From Publishers Weekly:
Delivering the keynote address at the BISG annual meeting, Simon & Schuster CEO Carolyn Reidy emphasized that book publishing has been transformed by the “ staggering amount of information available. There’s more information on publishing than ever before and I love it.”
According to Reidy, readers of literary fiction purchase e-books just as much as readers of commercial fiction, though both remain attached to the physical book. “The book is a permanent keepsake,” she said, “unlike a YouTube video.” Most readers, she said, seem to want e-books to be a “replica of the print book.” Enhanced e-books loaded with videos or other digital gimmicks, have been a failure, although its unclear why. “Is it because of the interruptions to the text or because we, the publishers, have failed to make them good enough?” she said.
Despite predictions that e-books might reach 50% of all book sales, Reidy said e-books sales have slowed and are likely to settle at about “25% to 30%” of total book sales. Although initially e-books helped jump backlist sales, Reidy said, “not anymore,” noting that “the novelty has worn off.” She said now “there are fewer readers” entering in the digital category and said the slowing growth in e-book sales have pushed publishers back to “highlighting books as beautiful physical objects.”
Asked if the higher pricing of e-books, in the wake of publishers’ new agency agreements with Amazon, had also figured in the slowdown of e-book sales, Reidy noted that in the wake of publisher settlements over e-book price-fixing charges in the case with Apple, “I’m not supposed talk about pricing, ” but added that “our data says that our pricing is effective.”
She pointed out that even the sales of books from S&S’s line of hip young YouTube authors, are overwhelmingly in print. Old-line media like major print, radio and TV shows, she said, were still the best way to drive sales of a book. “Even if most of those sales are through online channels.”
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[A]ccurate metadata, “makes a huge difference in sales,” she said, highlighting how a simple change in metadata impacted the house’s experience with the novel Galveston, written by Nic Pizzolatto, creator of the hit HBO TV series True Detectives.
Originally published in 2010, the novel got good reviews and won an Edgar award, but sold about 1,000 copies, Reidy said. While there is no connection between the novel and the TV show, S&S saw the rising popularity of the show, and quickly changed the metadata by adding a note to the author bio that Galveston was written by the True Detectives creator. In 2014, Galveston sold more than 37,000 copies, print and e-books combined. “And this was not a tie-in. We did it with metadata,” Reidy said.
Metadata and social media, she said, “can be used to connect books to what’s going on in the world. We’re just learning how to do this. We can bring the backlist directly to readers but we need daily, as well as monthly and yearly planning. Real world feedback can shape our publishing program.” Publishers, she said, can use social media to “establish direct connections and relationships” with communities interested in their authors. “We need to give our authors reason to partner with us,” she said.
Link to the rest at Publishers Weekly and thanks to SFR for the tip.