The Future of Book Publishing: 5 Lessons from the Music Industry

While the world was bracing for Y2K at the turn of the century (remember that?!?) little did we know what would implode would be something that seemed rather unshakeable: the music industry. While the industry continues to claw it’s way out of the pit it found itself in, now the book publishing world finds itself in a similar boat. But the publishing world has a bit of an advantage: it can see it’s future by looking at the music industry’s past. The question is will they learn from the mistakes the music industry made (and continues to make) or fall into the same pit?

I got my start in the music industry 13 years ago in February of 2000, right as the bubble was beginning to pop in the music world. In 1999 Napster exploded, and in 2001 Apple introduced the iPod. It didn’t take long for the record labels’ business model centered on selling “units” of CDs to completely unravel before their eyes. Instead of embracing a new way for fans to consume music, the industry fought it and ignored what fans were saying. Instead of working with this new technology and seeing how they could best use it they sued the very people that were the lifeblood of their industry: the fans.

I’ll never forget what my boss at the record label said in response to this: “We should have been the ones to think of Napster. The music industry should have seen this coming.”

The music and book publishing industries share more similarities than not. They ride in parallel worlds with the music industry several years ahead of it in regards to the impact the digital revolution has had. The advantage that book publishing has is the fact that, if they are smart enough, will learn from the mistakes that turned the music industry in a downward spiral clawing for its survival.

Read more: http://blog.mixtusmedia.com/the-future-of-book-publishing-5-lessons-from-the-music-industry/