| By: |
Hviid, Morten;
Izquierdo Sanchez, Sofia;
Jaques, Sabine |
| Abstract: |
This paper explores the structure of the book publishing industry post-
digitalisation. We argue that the introduction of successful e-book readers
has belatedly given digitalisation the characteristics of a disruptive
technology by making self-publishing a serious option for authors. This has
been supported by the entry of new types of intermediaries and the
strengthening of others. These changes have reduced the overall complexities
for an author to get a book self-published. As a result, a larger share of the
surplus from the book industry is likely going to authors, explaining the
significant increase in the supply of books. The potential over-supply of
books has created a new problem by making consumer search more difficult. We
argue that digitalisation has shifted the potential market failure from
inadequate supply of books to asymmetric information about quality. It remains
to be seen whether the market will provide appropriate intermediaries to solve
the associated asymmetric information problem and, if not, what appropriate
interventions should be contemplated. |
| Keywords: |
Book industry; self publishing; traditional publishing; retailers |
| JEL: |
D22 D4 L82 |
| Date: |
2016–12 |
| URL: |
http://d.repec.org/n?u=RePEc:pra:mprapa:76057&r=cul |