It was the best of weeks, it was the worst of weeks……. and no one knew which.
This was, quite simply, a massively huge week in the publishing industry. All of the various pressures on the industry seemingly came to a head: the steady rise of e-books, downward pressure on book prices (due to bad economy/presence of e-books/competition with free content/used books/inevitability), the rising clout of e-tailers, an increasingly difficult landscape for independent bookstores, and the industry’s creeping dependence on a small handful of mega-bestselling authors.
First, several new e-readers are giving the Kindle a run for its money in both its functionality… and its bizarre name. Meet the Alex (yes, THE ALEX), the Que (yes, THE QUE) and the Nook (yes, THE okay that one doesn’t bother me so much). Also: I call dibs on ¿Qué? jokes for the next five years.
The Nook is perhaps the most notable of all as it is backed by Barnes & Noble, features wireless that you can use in a physical B&N to read/preview basically anything, and also allows you to “share” a book with a friend for 14 days, during which you can’t actually read it. Kind of like a real book.
It remains to be seen how popular all of these devices will be, but certainly e-book adoption is moving ever closer to the mainstream.
Meanwhile, WalMart dropped a megaton bomb more faster than you blink and sparked a ruthless price war with Amazon by announcing that they would sell 10 hotly anticipated titles for $9.99 through WalMart.com. Amazon quickly matched and announced same-day delivery in 7 cities, then WalMart countered by lowering the price to $8.99, which Amazon also matched. Then Target jumped in the fray, and so did Sears, who announced that if you by a $9 book from Amazon, Target or WalMart they will reimburse the entire amount if you buy something on Sears.com and spend $45. So, basically, you can get a free book when you buy your dog a pirate costume (come on, you know you want to click through to see that one).
Where does this end?
Where indeed.
Right now, even as WalMart, Amazon, Target and Sears fight it out for e-tailing primacy, publishers are still receiving the standard amount for every copy sold, or roughly 50% of the hardcover list price, meaning WalAmaTargEars are the ones taking a loss. So, assuming the deep discounts spur sales, in the short term this has turned into a huge cash cow for the few publishers/mega-bestsellers WalAmaTargEars have chosen.
But who loses? Well… potentially just about everyone else. In the words of literary agent David Gernert:
If readers come to believe that the value of a new book is $10, publishing as we know it is over. If you can buy Stephen King’s new novel or John Grisham’s ‘Ford County’ for $10, why would you buy a brilliant first novel for $25? I think we underestimate the effect to which extremely discounted best sellers take the consumer’s attention away from emerging writers.
And as Eric at Pimp My Novel notes, this could have huge impacts on independent bookstores, who simply can’t compete with the discounting. He also notes that if a few e-tailers cement their dominance over the bookselling market, they could have increasing clout to dictate terms and discounts.
There are some who are cautiously optimistic about the price war. An anonymous publishing executive told the Times: “If this is a short-term statement to let hundreds of millions of people know that they will be able to buy books from Walmart.com, it’s a good thing.”
But surely this isn’t temporary. These trends have been in the makings for years, from deep discounts (now something everyone takes for granted) to competition with other cheap media to the rise of e-books to the industry’s shedding of mid-list authors, their simultaneous aversion to small risks and dependence on big risks, and their increasing reliance on bestsellers, who they often overpay.
This doesn’t have to mean the end of publishing as we know it. As former editor Marion Maneker writes, this could spur publishers to reevaluate their deals with their top sellers, and he also notes that people are already accustomed to paying more for different products. Just because James Patterson’s latest is selling for $10 doesn’t mean someone won’t pay more for a book by someone who sells less.
But it looks as if book prices are coming down, one way or another. And that shift is going to send major shockwaves through the industry. Already Stephen King, an early e-book champion, announced that S&S will be delaying the release of the e-book edition of his new book, citing a desire to help bookstores, while simultaneously expressing concern that the deep print discounting “threatens the industry’s pricing structure.”
So is it the best of times or the worst of times? It’s too soon to know. Lower prices don’t have to be a bad thing provided people buy more books. Smaller authors don’t have to lose out provided consumers don’t flock en masse to the deeply discounted bestsellers.
But things are changing very, very quickly. The longtime trends that have been shaping the industry are only accelerating, and everyone in the business is holding on for the ride.
