An American Editor

August 13, 2012

On Books: Value in an eBook World

eBooks have changed the way we think of value in regards to books. For myriad reasons, ebookers think that the price of ebooks should be no more than the price of a mass market paperback, and often less. Price is a reflection of value.

Much of the thinking revolves around a central point: unlike pbooks, ebooks are intangible — just a collection of bits and bytes. Yes, there are other reasons, too, such as the lack of secondary market value, lower production costs, restrictions on usage, and the like, but the reality is that most of the conscious and unconscious reasoning revolves around the matter of intangibility.

When I buy a pbook for $15, I have something solid to hold in my hand. I can put it on a shelf and admire its cover beauty; I can open the book and feel the pages as I turn them. An ebook lacks all of the sensory qualities of a pbook — it is intangible. The sensory experience lies with the reading device itself, not with the ebook.

I am aware that many ebookers pooh-pooh the sensory argument, but it really is not so easily dismissed. Many of the things that ebookers complain are restrictive about ebooks are not restrictive about pbooks because of the sensory experience. More importantly, it is difficult to become enamored with bits and bytes, yet the beauty that a pbook can project addresses the needs of multiple senses.

I think it is this sensory deprivation that drives the value argument. eBooks are of less value because they provide less of a sensory experience. We pay $100 for an ebook reader without a great deal of thought because it appeals to multiple senses; we complain about a $14.99 ebook price because it appeals to a limited number of senses.

Think about a rose. Do we value the magazine photograph of a rose the same as we value the physical rose in our hand? The photograph will last longer than the physical rose, yet we value the physical rose more than the photograph rose because the physical rose provides a more complete (and better) sensory experience.

Or consider this. Many more ebookers are willing to pirate an ebook — regardless of the rationalization given for doing so — than are willing to steal a pbook from a bookstore. Why is that? If the value is the same, the willingness to pirate/steal should be the same, yet it isn’t. I think it is because ebooks are intangible and thus viewed as of little to no value — ebooks simply do not ignite the same sensory experiences as pbooks.

Of course all of this ignores the fact that real value of a book — p or e — lies in the writing, not in its physical structure or presence. Yet when we talk about the value of books, the value of the content is rarely addressed. There is good reason for this. If we were to address the content value, then ebooks and pbooks should be equivalently valued. After all, the word content is the same, only the physical wrapper is different.

Another problem with addressing the content value is that the content value is not altered one iota by production costs (excluding editorial). If we value the content, we should value the content identically whether it cost $1 or $100 to produce. The production (excluding editorial) costs are wrapper costs, not content value.

eBooks have upset the valuation process. Prior to ebooks, value was determined largely by content. With the rise of ebooks, the wrapper has come to dominate the valuation argument and there is little to no discussion of content value. And this has consequences for the pbook world. This is what lies, I think, at the heart of the fear of the publishing industry: the idea that content will have little to no value, only the wrapper will determine pricing.

This tension between content and wrapper valuations is further fueled by the rise of the indie author. Readers are unwilling to gamble large sums on indie-authored ebooks from authors with whom they have little to no familiarity. If an indie author publishes a pbook and prices it similarly to other pbooks in its genre, readers are willing to pay that price even if they do not know the author because the price is aligned with what they expect to pay.

Yet this does not translate to indie-authored ebooks, where there is resistance to paying the higher pricing found with traditionally published ebooks. Consequently, indie-authored ebooks tend to be drawn to the lower end of the pricing scale. With the large number of ebooks found at that lower price point, that lower price point becomes a standard for the ebook. Again, valuation is based on the wrapper, not the content.

The next few years will be interesting as regards ebook pricing. Will the valuation of ebooks change so that content is the decider or will the wrapper valuation continue to dominate and also make inroads in pbooks? Although it is often heard that content is king, ebooks appear to be the exception. For ebook valuation, the wrapper is king.

9 Comments »

  1. For me the matter is less the “value” of the content and more the fact that a ebook is only “rented”. I will pay handsomely for a beautifully printed book whose content I will enjoy over and over, but am unwilling to pay more than a nominal fee for the right to view the same book only as long as the provider sees fit to allow me to do so.

