made it easier for users to search for and find books. 1993 Adobe launched the PDF (Portable Document Format) with free Adobe Reader The PDF created a standard format where authors could publish their content in a customizable format and share that content with other users. 1995 Amazon.com launched by Jeff Bezos Amazon.com was launched as an online retailer selling physical books. It quickly became the largest bookstore in the world. 2000 Mobipocket Reader The Mobipocket format and the Mobipocket Reader could be used on any PDA and on any computer from April 2002. They quickly became global standards for ebooks on mobile devices. 2005 Amazon buys Mobipocket The Mobipocket format would be recognized as one of the standard formats for ebooks. The .mobi is still used by Kindle today. 2007 Amazon launches the Kindle The Kindle was launched with a catalog of 90,000 ebooks and new releases for US $9.99. The original kindle sold out in less than six hours. 580,000 Kindles were sold in 2008. 2010 Apple launches the iPad The iPad and the iBook store allowed readers to enjoy their ebooks on a dynamic full-color display. It also allowed for the integration of multi-media with the text. 2010 Ebooks sales outnumber print sales on Amazon Ebook sales exceed physical book sales on Amazon. Table 1: Key events that led ebooks to become a disruptive technology. The response of the publishers. With the release of the Kindle in 2007, the publishers were happy with outsourcing their innovation to Amazon. Publishers had seen the revenue to the music industry drop dramatically with the advent of digital technology and were happy that book publishing had not gone through the same contraction. Amazon handed them a digital revenue stream and the publishers had to make little in the way of
  8. 8. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 8 investments in technology. However, publishers were never happy with Amazon’s $9.99 pricing. Stone (2013) calls Jeff Bezos’s $9.99 price point a “gut decision” priced after Apple’s $0.99 price for a music single. Publishers were worried that this pricing would undercut the pricing of the print books and reduce the value of the product in the eyes of the consumer. The publishers took a different approach with Apple. Instead of allowing Apple to set the prices of ebooks, the publishers and Apple went with an agency model that allowed the publishers to set the prices. Unsurprisingly, this led to higher prices of ebooks in the iTunes store. It also led to a guilty verdict for Apple, claiming that Apple colluded with publishers to artificially inflate prices. The publisher demonstrated a strong desire to maintain the existing favorable price structure for books. The inflated prices for the ebooks allowed them to “milk” the market for high-priced hardcover versions of new novels before eventually releasing cheaper versions. Ingram (2015), reporting research by the US Justice Department, shows the price of a newly released book rose by an average of 24% with some best-sellers increasing by 40%. Recently the five remaining publishers have negotiated a similar agency model with Amazon allowing the publishers to set the price and Amazon to keep 30% of the revenue. Amazon has responded by adding a disclaimer stating “this price was set by the publisher” to the sales page of their website (Figure 2). Figure 2: Screenshot of amazon.com Sales Page highlighting the text “This price was set by the publisher”. Retrieved 2015, February 28, from http://www.amazon.com.
  9. 9. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 9 While it seems that in the short-term, Amazon has capitulated in terms of pricing, it remains to be seen how sustainable a pricing model can be that is based upon an alternative format. That Amazon Team (2014) argues on its website that higher ebook prices will lead to fewer ebooks sales and less revenue for the publishers and the authors. As ebooks become a larger part of a book publisher’s revenue stream, they now find themselves at the mercy of innovators such as Amazon and Apple and can only negotiate for a piece of the total revenue. New-Market Disruption. The publishing industry may have larger problems that determining the price to charge for ebooks. Concurrently with the Kindle, Amazon launched Kindle Direct Publishing (KDP). With this new service, authors could upload their ebook to the Kindle store and sell directly to consumers. The traditional book publishers were no longer the sole gate-keepers. Authors and small publishers now had access to sell their books on the largest bookstore in the world. KDP is one of several popular self-publishing services. Other services include lulu.com, CreateSpace (also owned by Amazon), Author House, and Outskirts Press. While self-publishing has always been an option for authors, the advent of these new platforms make it easier than ever for authors and small publishers to reach their markets. More books can be published as aspiring authors are able to by-pass the gatekeepers. Successful authors with a large following can now easily self-publish their novel and have access to the Amazon network. Books can be sold for less and the author can still make more money per book as they bypass the publisher cut. Digital self-publishing could be the greatest innovation to the book publishing industry since the invention of the printing press. The threat to traditional book publishers is real and can no longer be ignored. Recent data (Figure 2) published by authorearnings.com shows indie and amazon published titles are taking considerable ebook market share away from the Big Five Publishers.
