Interviews from Digital Book World

Thomas Nelson Chairman & CEO Michael Hyatt (@MichaelHyatt) has included on his blog video interviews conducted at Digital Book World (@DigiBookWorld). Michael was interviewed on his perspective on social media, bundling, sharing, and the success of Thomas Nelson’s BookSneeze.com program. Other publishing executives interviewed were

  • Jane Friedman, Founder and CEO of Open Road Integrated Media (former CEO of HarperCollins)
  • Sarah Weinman, News Editor of Publishers Marketplace
  • Deborah Forte, president of Scholastic Media
  • Dominique Raccah, CEO of Sourcebooks
  • James McQuivey, VP and Principal Analyst of Forrester Research

See these interviews in full.

Will bookstores become extinct?

According to this article in Medill Reports, “analysts say retail bookstore chains will cease to exist as we know them, underperforming stores will close, and bookstore chains will be reduced to a few localized stores catering to specialized local needs.” It suggests bookstores may succeed if they “keep unique selections of books and providing social space to their local communities.”

Analysts say roles played by retailers, publishers, and authors will transform as ebooks gain a larger market share. However, it’s the retail bookstore chains that will be impacted the most.

“Retailers have rent, they have space and they have obligations. They can’t alter very quickly. So if the velocity of change continues at this pace, it’s going to put a lot of bookstores in jeopardy because they won’t be able to adapt fast enough to survive,” said Scott Lubeck, executive director of Book Industry Study Group Inc.

Read this article in full.

Meanwhile, Christian Retailing (@ChristianRetail) reports that CBA executive director Curtis Riskey is still working on an "ebook solution" for retailers.

"What we are looking at is how can we maintain the relationship with our core customer base, but also give them something that is unique and different -- which sets our Christian retail channel apart," Riskey says.

Read this article in full.

What ideas do you have to help bookstores keep their doors open?

Information Theory

Since the publishing industry is involved in the dissemination of information (also known as content), it’s now time for some real deep thinking (wow your friends with it at your next book launch party). Tim Manners (@timmanners) of Cool News of the Day (@cool_news) reports the following:

Information theory “proposes that reality is composed not of matter but of bits of information,” reports John Horgan in a Wall Street Journal review of The Information, by James Gleick (@JamesGleick). This is a mathematical theory of information, based on a 1948 paper by Claude Shannon, who was working for Bell Laboratories a the time. In it, Claude “gave information an almost magically precise, quantitative definition: The information in a message is inversely proportional to its probability. Random ‘noise’ is quite uniform; the more surprising a message, the more information it contains.”

Read this in full.

Why Amazon would be smart to give away the Kindle

Like giving away the razor to sell more blades, Amy Gahran (@agahran) suggests that Amazon might be coming to a point where it makes more sense to offer the Kindle (@AmazonKindle) for free in order to sell more ebooks.  She writes, “Last year, nearly $1 billion in ebooks were sold, according to Forrester. By 2015, this is expected to jump to $3 billion. That's an awful lot of money to be made selling ebooks. At that point, selling e-readers at any price might just become an obstacle to selling more ebooks. So why not just give away some e-readers for free?” She continues:

In a way, Amazon has already been giving away Kindles for awhile -- in the form of the free Kindle smartphone, tablet, and computer apps. Right now, about 6 million US adults own e-readers -- but this field is getting much more crowded.

According to recent research from Changewave, Kindle currently holds 47% of the e-reader market. Apple's iPad (which is much more than an e-reader, so I'm not sure that's a fair comparison) holds only 32% of this market. Sony's Reader, at 5%, is just barely leading the Barnes & Noble Nook, at 4%....

The Kindle's core business model has always been to sell books, not devices. So a free Kindle seems like a potentially savvy business move.

Amy goes on to offer ways Amazon could maintain its market lead through creative initiatives, such as:

  1. Buy X number of Kindle books, get a Kindle free
  2. Free Kindles for Amazon Prime members
  3. Partner Kindle giveaways

Read the CNN article in full.

How do you think publishers, content creators, and booksellers should prepare for the day the price of e-readers becomes negligible?

The Latent Religious Beliefs of Millennials

According to a study done by Grey Matter Research & Consulting of Phoenix, AZ, Millennials (18-29 year olds) “are a unique generation in our country’s recent history, in that their religious beliefs are fairly typical, yet their knowledge, experience, and willingness to act on or commit seriously to those beliefs lags other generations. They are not antagonistic toward religious faith, but often have a serious apathy or latency related to their faith.” Here are more excerpts from the report:

Research has long shown that during the transition from teen years to adulthood (from 16 or 17 through the early 20s), Americans have historically tended to move away from religious participation, then often started returning as they mature and have children of their own. What our research suggests is that for Millennials, this transition away from church started happening earlier than it did for other generational groups – as early as junior high school, rather than during the college age years. We hear so much that “kids grow up sooner these days” – apparently this extends to religious participation as well.