Josin L. McQuein says
I don't think books are going to fade away completely – at least not any time soon. There's a tactile component of reading a book you can't get with an e-reader. You can toss it around, spill things on it, pile 60 pounds of textbooks on top of it, wave in you BFF's face when you got the last copy of the "hot" book she really wanted because you stood in line for the 12:01 debut at the store (in costume!)and she didn't. And you don't have to recharge them.
Sure things are changing, but the multi-media aspects of digital reading (interactive maps, pictures, etc.) open doors for more content than a printed book can allow.
Places like Wal-Mart have always had competitor price matching, and they've always had the volume buying power to keep their prices down. It's a sales tactic – they can do the same sales on the major titles as B&N with only a fraction of the space required. Target's got similar abilities. They'll eventually equalize.
Nathan Bransford says
RR-
"Publisher's don't get 50% of the revenue from the price of a book"
Just to clarify, publishers do generally get 50% of the list price for a book, which is what the ABA points out in their argument against the price cutting by the chains. Also, according to the ABA, as far as anyone knows the publishers aren't offering WalAmaTarGears special terms.
"And the writer still gets his/her 10/12/15% or 7 1/2/% or 8/10% of what the publishers get, so no one looses out but the middle man."
Writers generally receive these royalties based on the list price, not on what the publishers receive.
"Readers should be retrained to but their books directly from the publishers digitally, which cuts the cost of everything and gives more money to the writer and saves the planet."
I'm not sure that this will fly with consumers, who want a one-stop shopping experience, or with authors, unless they're willing to share more revenue with the authors when they sell directly.
Christine says
May I just say something that seems to be getting ignored in all the Amazon/Walmart hoopla?
People who buy books will continue to buy books. I go into a Target, and I buy a book that appeals to me. Yes, their prices are part of that appeal. But after I go to Target, I go to Borders, which, on a good day, carries other books, the ones in the mid-list that aren't going to be discounted, and I buy a few more books.
And then I go wireless on my Kindle, and I buy yet more books.
I buy books because I read. If there's a book I want, I will buy it, pretty much regardless of the price.
So, rather than fighting about who's going to charge what, make the full-sale books appealing to the bookbuyer, and really, there shouldn't be a problem.
The REAL problem, as I see it, is that fewer bricks and mortar stores are carrying those mid-list books that I would gladly pay full price for. And if I can't find them, then I won't buy them.
Anonymous says
Well, since we're on the subject of Wal-Mart, here are some photos of your new target audience…
http://www.peopleofwalmart.com
David says
How close to the minimum possible are the prices of printed books now?
If there were no more mega advances, there'd still be all sorts of fixed costs that can't be eliminated or reduced significantly. That's the impression I have, anyway.
POD machines in bookstores would eliminate warehousing and distribution costs, but the cost of each book would then be fixed at a higher price than can be attained by printing lots of copies in specialized print shops.
Toby says
Nathan,
Please clarify for me: If Wal-mart is charging only ten dollars (10) per hardcover, though the hardcover price is typically (25) dollars, who gets what?
Thanks.
Nathan Bransford says
Toby-
On a $25 hardcover:
WalMart pays roughly $12.50 and if they charge $8.99 they lose about $3.50
The author usually gets 10-15% of the list price, so let's say 10% and $2.50. Deduct 15% agent commission ($0.38) and they get about $2.12.
Publisher gets $10 ($12.50 minus author share), which covers cost of the book, shipping, overhead, and (hopefully) profit.
JDuncan says
What does this price war signal to me? Likely it means we'll have the top ten holiday sellers each year now which are priced ridiculously low. Publishers can't afford to cave on pricing in general. I personally don't buy books at places like Walmart or Target, except for one or two authors. Even then, it's usually from Amazon. The boxes have crap for selection, truly poor. They're there for impulse buying generally. Why they don't park the top ten books by the cash registers along with candy I don't know. With such a convenience oriented culture, it's hard to imagine life ever becoming good again for the individual bookstore. The ones that do survive will find ways to tap into this necessity of convenience. I believe the deep discount will work to sell more of the best sellers, which of course helps the publisher. It won't help the box stores much, because I don't think folks are going to hit up their local bigbox for a new release and then buy other things while there. It works far more the other way around. Pushing your cart of groceries by the book aisle and seeing the new King book for $9 will make you more likely to toss it in the cart, but that person didn't come in for it in the first place. Hopefully they'll see the good deal and stop to gander at other titles (all 57 of them) and buy a second book. At least it will help the very few authors who get their books into these stores in the first place.
