The document discusses Chris Anderson's theory of the "Long Tail", which proposes that as the costs of production and distribution decrease, especially online, niche products and services that appeal to smaller audiences can become economically attractive like mainstream products. It provides examples of how this applies to book publishing and retailing, as well as challenges such as how niche interest products can get published and marketed. The document also speculates on potential future applications of long tail theory such as personalized computer-generated stories and virtual reality environments.