Showing posts with label digital books. Show all posts
Showing posts with label digital books. Show all posts

Thursday, February 5, 2009

Exclusive: Dan Poynter on the Future of Books

It takes courage to write a book. It takes even more courage to blaze your path as an indie author.

Dan Poynter, the subject of this exclusive interview, has singlehandedly inspired thousands of authors to self-publish. Along the way, he has sold tens of millions of dollars of his books on subjects ranging from skydiving to self-publishing. Dan is perhaps best known as the author of the Self- Publishing Manual, the best-selling guide to indie authorship, published continuously for the last 30 years.

This week, Dan published on Smashwords the new sequel to the book, the Self-Publishing Manual Volume 2, which covers the latest technologies and techniques for book publishing and promotion. The book is so brand spanking new it won't be available in print anywhere for another two weeks. Smashwords is also the first digital publisher and online bookstore to carry the ebook.

Dan was advocating self-publishing long before it was fashionable, so no doubt he's pleased to see the world finally catch up with him. But where to next? In our exclusive interview, conducted today via email, Dan speaks about the past, present and future of indie publishing.


[Mark Coker] - Last year, Writer's Digest Magazine referred to you as the godfather of self publishing. Your books have sold millions of copies. For the benefit of indie authors everywhere, what's the secret to building a successful career in self-publishing?

[Dan Poynter] - Write what you love and sell to your colleagues. This could be the definition of social networking for books. Go where your heart is. Write about your favorite subject: The one that gets you so excited, you wake at four in the morning to find your eyes are wide open and your head is spinning with ideas. You are so jazzed, you can't sleep. So, you get up and head for the keyboard. I started with books on parachutes and skydiving. Sell your book to people who have an interest in your subject. They are easy to find with online searches and social media. I've been self-publishing since 1969. Because many publishers approached me for my secret for selling so many books, I wrote and published The Self-Publishing Manual in 1979. It has been through 16 revisions and 20 printings since. I just published a volume 2 which describes using social networking to gather information and to promote the finished book. My books, speaking and coaching have launched thousands of books. That sort of makes me a godfather - many times over.


[Mark Coker] - What do you make of the turmoil we're seeing in publishing today? What will the industry look like in two, three or five years, and what are the implications for authors?

[Dan Poynter] - Changes. And the changes are long overdue. The large six publishers in New York have not altered their business plans since 1947. The downturn in the economy did not cause their problems but economics are making them reexamine the ways they do business. Brick-and-mortar store sales are decreasing. Online sales are increasing. We will see smaller advances, the elimination of returns, the abolishment of the three annual selling seasons and the proliferation of eBooks. pBook (paper) sales are decreasing. eBook sales are increasing. With change comes opportunity. The 86,000 self-publishers in the U.S. are prepared because they are closer to their subject than a large publisher and, being more nimble, are quicker to adapt to trends, conditions and changes. It takes a large publisher 18 months from manuscript to shelf. Smashwords can get your book out at the speed of light.

[Mark Coker] - What role will eBooks play in helping to launch and sustain the careers of authors?

[Dan Poynter] - We still hear people say they like the look and feel of a paper book. They will get over it. (: I do not know of one of these detractors who has actually read an eBook. They may have glanced at a page but they have not tested the concept. I have been publishing eReports and eBooks since 1996. Because I fly more than 6,000 miles/week, I read a lot of eBooks (mostly historical fiction). So we can argue about what the customer wants but the deciding factor will be economics. pBooks cost too much. Their list prices are higher and their actual costs are much higher when you consider printing, trucking, inventorying, processing the order, picking, packing, licking, sticking, wrapping and shipping. eBooks require little or none of these and Smashwords takes care of the delivery, billing, paying and customer service.

[Mark Coker] - You write about the importance of authors taking personal responsibility for their own marketing, yet you note that most writers are introverts. How can indie authors reconcile the two?