Rick Daley says
Thanks for presenting this with a rational viewpoint, Nathan.
The worst thing any of us can do is panic. Irrational fear makes situations seem worse than they really are and it makes tides harder to turn.
The bottom line (as I see it) is still reassuring: people are buying and selling books, and an influx of capital to the publishing houses is not a bad thing if they can reinvest it wisely.
If someone starts whacking large droves of readers, then I'll panic. Mostly because I would fear being on the hit list, but also as a writer who sees his potential audience going under…
The compensation and pricing models will change, but that's an eventuality in any given free market. This is the time when the creative persevere by using their resources to adapt to the new selling environment.
When I buy a good bottle of wine for $8.99, it does not make me think all wine should be $8.99. I'm just happy I found a great deal, and I still buy more expensive bottles.
Steve Fuller says
I love change. It's so exciting to be a writer in 2009.
This is the future. Everything moves faster now. Technology means products become outdated the minute they become available.
Things won't be "settling down." They'll only move faster and change more often.
This new reality isn't good or bad. It's just different. Those of us who take advantage of the new landscape will thrive. Those who sit around and complain will fail.
Linda Godfrey says
Somehow the image of the big dogs all at war reminds me of a very old Warner Bros. cartoon where everyone is in this huge pile throwing kicks and punches, when either Bugs or Daffy creeps out unnoticed from the bottom, holding the prize. (Was it a football?)
Anyway, I'd like to adopt this Looney Toons model of reality and hope some underdog manages to squeak past the tussle and beat the big ones at their own game.
I'm betting on the duck or the wabbit.
Avid Reader says
I think people need to keep this in perspective. They are only going to be able to do this with some top sellers, not all the books.
My book club doesn't read the best sellers (and there are 60 people in our club) we prefer to read first time authors and unknowns, we figure the Kings and Meyers make enough money, good on them, but they don't need more from us.
They can have all the price wars they want, I still love going into a small independent bookstore and browsing and supporting them.
The consumer has the power, if you don't like this policy, then don't shop there and don't buy your books there.
Nick says
If nothing else, I can see a bright side to one point of news. If indeed e-readers become common and catch on and everyone starts reading books that way, the price of good old fashioned ink on paper shall likely decrease, and thus it becomes much easier to turn my collection of just shy of 400 books into a well and proper library.
Anonymous says
This may also help first time authors, in that the publishers will stop handing over inflated advances to big names, simply because of their name and not the quality of their writing or books.
Some of these authors have become like those football players who are way over-priced for what we are getting.
Without naming names, there is a best selling author who has written a series 15 books, and the price is overinflated. She writes the same dribble in each book, and basically has no respect for her readers because the books are shorter and the writing is lame, but she sells based on her name.
Marilyn Peake says
Relevant to this discussion, copies of WICKED author Gregory Maguire’s new novel, THE NEXT QUEEN OF HEAVEN, will be FREE, although with quite a few twists, including the expectation that people who receive a free copy will give money to charity or someone else in need: Article here.
J. Nelson Leith says
Oh, but "Anonymous" … can you imagine being one of those writers? *dreams*
;^)
Amy Cochran says
I think it's the economy and this surely will not help. Well at least where I live. At the begining of the year you could drive about 5 miles and be at one of the local booksellers or at a major chain. Now unfortunately all the local booksellers folded much earlier this year and the only chain that remains is Books-A-Million. If I actually want to go to a bookseller I'm driving appoximately 40 miles to get to Books-A-Million and 60 miles to get to Barnes and Nobles. One thing is clear is that these economic times are taking a toll on everyone.
Brandi G. says
Great post. Excellent information. Thanks!
And, really, that dog looks thoroughly miserable. Poor thing.
AM says
I hate to say it, but it sounds like a brilliant marketing strategy for Wal-Mart and Target.
For about $3.50 per book, they can attract more customers into their stores, and those customers will almost certainly buy other products while they are there.
$3.50 is a small expense to pay if their other sales/profits increase.
This could be really bad news for both the large and independent bookstore chains, where the sales from the bestsellers make up a significant portion of their profits.
If Wal-Mart and Target persists with the slashed pricing, book retailers of all sizes could be in danger of going out of business.
