Curiouser and Curiouser: Novelty-centred Business Models and Value Creation in Established Book Publishing Firms
The global publishing industry is in a period of turmoil. Established firms are accused of sticking to broken -- and doomed -- business models, while start-ups and new entrants are seen as the prime beneficiaries of the rapid pace of technological change. To survive, existing book publishers must find new sources of value creation, devoting resources to the development of new business models as well as the content and product innovations currently gaining attention. This study synthesises research across the publishing and management fields, presenting a generic business model for the traditional book publishing industry, which is then used to identify and categorise nine novelty-centred business model innovations within established book publishing firms. An analysis of the methods used to create value -- for publishers, content creators and consumers -- derives four distinct categories of business model innovation: developing new distribution mechanisms and sales transactions, breaking down barriers between publishers and consumers, capturing new revenue streams and transforming to a service business. It is demonstrated that the innovative business models of established firms are in line with those that have been seen to deliver increased performance for start-up businesses. However, the impact on performance for these more long-running book publishers is, as yet, uncertain.
By Anna Faherty, Lecturer, Faculty of Arts and Social Sciences, Kingston University.
Anna Faherty is an experienced publisher and an award-winning lecturer and writer. She teaches on the MA Publishing at Kingston University, where she is module leader for Create: The Business of Publishing. Anna also works on a range of print and digital media projects across the publishing, museum and learning sectors; her clients include OUP, Quercus, SAGE, Wiley-Blackwell, the National Maritime Museum, the V&A and the Royal Botanic Gardens, Kew. Anna is currently working with two major publishers to develop bespoke training materials relating to innovation and digital publishing. She is also the author of a number of online training courses for professional managers, covering topics such as Strategic Thinking, Social Media, Enterprise & Entrepreneurship and Managing Change.