While we are curious about what you’re reading these days, we’re particularly curious about how you’re reading. Online? In print? On the Kindle?
It’s a question that percolated this week as local newspapers came under pressure and Amazon released the latest version of its digital e-reader, the Kindle.
A rough week for newspapers
The demise of newspapers has been a sad reality for some time, but the recession seems to have tipped some that were holding on over the edge.
Declining print readership and falling revenues forced Denver's Rocky Mountain News to publish its last paper on Friday, caused the San Francisco Chronicle to say it may fold, and put the Philadelphia Inquirer into bankruptcy. All this seemed to drive home the obvious point that more people consume news online: readership on news sites grew 12% last year.
A rough week for books
The release of Amazon's Kindle 2 this week seemed to stir up another round of questions and commentary about the future of the book. There are now a number of e-readers on the market, and that combined with competition from resellers offering better deals and audible books available for download on iPods and computers, the publishing world is certainly suffering.
Hard-cover adult book sales fell 13% last year, and Borders is struggling to save its business—the company’s stock has fallen from $8 a share in September to 58 cents. Independent book stores are closing across the country.
Meanwhile Amazon’s Kindle sold out before the holidays and there was a waiting list for the new version (post Oprah mention). Kindle 2 costs $359 and lets you wirelessly download books and newspapers on the 10.2 ounce digital e-reader, which the company says is lighter than most paperbacks.
Clearly the publishing world is concerned. The Authors Guild took Amazon to task this week over one of the new Kindle features, a capability called “read-to-me” that enables the device to read a book to you out loud, albeit in the voice of a computer. The guild says it gets royalties for books on tape but not from “read-to-me,” adding to the publishing world's despair.
The big picture
About 32 million Americans are considered illiterate according to a recent study, so maybe we should focus less on new media killing old media and just be glad that people are reading and facilitate ways that encourage more of it. And while it's sad to lose businesses that employ a lot of people, there's clearly a shift taking place in information consumption—one that isn't over—and one that requires companies to adapt their business models, quickly. Speaking of which, in an effort to improve our model we'd like to hear from you. Will you take our short survey and help us figure out how to better serve your information needs? Thank you!
I'm waiting for the price of the Kindle to come down. It feels like a $350 tax on reading electronically. PDA's, Laptops, and computers, aren't as easy to use as a book.
Posted by: Ron | February 28, 2009 at 08:07 AM
This is a really well written post on this topic of the future of print publishing from the author of "Here Comes Everybody: The Power of Organizing Without Organizations" - Newspapers and Thinking the Unthinkable
Posted by: Jeff | March 19, 2009 at 10:00 PM