And if Wal-Mart and Target's price war goals are
(1) to increase foot traffic into their stores
AND
(2) to drive the larger book retailers out of business,
then they could easily afford reducing ALL books' costs for an indeterminable period of time – as long as the increase in their other products sales cover the per book loss.
Scary.
Alicia A says
In a time when video games and big screen TVs are turning our kids (and some husbands) into zombies, Its refreshing to see the big chains put so much focus on book sales. Even if it's the big name authors who get the attention it ensures that those book aisles won't be replaced with guitar hero demos. And as much a I love to read words on pages and not monitors, e-books are examples of how the book industry is keeping up with a technology obsessed market.
Rachelle says
Take a look at the size of Walmart's book section, compared to, say, Barnes & Noble's.
I'm no mathematician but wouldn't you estimate B&N carries at least 50 times as many books?
This is the part that worries me. If people start thinking Walmart is their destination for book purchases, and Walmart then starts to dictate what gets published… well, that means 98% of the books we now publish would not be published.
And writers think it's hard to get published now.
Patrice says
Why can't there be more Steve Fullers out there?
Good attitude, man. I'm with ya.
Nathan Bransford says
Rachelle-
Definitely agree. I also think there's some confusion out there since the $8.99 deal is only available on pre-orders on WalMart.com for very few titles. But if there's a perception out there that people can get bestselling books very cheaply at physical WalMart stores that's going to drive people to the stores to look for books, further driving the consolidation, even if the deal is really only available on the website.
Paula B. says
Someone on TeleRead mentioned that all the independents have to do is buy $9 books from Amazon and sell them at cost–a sort of Robin Hood redistribution of wealth. Interesting idea, though not viable in the long run.
AM says
Whew! Thank goodness.
I missed that they were only doing this online. It’s a marketing campaign. What a relief.
Shhh… let’s hope they don’t get the bright idea to cut prices in their stores too!
Raval911 says
many important points here but I was busy LMAO @ that fat little bulldog dressed as Long John Silver…whooha that was fun. That is all.
MedleyMisty says
Change is constant. Although some things never change – even in the Sims story world, where everything is free and price isn't a factor, people go for the big names even though most of them aren't that good and rarely take a chance on new authors. I don't think that's an effect of the marketplace and discounted books at big boxes. I think that's just human nature.
Colette says
Sounds like a good week for … wait for it… readers!!
Terry says
Every pie Walmart gets its finger in, is cheapened or destroyed. BUT, up against Amazon, I'm not so sure how this will play out. A pissing contest, no doubt.
We once worried Amazon would destroy book stores, and yes, they've done some damage. Walmart could do us all in. So I'm rooting for Amazon, in this case. I would hate to lose any more independent book stores. I'm thinking the ones in cities, such as NYC and Windsor, Ontario 🙂 will make it.
As for my fave in The Village in Manhattan, Partners & Crime, and only a short walk from my favorite chippy, I would cry if he closed. And I haven't even been to NYC in a few years.
Who knows what it will do to the publishing industry if Walmart wins.
Fingers crossed.
Marla Warren says
Leila Austin wrote:
I work at an independent.
One thing that people often forget when the whole 'price' thing comes up is that price is not the only factor in buying books. It is a big factor, but it's not the only one. For a lot of us, it's also about the experience. Generally with selling books, the cheaper you get, the more impersonal you get. And a lot of people don't like their book buying experience being an impersonal one.
Walking into an independent bookstore and having staff chat with you and track down the perfect book to suit your needs is very, very different to going to a huge chain and pulling the same book out of a bargain bin, and very different again to buying an electronic version online. A lot of my customers are people I know by name, people who come back over and over. And while there's a large number of people who are obsessed with getting the lowest possible price, and people who find it more convenient to buy online, these people are not generally my customers to start off with.
I work at one of the large chain bookstores and Leila has described the same experiences I have with customers. The chain bookstores (at least the one I work for) can and do provide excellent and knowledgeable customer service.
The problem here is not so much large chain bookstores vs. independent bookstores as it is bookstores against chain discount department stores—places that don’t specialize in selling books.
When the last Harry Potter novel came out, a woman called and complained that we were charging more for the book than Wal-Mart. I thought (but didn’t say), “Good luck finding a clerk at Wal-Mart who knows much about books compared with the booksellers at our store.”
Discount department store chains usually can’t order books for customers. All they can do is sell bestsellers and hot releases as loss leaders to bring people into their stores.
