Johanna Vondeling gives a speech about her observation of the global publishing industry while working in Perth, Australia.
According to Vondeling, the rapid change that publishing industry faces today comes from “the explosion of self-publishing”, “the emergence of new technologies and new business models”, “globalisation of the industry”, and even some “fundamental changes in consumption habits”. These changes have brought about unprecedented challenges in the industry. She encourages the global publishers to invest more in digital publishing to embrace the new trends, while maintaining traditional publishing practices.
The most interesting point that Vondeling has made is that publishers these days are not just competing with each other or self-publishing authors, but are really competing with the attention of readers, who are believed to spend less and less time on reading due to distraction of emerging electronic devices and more diversified sources of information. Concerns of this phenomenon can be found beyond the publishing industry; as people devote more time to their smartphones and laptop entertainments, they are deprived of the time they used to spend exercising, meditating, family gathering, and even sleeping. What we are witnessing is a fundamental change of modern lifestyle that has been going on globally in the past decade. Traditional publishers will need to think about adjusting their strategies in business decision making before the change is too overwhelming to digest.
Video Credit: Berrett-Koehler Publishers