Looking back on their religious attendance prior to age 18, Millennials are less likely than other adults to say their childhood involvement made them much more interested in religion as an adult, or to feel it had a highly positive influence on their life today. In addition, Millennials are somewhat less likely to feel their childhood attendance has given them a good moral foundation, provided important religious knowledge, or helped them prepare for life as an adult, according to our research.

  • Only 65% of Millennials say their religious faith is very important in their life today, compared to 71% of Generation X, 78% of Boomers, and 80% of Silents
  • Just 35% of Millennials agree strongly that they have made a personal commitment to Jesus Christ that is still important in their life today, compared to 41% of Generation X, 51% of Boomers, and 54% of Silents
  • Only 26% of Millennials agree strongly that eternal salvation is possible through God’s grace alone; that nothing we do can earn salvation – compared to 31% among Generation X, 32% among Boomers, and 40% among Silents

We find no difference between Millennials and other age groups on things such as the belief that:

  • The Bible is the written word of God and is totally accurate in all that it teaches
  • They, personally, have a responsibility to tell other people about their religious beliefs
  • Jesus was sinless when he lived on earth
  • There is such a thing as sin
  • God is the omniscient, omnipotent, perfect ruler of the universe

Notice that on issues of belief, Millennials are often quite similar to other age groups. It’s on the issues of importance of their religious faith, on commitment to Jesus Christ, on the absolutism of reliance on grace, and on active affiliation with a religious group or tradition, that they lag other generational groups.

The beliefs are there, but often not in a way that directs Millennials to behave differently or be strongly committed to those beliefs. Religious belief tends to be about as present in Millennials as it is in other age groups, but it is more likely to be latent than active. Religion lives more in the background than in the foreground. It is somewhat more theoretical than real.

Read the study (pdf) in full.

Based on this research, how can publishers, agents, and authors generate content that will inspire Millennials to act on their beliefs? Share your thoughts and let’s discuss.

Here's How Huge The Tablet Market Could Get

Chart of the Day (@chartoftheday) compares current tablet ownership with the world population. Two extremes, granted, but not so far-fetched when you compare with mobile subscribers.

The potential for growth in the tablet market for Apple, Google, RIM, and others is still massive. Only 0.3% of the Earth's inhabitants owned a tablet at the end of 2010, RBC analyst Mike Abramsky notes today in a detailed, 88-page report about the future of the tablet market. That means 99.7% of the people on Earth still haven't bought a tablet yet!

Read this in full.

What do you think the implications are for publishers, agents, ministries, organizations, and authors as you go about creating content?

What makes a story popular and viral?

The NPR program On The Media (@on_the_media) reports that professors at the Wharton School of the University of Pennsylvania have been meticulously studying what kinds of articles make the “most emailed list,” specifically at The New York Times.

They've combed through more than 7,000 stories using computers to check The Times homepage and most emailed list every 15 minutes for months. What they've found is surprising. The list does not look like Google News. It’s not heavy with Justin Bieber or top 10 Victoria’s Secret models or “Your air conditioner is killing you.” Instead, according to Professor Katherine Milkman, what gets most shared is what most inspires awe.

As publishers and authors, are you looking for manuscripts that “inspire awe”? Would what motivates people to forward emails also prompt them to buy books?

Read & hear this interview in full.

What Is A Trademark, Who Owns It, and Why Should You Care As An Author?

Chris Ferebee (@caferebee) of Yates & Yates (@yatesandyates) literary agency writes about confusion some published authors have when it comes to trademarks. He asks

Do you know who owns the title to your book? Do you know who owns the right to the name of your quirky, one of a kind character? Do you know who has the ability to license the name of your book, or character name, or any other potential trademark along with the various commercial, merchandising, dramatic and other rights to all of the folks who will come calling after you’ve enjoyed commercial success? Think movie studios for sure, but what about the video game industry? What about graphic novel adaptations? Heard of the new Spider-Man show on Broadway? Who knows, maybe even someone will want to license your character for a lunchbox. Are you, as the author, the one who these folks should be talking to, or is it your publisher?

Read this in full.

Give us your comments on how you strategically think about trademarks.