[Dan Poynter] - The challenge is not that most writers are introverts (like me), it is that most writers believe that the only way to promote books is with public appearances: radio, TV and autographings. As a result, they do nothing at all. Whether you sell out to a large (NY) publisher or publish yourself, the author must do the promotion. Publishers do not promote books. Ask anyone who has landed a book contract. People purchase nonfiction to learn something or to solve a problem. Book promotion is simply letting people interested in the subject know that you have a book. Social networking is the ideal way for authors to promote their books. You can get the word out while discussing your favorite subject with colleagues all over the world. BTW, social networking has been around since the campfire. It is simply discussing your favorite subject with your friends. Today we have social media. We can reach our colleagues via the Internet and mobile phone systems. People anywhere in the world can join the campfire.

[Mark Coker] - Chris Anderson, author of the Long Tail, gives authors hope they can achieve success in niche markets. Yet his forthcoming book, Free, advocates pricing some digital goods at zero. How do authors compete against free, or should they even try? And how should authors approach pricing in this environment where there are free alternatives to nearly everything that is paid?

[Dan Poynter] - Chris Anderson is selling magazines and probably gets paid for speeches and consulting. Free eBooks can bring attention to the author and the author's other services. That said, there are many case studies of authors giving away their eBook only to find that this promotion increases the sales of their pBook. It seems that downloading an eBook is similar to a brick-and-mortar bookstore shopping experience. The shopper sees the title, "reaches" for the book, looks at the front cover, reads the description of the contents on the back cover, opens the book to review the contents and then makes a buying decision. Chris Anderson is right and "The Long Tail" confirms what I have been doing for 40 years. I started with a line of books on parachutes & skydiving. I sell these into the parachute industry. Reaching my colleagues is easy with social networking. I am currently at the International Parachute Symposium in Reno. We expect nearly 1,000 industry people from 32 countries. It will be easy to sell individual books and to make new dealers.

[Mark Coker] - Thanks Dan!

Be the first to own the first edition of Dan Poynter's new Self Publishing Manual Volume 2 by purchasing it now on Smashwords.

To learn more about Dan Poynter, visit his Smashwords Author Page or visit his publishing company, Para Publishing.

Tuesday, May 20, 2008

Barnes & Noble Considers Acquisition of Borders

The Wall Street Journal reports in Friday's paper that Barnes & Noble, the country's largest book store, is considering an acquisition of Borders Group. The combination would create a retail book selling powerhouse accounting for one third of all US book sales.

Such a combination would likely mean fewer stores and higher prices. I wonder if 10 years from now book stores disappear altogether. If digital music killed the record store, will digital books kill the book store?

As brick and mortar book stores enter their twilight, it's time for independent authors to reassess publishing priorities and start building digital presence.

Thursday, May 15, 2008

Amazon Kindle Sales to Approach $1 Billion by 2010?

Amazon has revealed little data about Kindle sales, but now, according to TechCrunch, Citigroup Analyst Mark Mahaney has issued a report predicting that Amazon will generate up $750 million in Kindle revenues by 2010, with half of that coming from device sales and the other half book sales.

Based on my look at the Kindle, I think it's going to be a huge hit and will expose hundreds of thousands of readers to the joy of digital books. Sure, the device isn't perfect, but with few more simple tweaks and a price reduction Amazon has a killer device on its hands.

Smashwords books are easily readable on the Kindle.

Monday, May 12, 2008

What is a book worth?

Over the last few years as Smashwords gestated in my head, I spent a lot of time contemplating the furious changes to come as digital books make their way to the Internet.

In physical form, a book has characteristics that cause most of us to apply value to it - we may appreciate the cover art, its display is crisp and sharp, it's durable, it's portable, it has weight and substance in our hands, it looks sharp in our library, it tends to smell better with age, and simply reading it in public is form of self-expression.