  10. 10. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 10 Figure 3: Market Share of Ebook Unit Sales by Publisher Type 15 month trend: February 2014-September 2015. Reprinted from authorearnings.com, 2015, Retrieved from http://authorearnings.com/report/september-2015-author-earnings-report/. Used by permission under Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Digital self-publishing has all of the elements of a disruptive innovation as described in Figure 4. 1. Sophisticated technology that simplifies – self-publishing websites can assist an author with services such as editing, cover design, illustration, book reviews, and ISBN assignment. They can also help distribute your book through Amazon.com and other book selling sites. 2. Low-cost, innovative business model – authors only pay for the services they use. Once the book is published, authors do not have to share revenue as they would with a traditional publisher. 3. Economic coherent value network – self-publishing companies tend to have minimal in-house staff and outsources services to a group of freelancers. This provides them
  11. 11. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 11 with flexible offerings and lower overhead. They have relationships with major book sellers that can help ensure placement. Figure 4: Elements of disruptive innovation (Christensen, 2009).
  12. 12. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 12 Business Model Comparison. Using the business model canvas created by Osterwalder & Pigneur (2010), one can easily see the difference in the business model of a self-publishing company and a traditional publisher. The business model canvas – traditional book publishing. The traditional model is built upon a selection whereby publishers screen many authors and manuscripts to find those that are most likely to achieve the minimum sales targets. Key Partners • Content Providers / Authors • Book sellers Key Activities • Content creation and acquisition • Screening authors • Editing content • Book printing and distribution • Marketing Value Proposition • Great content • Well written • Relevant and entertaining to target market Finding the best authors and providing an avenue for their work. Customer Relationships • Community creation around books, authors, and subject matter Customer Segments • Many specific interest groups Key Resources • Great content • Relationship with authors • Great marketing Channels • Brick and Mortar Bookstores • Independent and large retailers • Online Bookstores • Big Box Retailers Cost Structure • Content acquisition and editing • Marketing • Printing • Distribution and storage • Content usage fees Revenue Streams • Retail sales (online and brick and mortar) • Highest margin products are hardcover books • Subscription and book club sales
  13. 13. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 13 The business model canvas – digital book publishing. The digital model is built upon the idea of helping niche and amateur authors bring their work to market. It eliminates traditional entry barriers by providing authors the tools to craft, print, and distribute their work through an online marketplace without regard to sales targets. Key Partners • Content Providers / Authors • Book sellers • Freelance providers of key services Key Activities • Providing authors with tools and resources to create and distribute their work Value Proposition • Customizable platform • Pay for only those services you need. • Print-on- Demand services available. . Customer Relationships • Community of service providers to help you create your content Customer Segments • Niche authors • Amateur authors • Authors rejected by large publishing houses • Authors with their own following that do not need the backing of a publishing house Key Resources • Team of freelancers Channels • Primarily online bookstores, but many can help you get placement in brick and mortar stores Cost Structure • Cost to maintain their platform • Cost of freelancers – variable and flexible Revenue Streams • Fees paid by authors How should book publishers respond? Venture Consulting (2015) lists seven traits that companies must have to create or respond to disruptive innovation. Many of these are applicable to the book publishing industry. Recognize the Need for Change. The first is to recognize the need for change. Book publishers must accept the fact that their current business model will no longer deliver the value it once did. Artificially inflating prices, merging with competitors or suing other companies with new technologies is not a long-term path to success. Behave like Start-ups. The second trait is that disruptors behave like start-ups. There are barriers to innovation everywhere in the corporate structure. Teams must be created outside of the core operation. These teams must be given sufficient resources, autonomy, and room to fail as they try new things and investigate new technologies.
  14. 14. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 14 Be Customer Centric. The third trait is that successful disruptors must be customer centric. Christensen (2007) believes the jobs concept to be the most intellectual contribution of The Innovator’s Solution. This concept states that “customers don’t buy products or services. They hire them to get jobs done in their lives.” The concept suggests that companies have the greatest chance of success when they innovate to address an important, unsatisfied customer job. Publishers must enhance and refine their organizational and management skills, and re-assess their capabilities and their relationships with other industry stakeholders, not the least with readers. In doing so, they must create a lower-cost lower-overhead model that focuses on simplicity, convenience, and accessibility. As shown in Figure 5, instead of a value stream, book publishers must create a value web of services around the author and the reading public. They must embrace the power of new technology to engage the reader in new experiences. The publishers must remember that they are not just competing with other publishers, but they are competing for their customer’s time from an ever growing number of sources. Figure 5: The value stream versus the value web model for book publishers (Overdorf & Barragree, 2001).