Mark Griffith says
This is starting to look to me like another case of Americans blithely convinced that you're the future and everyone else is the past – so quaintly Victorian of you all!
We're issuing separate e-summaries {c. 5,000 words} and paper books {c. 50,000 words}, and treating them as two separate markets. Makes no sense to push your customers to all migrate to the next big Beta-Max.
Dawn Maria says
Thank you for this great post- I've been confused all week.
I think I'm most worried about independent bookstores in all this. People who love books will buy them at any price point if it's a book they want. It would take an act of God to get me to shop at Walmart, but I do love Target and have purchased a few books there. B&N and Borders are both offering free Wi-Fi now, like public libraries, to help get bodies in the store. Most likely if you're there, you'll make a purchase. No one would ever consider staying for hours in a big box store, so the question really becomes how will the independents compete with low pricing and other services (like Wi-Fi)?
Thomas Dean says
Wow, this is a big one to think about. However, I do have to say someone made the point that maybe if books are cheaper people will burn through the highly praised writers and make their way to a newbie like myself. I am sure that is wishful thinking but hey why not dream with a little bit of optimistic hope tossed in for good measure.
Still with that said I am excited about these gadgets. We have so many books in our house now I am all out of shelves to put books on. I have books stacked on end tables and in corners. Yet there are only a few I reread(not that I don't like them I just don't reread often). I say bring it on and like everything else it will plain down a little in time, music stores are still in business and people buy CDs even with $0.59 downloads available at all of the mentioned retailers.
Anonymous says
$25 for a hardcover? That's obscene! Really, who doesn't just wait for the soft-cover for $5? Oh wait, those prices have jacked up to $8 now. Where are these decreasing book prices you were talking about?
Anonymous says
The bottom line is people are afraid of change. Some people have every right to be because change can upset their position at the top, but if they are savvy they have the best chance of adapting fast enough to remain on top. Regardless it seems to be are nature to resist change until we are forced to adapt. In the end maybe a few will fail and new blood will come in to take their place but the industry will still consist primarily of the same players we have now.
Truly I don't think e-books will catch on until the price of the e-readers are lowered or perhaps subsidized in some fashion. Spending nearly $300 up front isn't going to appeal to the masses that by books on impulse.
I also still can't comprehend how e-books are still so expensive. For a technology that delivers a product with little publishing cost, and is intangible $10 seems to be a rather high price. Of course this comes from someone that is an avid library user.
Anonymous says
I remember working as a bookseller for B. Dalton when Crown Books first came along. More than once people would come into the store, pick up a book and ask if we discounted. When we said we didn't, they set the book down and walked out the door. This kind of discounting will be disaster for the indie bookstores. I don't worry about the publishers, They will come out this bloodied but whole… it's the the indie stores….
-Richard B.–
ryan field says
Interesting times.
Giles says
For me, personally, this is kind of terrifying, but intriguing at the same time. I worked in a book store for several years, and I've wanted to be an author for over eleven, but this is the biggest change I've seen since I started doing my research eleven years ago. Do I shiver with fright, or do I hold my breath in eager anticipation?
David says
Giles, I think you write and trust to the human need for stuff to read.
Literary Cowgirl says
I try to stay away from industry bashing, but how is cheaper prices going to help anyone? I'll happily pay more for good books, as opposed to formula ones. But, will my bookstore stock them?
I went in search of some great American theatre at our local chain store the other day. The play shelf is shared with celeb biographies. What did I find? Tennesse Williams? Arthur Miller? Nope. A dozen Shakespearean plays, and celeb biographies. Half the shelf was actually devoted to "Team Edward" backpacks. When that sort of merchandise takes over classics, I have to wonder.
I wanted to buy a new copy of "Where the Wild Things Are"(go see the movie- so not Disney!!) because my children wore ours out a few months ago. I found one copy in the whole store (not on display), but an entire display was set up for cheap stuffies of the characters.
Cormac McCarthy- two titles. One a fairly recent movie, the other an O selection. Proulx- nothing, I bought the only copy they ordered of Fine Just the Way it Is a month or so ago. And considering I live in Canada, how can a bookstore have no WO Mitchell, Robertson Davies, Mordecai Richler, or Guy Vanerhaghe? And, only two Atwood? Yet, again, an entire display for the Twilight series.
I am not against mass market books, but the others are simply getting squeezed out of the bookstore for the sake of roomy displays.
