Having watched this short film by The Economist on disruption in the music business, I find the parallels between the books and the music businesses uncanny.
Both industries have been traditionally controlled by the middlemen – labels in the case of music, and publishers in the case of books. Both sets of middlemen are oligopolies – there are three big music labels and four (?) major publishers. This is primarily a result of production costs – traditionally, professional recording equipment has been both expensive and hard to get. Similarly, typesetting and printing a book was expensive business.
However, both industries have been massively disrupted in the last couple of decades, primarily thanks to new distribution models – streaming in the case of music, and online vendors and e-books in the case of books. Simultaneously, the cost of production have also plummeted – I can get studio quality recording and mixing software on my Macbook Pro, and I already have a version of my book that looks good on the Kindle.
Yet, in both industries, the incumbents strongly believe that they continue to add value despite the disruption, and staunchly defend the value of the marketing and distribution they bring. In the above video, for example, a record studio executive talks about how established artistes may do well going “indie”, but new artistes require support in production, marketing and distribution.
If you see blogs and news articles on publishing and self-publishing, on the other hand, most of the talk is about how little value publishers themselves bring into the marketing and distribution process. While publishers continue to have a broad monopoly on the traditional distribution chain (bookstores, primarily), they have no particular competitive advantage in the new channels.
One of the successful indie artistes interviewed in the above video talks about how he was successful thanks to the brand and following he built up on social media, which ensured that his album had several takers as soon as it was released. It is again similar to advice that authors who want to self-publish get!
As someone who has completed a book manuscript and is looking for production and distribution options, I find the developments in the indie space (across products) rather interesting. Going by all this, maybe I should just give up on the “stamp of approval” I’m looking for from a traditional publisher, and go indie myself!
I leave you with a few lines from one of my favourite poems, which I believe is a commentary about the music record label industry!
Now the frog puffed up with rage.
“Brainless bird – you’re on the stage –
Use your wits and follow fashion.
Puff your lungs out with your passion.”
Trembling, terrified to fail,
Blind with tears, the nightingale
Heard him out in silence, tried,
Puffed up, burst a vein, and died.