  15. 15. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 15 Some Recommended Actions Create Digital as a Separate Company. In her interview with Clark Gilbert, a contemporary of Clayton Christensen, Levitz (2013) states that only 9% of disrupted companies recover. Of these, 100% created a separate unit to take on the disruption. Book publishers should establish new groups outside of the organization and give them the authority, the resources, and the training to take advantage of the ever evolving technology. This group should be populated with digital natives who are experts in technology. It’s time the publishers stopped outsourcing innovation to Amazon and Apple and start developing their own technology. Learn from the successful self-published authors. Many of the self-published authors are masters at social media and building a fan following their work. After being rejected by agents and publishers, Andy Wier released his novel The Martian chapter by chapter on his website for free. At the request of his fans, he self-published the Kindle version and sold it for $0.99 on Amazon where he sold 35,000 copies in three months and started to attract the attention of publishers (Alter, 2014). New authors are using online tools and technology to create story-telling platforms as they look for new sources of revenue outside of the traditional selling of books. Use the Power of the Crowd. Create communities of interest online and give away sample chapters for free. Focus on features such as interactivity to provide easy ways for people to share their favorite authors with their friends and followers. This will amplify the reach and potential engagement with the content. This can help reduce some of the risk involved in publishing a new author or to a niche market. This will also help create a better connection between the publisher and the reading public. Utilize the Power of Technology to Create a Deeper Experience for the Reader. Digital books allow for a richer experience for the reader. For the most part, the digital content is the same content as in the print editions. Publishers should utilize their resources to help authors create a richer experience for their readers by incorporating multi-media into the material or direct links to supporting material on the Internet. Imagine reading a book
  16. 16. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 16 like The Da Vinci Code by Dan Brown on your e-reader and have the ability to link to images of the paintings and churches he described. Provide additional puzzles, riddles, and games for readers to play. Get Closer to the Reading Public. Publishers need to increase their level of understanding of their market. This means understanding the reader as well as the retailers. Currently, Amazon and Apple know more about the reader than do the publishers. Losing touch with the end consumer of your product can be fatal to your business. For years, cell phone manufacturers such as Motorola and Nokia dominated the market, but they lost touch with the consumer and were making phones that the phone companies wanted. Apple made the phone the consumer wanted and Motorola and Nokia were unable to survive. Publishers must gain a better understanding of how customers are consuming their content and want to consume content. In other words, publishers must go where their customers are going. More people are reading books on their smartphones. Publishers must experiment with different formats and ways of delivering data that take advantage of the way consumers are using their phones. For example, send an Instagram message with the next two paragraphs of the book I’m reading. Make it easier for me to read in bite sized chunks. Sell the Ebook and Physical Book Together. One appeal of ebooks is that the reader has instant access to the content. Ordering a physical book on Amazon will take at least a day or two depending upon your location. To satisfy consumer’s need for instant gratification, For select titles, Amazon began offering the opportunity to download the ebook version of the book they purchased so that they could begin reading immediately on their kindle rather than waiting for the book to arrive.
  17. 17. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 17 Conclusion From its humble beginnings as unformatted ASCII text typed into a computer to multimedia works read on an iPad, ebooks and digital self-publishing are disrupting the traditional book publishing industry. Book publishers only have to look across the aisle at their peers in the music business to see how quickly digital innovations can disrupt your industry. The capabilities and processes that made book publishers successful in the past can be barriers in the future. Instead of working to preserve the existing system, business leaders must see their industry differently. Business models must change. Legacy costs must be reduced and new, more flexible cost structures put in place. This paper made several recommendations for actions that book publishers could take to address the threats facing them. Most critical among them was the idea of creating a separate venture to lead their digital initiatives. These ventures must have the resources, autonomy, and skills they need to success. They must be given the freedom to experiment with different technologies and ways of doing business. They must have the ability to search for new revenue streams outside of the traditional book retailing. Very few industries survive disruptions of this nature, and of those that do, most did so through the creation of new ventures. How people consume content is changing rapidly and the book publishers still have time to act, if they do so quickly. The potential for technology to change how we create, sell, and consume books is unlimited, and how the industry adapts to these challenges will be the key to its survival.