Simply by transforming a book to digital form, we strip away the physical and have a product that is more ethereal. We also change the perceived value of the book in the eyes of the consumer. Now in digital form, a book is little more than words and images that must compete with all the other forms of information dissemination, knowledge sharing and entertainment, most of which can be had for essentially FREE on the Internet.

So what does this mean for authors and the future of writing? Are digital books moving toward free? Considering the Smashwords business model is predicated on taking a 15% cut of sales, I certainly hope we don't go all free. And as an author who put several hundred hours of work into my own novel, I admit I desire some form of monetary compensation.

Over the weekend, I posed this question to authors over at LinkedIn, asking if we need to broaden our definition of author compensation, and the responses are quite interesting (check them out). Most authors answered they want compensation in cold hard cash. The idea of alternate measures of compensation, such as fame or enhanced credibility, is anathema to most authors who have responded so far. Several have pledged to stop writing without compensation.

The debate is fascinating to me because for years, traditional print publishing - the ideal most authors aspire to as the sign of success - has failed to offer adequate compensation to all but a few authors.

What do you think?

Tuesday, May 6, 2008

Smashwords Launches Public Beta

We went live with Smashwords today, so a big hello to our newest members who join us after nearly two months of private beta testing. My gratitude goes out to our private beta testers who generously shared their feedback leading up to this public launch.

Friday, May 2, 2008

Smashwords to Launch Public Beta on Tuesday May 6


After several years of blood, sweat and cheers, Smashwords is finally launching its public beta this coming Tuesday May 6.

The idea behind Smashwords is simple: We help authors make their digitally published works discoverable by a worldwide audience.

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The Smashwords Mission
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I'm really excited about the opportunity digital books present to the world's readers and authors. For centuries, books have remained the gold standard for information dissemination, knowledge sharing and storytelling. Books have shaped the course of mankind.

I love paper books, and I hope they never go away, but print publishing has important economic limitations that limit opportunities for authors to reach their audience. Book printing and publishing is expensive, so book publishers are unable to publish all written works, and even if they could publish all written works, the vast majority of literate people in the world would not be able to find them or afford them.

Paper books are simply too expensive when you consider that 86% of the world's population earns a per capita annual income of less than $10,000 versus a $30,000-$50,000 per capita income level typical in developed countries. Or, consider that over one billion of the world's roughly 6.5 billion inhabitants subsist on less than $1 a day. Paper books are simply too expensive for most of the world.

By moving books into the digital realm, we can start to change the economics of book publishing, while at the same time making the work of great independent authors available to people of all economic backgrounds.

At Smashwords, we want to make publishing more enriching to both authors and publishers alike. Smashwords returns 85% of net proceeds from the sale of each book back to the author or publisher. This means that an author who might otherwise earn a per unit royalty of 40 cents by publishing a $7.95 mass market paperback can make 3.5 times as much per unit by selling the digital book on Smashwords for $2.00 (a 75% lower cost).

Smashwords economics creates a virtuous cycle: By pricing books low, Smashwords authors will expand the potential audience for their books while at the same time increasing their per-unit margins, sales volume and overall profits.

Are most Smashwords authors going to get rich? Definitely not. Although digital book sales today represent a tiny fraction of overall book sales, ebooks are one of the fastest growing segments of the book publishing industry.

Authors will get out of Smashwords what they put into it. Smashwords provides authors a free digital publishing platform and associated book marketing tools that help them build an audience and achieve their dreams. Authors simply upload their manuscript in Microsoft Word, assign sampling privileges and pricing, and we automatically convert it into multiple DRM-free formats.

We expect many authors to price their books at ZERO, and we welcome this. We recognize that most authors write because they have a story to tell, information to share or ideas to communicate, and these noble desires often trump the motive for financial gain.

I invite you to join our campaign to change the way books are published, marketed, discovered and sold.

Best wishes,

Mark Coker
Founder and CEO
Smashwords, Inc.
http://www.smashwords.com