My only options (living in a semi-remote community) are ebooks and places like Amazon. So yay internet, but WTF big chain bookstore. If you have an entire bookshelf for romances, westerns and sci-fi (nothing against them) you could at least clear out the backpacks for some Candian autors, or at the very least, a few classic american ones.
The only time I miss living near TO is when it comes to art.
Kate says
I am certainly not an expert in economics by any stretch of my imagination. But I am wondering if this could lead to better literature on the shelves by way of 'separating the men from the boys' so to speak? If this change lessens the odds of fame and fortune, those that are truly committed to telling stories, not just getting rich, will stick it out.
Maybe?
Nathan Bransford says
mark griffith-
I agree, this whole technology thing is such a passing fad! What fools we Americans are.
Anonymous says
This situation makes me react two ways:
1-Hahahahaha! Major publishers are in a bind! You're paying out a zillion bucks for Palin crap, now you're not going to profit!
2-(sad face)! Major publishers are taking a beating, so new writers are up you-know-what creek. Sorry, Palin has taken all the money, so you're fresh out of luck. Your potential contract is out-o-luck.
Either way, it amuses me. People, if you want inexpensive (but quality) print or ebooks, see your local independent publishers and authors. They'll give you a better deal in either print or ebook.
In my opinion, ebooks should be sold for less than five bucks. $9.99 is an outrage.
Leila Austin says
Marla Warren – Fair point. There are chains out there doing an excellent job too and facing very similar battles.
There was one chain where I live who used to be particularly awesome. They were bought out a few years back and all their stores disappeared. My family had spent hundreds of dollars on books from them over the years and we were all very upset. It's the same thing I guess, just on a larger scale.
I like to think there's always going to be a market for stores which look after readers rather than treating them like anonymous sheep. Also bookshops are a bookbuying destination. I've seen cheap books for sale at the supermarket, but that doesn't mean I go there for them especially.
I'm not from the US so I've never been to Walmart, but I imagine going to Walmart to buy a book is nowhere near as pleasant and fulfilling an experience as going to a bookshop for it, unless price is the only thing that matters to you. And hopefully that counts for something. Even if this is a new extreme, discounters have been selling incredibly cheap books for years, yet our jobs still exist.
Creative A says
"Already Stephen King, an early e-book champion, announced that S&S will be delaying the release of the e-book edition of his new book, citing a desire to help bookstores, while simultaneously expressing concern that the deep print discounting 'threatens the industry's pricing structure.'"
I find this statement very, very interesting. Seems similar to the way movies come out. Do you think it's possible and feasible for books to "premier in hardcover" a few months before being available in e-book form?
Marilyn Peake says
I spent time today doing two things: creating my own page on PUBLISHERS MARKETPLACE … and researching how it is that WICKED author Gregory Maguire is giving away his next book for free. Found out some interesting information. He and quite a few other people, including Joyce Carol Oates, are on the board of the publishing house that’s giving away books for free. Concord Free Press has jumped into the publishing arena with a rather unique approach to today’s market: Concord Free Press website. In addition, they’ve opened up submissions to an anthology about money entitled I.O.U.. Here’s part of their blurb about it: "IOU is edited by Concord Free Press Poetry Editor Ron Slate. We’re planning a book launch to be held at—and with the support of—a major financial institution. Writing meets banking, should be interesting. Details to follow."
Ink says
Terry,
I won't burst your bubble by telling you what's happening at my little Windsor store… but I appreciate the vote of confidence!
And the extra funny thing is that I actually used to work for Wal-Mart. My well-earned response to that experience can be found here.
Oh Wal-Mart days gone by, I miss you so…
Marla Warren says
On the lighter side…
Nathan,
When your book is released, here’s a cake to celebrate!
I didn’t even know this could be done with a cake.
Terry says
Ink- The way you wrote about your Wal-Mart experience was so funny. Loved the 7 Habits.
I'm hoping the best for you. If I get up to Ontario, I will surely visit you… And you will be there! Channeling Positive Thoughts!
Terry says
Annomymous 4:30 said: "Truly I don't think e-books will catch on until the price of the e-readers are lowered or perhaps subsidized in some fashion. Spending nearly $300 up front isn't going to appeal to the masses that by books on impulse."
Right. Think Gillete. His philosophy was to sell the razor cheap and make money on the blades. Worked for him.