  18. 18. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 18 References Abbruzzese, J., & Nelson, K. (2014, July 30). How Amazon brought publishing to its knees — and why authors might be next. Retrieved from http://mashable.com/2014/07/30/amazon-has-killed-publishers-they-just-dont- know-it-yet/#5Cgo1uSYtZq1 Alter, A. (2014, February 14). A survival guide to mars. Wall Street Journal [New York]. Retrieved from http://www.wsj.com/news/articles/SB1000142405270230455880457937516146167 1196 Amazon Team. (2014, July 29). Customer Discussions: Update re: Amazon/Hachette Business Interruption. Retrieved from http://www.amazon.com/forum/kindle/ref=cm_cd_tfp_ef_tft_tp?_encoding=UTF 8&cdForum=Fx1D7SY3BVSESG&cdThread=Tx3J0JKSSUIRCMT Author Earnings. (2015, September). September 2015 author earnings report. Retrieved from http://authorearnings.com/report/september-2015-author-earnings-report/ Charman-Anderson, S. (2013, October 24). Disruption 101 for self-publishers. Forbes. Retrieved from http://www.forbes.com/sites/suwcharmananderson/2013/10/24/disruption-101- for-self-publishers/#726b62b53f76 Christensen, C. (2007). Disruption drives growth: Ten years after ‘The Innovator’s Dilemma'.Strategy & Innovation, 5(3), 1-20. Retrieved from http://www.innosight.com/ Christensen, C. M. (1997). The innovator's dilemma: When new technologies cause great firms to fail. Boston, MA: Harvard Business School Press.
  19. 19. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 19 Christensen, C. M., Grossman, J. H., & Hwang, J. (2009). The innovator's prescription: A disruptive solution for health care. Christensen, C. M., & Raynor, M. E. (2003). The innovator's solution: Creating and sustaining successful growth. Boston, MA: Harvard Business School Press. Cuddy, G. (2015, April 23). Book publishing’s digital disruption hasn’t even started. Retrieved from http://www.digitalbookworld.com/2015/publishings-digital- disruption-hasnt-even-started/ Edgecliffe-Johnson, A., & Hill, A. (2011, May 20). Amazon's electronic book sales beat print. Financial Times. Henry Ransom Center. (n.d.). Books before and after. Retrieved from http://www.hrc.utexas.edu/educator/modules/gutenberg/books/ Ingram, M. (2015, June 30). Apple's mistake was getting into bed with the book-publishing cartel. Retrieved from http://fortune.com/2015/06/30/apple-court-books/ Ingram, M. (2015, September 24). No, e-book sales are not falling, despite what publishers say. Retrieved from http://fortune.com/2015/09/24/ebook-sales/ Klein, N. (2013). New business models in book publishing: An analysis of start-ups and their strategies (Master's thesis, FOM University of Applied Sciences for Economics and Management, Frankfurt, Germany). Retrieved from https://www.academia.edu/6306101/New_business_models_in_book_publishing_ An_analysis_of_start-ups_and_their_strategies
  20. 20. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 20 Lebert, M. (2009). A short history of eBooks. Retrieved from ftp://ftp.pg.psnc.pl/pub/2/9/8/0/29801/29801-pdf.pdf Levitz, D. (2013, February 20). 6 principles Clark Gilbert used to transform Deseret News. Retrieved February 21, 2016, from https://www.americanpressinstitute.org/publications/reports/white-papers/6- principles-clark-gilbert-used-transform-deseret-news/ Miller, C. C. (2010, July 19). E-books top hardcovers at Amazon". The New York Times [New York]. Retrieved from http://www.nytimes.com/2010/07/20/technology/20kindle.html?_r=0 Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. Hoboken, NJ: Wiley & Sons. Overdorf, M., & Barragree, A. (2001). The impending disruption of the publishing industry. Publishing Research Quarterly, 17(3), 3-18. doi:10.1007/s12109-001-0027-y Patel, N. (2007, November 21). Kindle sells out in 5.5 hours. Retrieved from http://www.engadget.com/2007/11/21/kindle-sells-out-in-two-days/ Shirky, C. (2014, September 11). Amazon, publishers, and readers. Retrieved from https://medium.com/@cshirky/publishing-and-reading- 6a80139d13cc#.5upc5ismw Stone, B. (2013). The everything store: Jeff Bezos and the age of Amazon. Boston, MA: Little, Brown and Company. Tian, X., & Martin, B. (2009). Business Models in Digital Book Publishing: Some Insights from Australia. Publishing Research Quarterly, 25(2), 73-88. doi:10.1007/s12109- 009-9115-1
  21. 21. DISRUPTION OF TRADITIONAL BOOK PUBLISHERS Cheeks, Benjamin S. 21 Venture Consulting. (2015, August 7). 7 traits of successful disruptors in financial services [Web log post]. Retrieved from ventureconsulting.com/stage-5/blog/2015/08/07/7- traits-of-successful-disruptors-in-financial-services Wikipedia. (2016). E Ink. Retrieved February 29, 2016, from https://en.wikipedia.org/wiki/E_Ink Wilsoon, B., & Lucyk, J. (2012). A very brief history of the book-publishing industry. M. Stanski (Ed.). Zaroban, S. (2016, February 2). U.S. e-commerce grows 14.6% in 2015. Retrieved from https://www.internetretailer.com/2016/02/17/us-e-commerce-grows-146-2015

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