It's one week after the last day of the fair and it seems that the Frankfurt Book Fair still has not really left my mind. One topic especially captured my attention: The model of subscription entering our world of literature.
In this context, I read two articles about a Master Class on the topic of subscription held in Frankfurt by Porter Anderson and Roger Tagholm. Both authors emphasised that the majority of the publishers supported the idea because the subscription model opens up new markets and provides them with valuable consumer data.
There are some clear benefits linked to this new model. Publishers are able to reach customers in a new way and are able to increase the usage of existing content like backlist titles. Besides the already mentioned data publishers are also able to use subscription models as a further source of meaningful revenue, especially because they are getting their money upfront.
On the other side, there are still some concerns attached which still need to be solved. The role of booksellers, libraries and publishers in such a model is uncertain. Also, it is unclear how royalties will be processed. It could be possible to pay authors fixed amounts for titles which are available through subscription services. Booksellers could offer their own subscription services as well as publishers. Since video stores are being replaced more and more by subscription services, I can see the same happening to libraries over time. A satisfying solution has yet to be found.
Subscription services are already present in many parts of our lives. There are magazine subscriptions, Spotify, Netflix or SkyTV – just to name a few. When thinking about the impact of such services on my daily life, I realised that I must be one of the last persons not using any of them. This probably explains why my first reaction towards a book subscription service was rather negative. I couldn't imagine that such a system would be working with books. I learned that in general there is a shifting model from ownership to access. People prefer having the ability to read as many books as they like for a fixed sum per month. Again, – and I feel like being a little backwards – I can't relate to that shift. I still prefer having books on a bookshelf at home creating a homelike atmosphere.
However, I thought about it and opened my mind to the new movement. To be honest, it doesn't sound that bad. I have been thinking about buying an e-reader for quite a while now since travelling with books can be really annoying when you have to consider weight limits. Getting a subscription actually would have some advantages. I could read whatever book I feel like in a particular moment, I could easily look up things in books, and I definitely would safe some money.
So money seems to be the key word. As a consumer and student I look out for possibilities to safe as much money as I can. As a prospect publishing employee I also have to think about the economic aspects of subscription services. All in all, I think that publishers definitely are able to benefit from such services. Of course there are still some issues to solve, like how to process royalties or how to price books which will be available via external subscription services (e.g. Amazon). At the same time, consumers might rather pay for subscription than downloading illegal free e-books when they have the feeling that they save money. This would lead to less financial damage for the publishing houses. But until I get a subscription for books there has to be an alternative to Amazon.
In this context, I read two articles about a Master Class on the topic of subscription held in Frankfurt by Porter Anderson and Roger Tagholm. Both authors emphasised that the majority of the publishers supported the idea because the subscription model opens up new markets and provides them with valuable consumer data.
There are some clear benefits linked to this new model. Publishers are able to reach customers in a new way and are able to increase the usage of existing content like backlist titles. Besides the already mentioned data publishers are also able to use subscription models as a further source of meaningful revenue, especially because they are getting their money upfront.
On the other side, there are still some concerns attached which still need to be solved. The role of booksellers, libraries and publishers in such a model is uncertain. Also, it is unclear how royalties will be processed. It could be possible to pay authors fixed amounts for titles which are available through subscription services. Booksellers could offer their own subscription services as well as publishers. Since video stores are being replaced more and more by subscription services, I can see the same happening to libraries over time. A satisfying solution has yet to be found.
Subscription services are already present in many parts of our lives. There are magazine subscriptions, Spotify, Netflix or SkyTV – just to name a few. When thinking about the impact of such services on my daily life, I realised that I must be one of the last persons not using any of them. This probably explains why my first reaction towards a book subscription service was rather negative. I couldn't imagine that such a system would be working with books. I learned that in general there is a shifting model from ownership to access. People prefer having the ability to read as many books as they like for a fixed sum per month. Again, – and I feel like being a little backwards – I can't relate to that shift. I still prefer having books on a bookshelf at home creating a homelike atmosphere.
However, I thought about it and opened my mind to the new movement. To be honest, it doesn't sound that bad. I have been thinking about buying an e-reader for quite a while now since travelling with books can be really annoying when you have to consider weight limits. Getting a subscription actually would have some advantages. I could read whatever book I feel like in a particular moment, I could easily look up things in books, and I definitely would safe some money.
So money seems to be the key word. As a consumer and student I look out for possibilities to safe as much money as I can. As a prospect publishing employee I also have to think about the economic aspects of subscription services. All in all, I think that publishers definitely are able to benefit from such services. Of course there are still some issues to solve, like how to process royalties or how to price books which will be available via external subscription services (e.g. Amazon). At the same time, consumers might rather pay for subscription than downloading illegal free e-books when they have the feeling that they save money. This would lead to less financial damage for the publishing houses. But until I get a subscription for books there has to be an alternative to Amazon.
Sources:
Roger Tagholm: The inevitable rise of subscription (http://blog.book-fair.com/2014/10/09/the-inevitable-rise-of-subscription/)
Porter Anderson: 'Surprise' support for subscriptions at Frankfurt: Master Class (http://www.thebookseller.com/futurebook/surprise-support-subscriptions-frankfurt-master-class)
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