Traditional Publishers Are Wising Up to the Web
The WSJ posted an article about travel publishers wising up to the web, placing large chunks of their books online:
John Wiley & Sons, the publisher based in Hoboken, N.J., is offering an array of free travel tidbits and articles on the site of its Frommer's travel-book series. Not only can visitors to the site read blogs or listen to podcasts, they can plan and book trips -- generating commission revenue for frommers.com.
When you think of the authority of the Frommer's domain name (over 10 years old, PR7, 364,000 links), they must be able to get millions of pages of content indexed.
The first publishers to put their whole books online will see amazing returns because few people are doing it. The WSJ article stated that Wiley was already enjoying 10 to 15 million a year from 3 flagship sittes (Frommer's, For Dummies, and Cliff Notes). After hearing the early results, others will follow, putting all or nearly all of their content online. The lagging publishers will make crumbs, but their books will flood the search results with content that undermines the value of lower quality content.
Books Publishing is Fast Becoming a Vanity Industry
I was offered to get SEO Book published by one of the leading book publishing houses. I have made more in a day than what they were offering me as down payment for writing the book. And they wanted me to do all the book marketing as well, for no further compensation unless I sold enough books to make the hot books lists. It didn't help that my profit margins from a book sale would have been less than what I pay for a click.
I was unwilling to get published because I thought there was upside in the current model, in a growing market, and realized that the model of being published did not work unless I was interested in feeding my ego, in need of credibility, or was writing a book just to up sell more expensive services.
Ad Revenues Are Richer Than Book Profits
If I couldn't afford to buy ads for a physical book, that hints that the format and price-point lock in value in a way that is far from the potential returns if that value was unlocked.
I recently went on a book buying binge to get content ideas for one of my sites. I spent over $500 buying 30+ books, searching through them for their ideas, their structure, and their format. It was easy to do that because they are so under-priced relative to their value. I have an AdSense site that was far easier to create than many of those books were, but it makes about $1,000 a day.
If those publishers just put the content online they would make far more than I am from my AdSense site. My AdSense model only works so long as they don't put their content online, or I create a better known brand than they do.
Defending an AdSense Site's Viability
If your strategy is entirely long tail keyword oriented and you don't have a real brand your income will fall sharply in the next couple years. Site targeted AdWords will cause premium publishers to get paid more for similar content, and position placement reports will trim back the ad buys on sites with limited exposure and few conversions.
Not only will many of these books go online, but many of them with serious distribution and authority will act as gateways or clearinghouses for related books. What is to stop a publisher from pushing 10 other economics books on the Freakonomics site? Why not turn Frommer's into an endless sea of travel information?
Whoever introduces an idea gets credit for it, but, as hinted by my book buying binge tip, most of the content on the web is just copied and repackaged. Packaging and formatting can make an idea or kill it before it has a chance to spread. Everywhere I look there are free tips on formatting and monetizing, numerous competitors testing and tweaking, and market feedback is near real-time if I change my format or offer.
The only way to avoid losing to big publishers is to create real brands, position them as self reinforcing authorities, aggressively monetized and reinvest in marketing, and get hundreds or thousands of subscribers to spread your message and do your marketing for you.
Momentum is a force. Use the force. ;)
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