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    Comment by MD Smith — August 13, 2012 @ 7:54 am | Reply

  2. I have to disagree with your assumption that “Prior to ebooks, value was determined largely by content.” Seeing that on any given day over the last thirty years I could walk into a book store and purchase a hard cover book for anywhere from three to five times more than the exact same book as a paperback. I do think you have a point in regards to the devaluation of electronic media, society saw the same situation when music became available on-line. The fact that the art has no physical structure allows some to believe that it should not cost them anything.

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    Comment by monolithbooks — August 13, 2012 @ 10:12 am | Reply

  3. I wouldn’t pay $15 for a pbook, either. I bought my books secondhand or used the library. My decision to buy a Kindle was based on the savings I would make by not having to pay shipping. Even if the book were free, shipping was $4 dollars. My Kindle paid for itself the first year I owned it. I will pay more for books I anticipate reading again and again. I will pay the asking price for Booker Prize winners and the next GRR Martin Game of Thrones volume, but little else. There is too much legitimately free content available as an alternative to allowing publishers to lure me into the $15 price range for a book I expect to read once, if I even finish it at all. I just don’t believe that all that physicality of a pbook, with the printing, binding, shipping, and returning, costs nearly nothing.

    There is the profitability of a backlist that can suddenly become available. Those books have already been in the stores once, and now they can be purchased again at no extra cost to the publisher. Even if the market is small, the production costs are minimal, and the marketing/publicity is nil. It is nearly pure profit for the publisher. I bought 27 Georgette Heyer titles at $1.99 each when they came online. That same money would buy, what?, four over-priced new titles, with less guarantee of reading pleasure. I don’t go to first-run movies, either. I wait until they come to the cheap seats or put them on my Netflix queue or borrow from friends.

    Books won’t disappear. I pay through the nose for reference works that are useless on the Kindle and never flinch. They will have a long life on my bookshelf. Picture books, books with illustrations, photos, maps, and graphics will always have a place in my library because they are not ephemeral. $15 for a bestseller that turns out to be not very good? No way.

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    Comment by Kilian Metcalf — August 13, 2012 @ 11:32 am | Reply

  4. The way to stop pirating of eBooks is to have a fee, (paid by either the person who has the book or the person who is getting the book)that unlocks the DRM on a one time basis. From that fee it could be split between the author and the publisher.

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    Comment by Alan J. Zell — August 14, 2012 @ 1:14 pm | Reply

  5. Mr. Adin, thank you for a most thought-provoking post. I wrote such a long response to this essay that I gave up the idea of posting it here in the comments, and will be publishing it to my blog, The Bookwyrm’s Hoard, on Wednesday. I respectfully invite you to come read my full response there. In brief, however:

    While I agree that the sensory experience or lack thereof may contribute to consumers’ perceived value of pbooks vs. ebooks, I don’t think it’s the main factor. Issues of ownership vs. licensing, longevity/durability (a print book lasts a long time, while a DRMed ebook is only good as long as there are e-readers that can read the format), and particularly the perceived value of the content vs. the wrapper all come into play. I also disagree that the lower perceived value of ebooks makes people more willing to pirate them than to steal a pbook. Piracy of eooks occurs because it’s relatively easy (vs. pirating pbooks), because the perpetrators are less likely to be caught than if they stole a physical object such as a pbook, and because people see piracy as less morally objectionable than stealing a physical object — not because ebooks are valued less highly.

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    Comment by Lark — August 14, 2012 @ 10:37 pm | Reply

  6. Copying != theft

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    Comment by Martin Persson — August 19, 2012 @ 5:43 am | Reply

  7. […] An American Editor on “Value in an ebook world“. […]

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    Pingback by Stumbling Over Chaos :: Lachrymose linkity — August 20, 2012 @ 7:59 pm | Reply

  8. […] on a blog called An American Editor entitled “On Books: Value in an eBook World.” (Read article here.) Of course we’re all familiar with the word e-book, but I hadn’t seen “pbook” used in this […]

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    Pingback by WordNerds | Nancy Writes & Edits — October 19, 2012 @ 5:42 pm | Reply


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