Alberto Vitale was running Bantam Books, the world leader in paperbacks, when the Newhouse family recruited him to become the COO of Random House (@atrandom). In that role, and later as the CEO of one of the world’s top publishing firms, Vitale oversaw huge changes in the publishing industry. In this interview with Stephen J. Kobrin, publisher and executive director of Wharton Digital Press and Knowledge@Wharton (@knowledgwharton), Vitale discusses the rise of digital publishing, the future of bookstores, and the globalization of copyright, among other issues. Among his statements:
Digital technology may allow a lot of individual authors to self-publish. That's the power of digital technology, of the Internet. But still, the role of the publisher will continue [to be] as strong as before. You still have to figure out which book you want to publish. And, how do you want to publish it? There are obvious synergies between paper and digital [media]....
Absolutely [bookstores will survive]. However, they're going to undergo major changes. Three [or] five years from now, up to 70% of the space in [big box bookstores, such as Barnes & Noble] may be dedicated to other products. It makes sense. You have the universe that is digitalized now. You don't need these huge stores anymore....
Everybody's online now. The access to information is tremendously enhanced. But remember, the publishing model will change. And the product will change. The prices of hard cover books are now still $27.95, $26.95, which I find ridiculous. They cannot possibly make ends meet with those prices. They are going to grow to $36.95, $46.95. But the reader will have a much better product to purchase. Better paper, better type, better binding. And so, you will have a book to cherish....
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