As the publishing sector continues to advance with the changing market, publishers are questioning their current business models and beginning to advance towards including the consumer in making decisions. A recently established online publisher, Unbound, has incorporated a straightforward model proving that crowdfunding can be used successfully within the industry. Through Unbound, ‘the author pitches an idea and if enough readers support it, the book goes ahead’, this bridging the gap between publisher and purchaser (Hesse, 2014).
As crowdfunding begins to evolve in business, types of crowdfunding have emerged; both models are being used and are often brought together. The first being the reward model as it is ‘offering something to the investor in return for the contribution’ although they do not take part in the earnings of the company. The other being the pre-purchase model, where the consumer receives the product being made in return for a backing donation (Squires, 2013). Can traditional publishers learn from this model and incorporate it into their infrastructure as they are beginning to introduce digital publishing?
Unbound has successfully funded £1m book projects, publishing fifty-four books since their launch in 2011. This success is arguably due to the dependency on ‘the author’s fan base and network’ (Hesse, 2014). With Unbound’s business model books are published primarily on their popularity, this allowing for secure sales and success. This plan offers us ‘the chance to put our money where our reading is’ and demonstrates publishing with a ‘growing number of alternatives’ (Rudd, 2014).
As Kevin Wagstaff argues, ‘traditional publishing isn’t getting anymore lucrative’, I support his statement, as the balance between print and digital is shifting and consumer demands are changing (Wagstaff, 2011). If publishing continues to expand into the digital sector, will traditional publishing fall to the wayside?
Co-founder of Unbound, Dan Kieran stated that readers are whom the publishing industry exists to serve, ‘but they currently have no say in what gets published at all’ (Page, 2013). I think that with continued use of crowdfunding, readers will become more engaged and with the rearrangement of a new business model, the publishing industry will continue to thrive as it expands digitally and traditional publishing can also be incorporated.
As crowdfunding begins to evolve in business, types of crowdfunding have emerged; both models are being used and are often brought together. The first being the reward model as it is ‘offering something to the investor in return for the contribution’ although they do not take part in the earnings of the company. The other being the pre-purchase model, where the consumer receives the product being made in return for a backing donation (Squires, 2013). Can traditional publishers learn from this model and incorporate it into their infrastructure as they are beginning to introduce digital publishing?
Unbound has successfully funded £1m book projects, publishing fifty-four books since their launch in 2011. This success is arguably due to the dependency on ‘the author’s fan base and network’ (Hesse, 2014). With Unbound’s business model books are published primarily on their popularity, this allowing for secure sales and success. This plan offers us ‘the chance to put our money where our reading is’ and demonstrates publishing with a ‘growing number of alternatives’ (Rudd, 2014).
As Kevin Wagstaff argues, ‘traditional publishing isn’t getting anymore lucrative’, I support his statement, as the balance between print and digital is shifting and consumer demands are changing (Wagstaff, 2011). If publishing continues to expand into the digital sector, will traditional publishing fall to the wayside?
Co-founder of Unbound, Dan Kieran stated that readers are whom the publishing industry exists to serve, ‘but they currently have no say in what gets published at all’ (Page, 2013). I think that with continued use of crowdfunding, readers will become more engaged and with the rearrangement of a new business model, the publishing industry will continue to thrive as it expands digitally and traditional publishing can also be incorporated.
Word Count: 352
Bibliography:
Hesse, Jason, (30 September, 2014) ‘Crowdfunding Authors’ Books Could Save Publishing’ http://www.forbes.com/sites/jasonhesse/2014/09/30/crowdfunding-authors-books-could-save-publishing/ (Accessed: 19 October, 2014)
Page, Benedicte, (21 Novemeber, 2013) ‘Unbound offers crowdfunding to traditional publishers’ http://www.thebookseller.com/news/unbound-offers-crowdfunding-traditional-publishers (Accessed: 19 October, 2014)
Rudd, Gillian, (1 October, 2014) ‘Why crowdfunding publisher Unbound poses a threat to literary prizes’ http://theconversation.com/why-crowdfunding-publisher-unbound-poses-a-threat-to-literary-prizes-31429 (Accessed: 19 October, 2014)
Squires, Claire, The digital publishing communications circuit: ‘Crowdfunding and the Federal Securities Laws’ Volume: 3 Issue: 1 (2013) pp. 3-23, p. 16
Wagstaff, Keith, (22 June, 2011) ‘Is Crowdfunding the Future of Book Publishing?’ http://utopianist.com/2011/06/is-crowdfunding-the-future-of-book-publishing/ (Accessed: 19 October, 2014)
Bibliography:
Hesse, Jason, (30 September, 2014) ‘Crowdfunding Authors’ Books Could Save Publishing’ http://www.forbes.com/sites/jasonhesse/2014/09/30/crowdfunding-authors-books-could-save-publishing/ (Accessed: 19 October, 2014)
Page, Benedicte, (21 Novemeber, 2013) ‘Unbound offers crowdfunding to traditional publishers’ http://www.thebookseller.com/news/unbound-offers-crowdfunding-traditional-publishers (Accessed: 19 October, 2014)
Rudd, Gillian, (1 October, 2014) ‘Why crowdfunding publisher Unbound poses a threat to literary prizes’ http://theconversation.com/why-crowdfunding-publisher-unbound-poses-a-threat-to-literary-prizes-31429 (Accessed: 19 October, 2014)
Squires, Claire, The digital publishing communications circuit: ‘Crowdfunding and the Federal Securities Laws’ Volume: 3 Issue: 1 (2013) pp. 3-23, p. 16
Wagstaff, Keith, (22 June, 2011) ‘Is Crowdfunding the Future of Book Publishing?’ http://utopianist.com/2011/06/is-crowdfunding-the-future-of-book-publishing/ (Accessed: 19 October, 2014)