In an earlier blog post, I took you step by step through my reasoning as I considered whether or not to turn my latest book, A Dawn Run Hot with Morning, into an e-book. (Click here to see the previous post.) The findings of a recent Bain & Company report add fuel to the debate and seem to point me in one distinct direction.
According to the October 2010 report, 15 - 20 % of the world's population in the US, Europe and Japan will own e-readers (e.g. a Kindle or a Nook) by 2015. Given that these projections are not huge, I might be content to continue to simply publish paper versions of my book. The idea that I publish paper only is made somewhat more attractive by the fact that the first wave of e-reader owners are men ages 20 - 35. I hope to reach this audience; my first book, Contemplating Eve, sold 75% of books to women ages 40 and up. I did not reach a younger audience likely due to the pricing of the book. (Click here to read the blog post on this topic.) An e-book, given its low pricing, might provide just the right opportunity to reach a wider audience.
That said, according to the report, people who read voraciously do maintain their attachment to paper books. So, am I smart or am I complacent not to publish an e-book? According to Bain & Company, much is at stake for publishers and authors with the "migration to digital publishing". With the rise of virtual distributors like Amazon, profits are being redistributed, roles are reversing and there is an “evolution” in the way content is being created.
The reality is that the winds of change are blowing swiftly through the publishing world. Although the changes will not cause an industry-wide shock the way the introduction of digital formats did to the music industry, publishing has little time to prepare for the demand. The migration is important to the publishing industry because e-books will represent 20 - 28% of profits in the medium-to long-term.
While best-selling authors gain bargaining power and can earn an increased share of the profits, Bain & Company notes that emerging writers should find a publisher to handle marketing until the author's brand is established. At that point, the author could become a free agent, much like Paulo Cuelho, who recently gave exclusive distribution rights for international online sales of 17 of his last books to Amazon.
As for me, I'm moving in the direction of an e-book. And while it would be nice to have an expert to manage the many facets of marketing necessary for stellar book sales, that prospect is not on the radar at the moment. Publishing an e-book continues to be something that I research. I continue to grow my fan base through this blog, through Twitter and with my Facebook page. Next is a migration to an e-book.
Tell me your thoughts. Do you own an e-reader? Which would you prefer to purchase, the $2.99 e-book version of A Dawn Run Hot with Morning or the $9.99 paper version?
