The Used Ebook Opportunity
I've got quite a few ebooks in two different accounts that I've read and will never read again. I'll bet you do too. In the print world we'd pass those along to friends, resell them or donate them to the local library. Good luck doing any of those things with an ebook.
Once you buy an ebook you're pretty much stuck with it. That's yet another reason why consumers want low ebook prices. They're lacking some of the basic features of a print book so of course they should be lower-priced. I realize that's not the only reason consumers want low ebook prices, but it's definitely a contributing factor. I'd be willing to pay more for an ebook if I knew I could pass it along to someone else when I'm finished with it.
The opportunity in the used ebook market isn't about higher prices though. It's about expanding the ebook ecosystem.
The used print book market helps with discovery and affordability. The publisher and author already got their share on the initial sale of that book. Although they may feel they're losing the next sale I'd argue that the content is reaching an audience that probably wouldn't have paid for the original work anyway, even if the used book market didn't exist.
But rather than looking at the used book world as an annoyance, it's time for publishers to think about the opportunities it could present for ebooks. I've written and spoken before about how used ebooks could have more functionality than the original edition. You could take this in the other direction as well and have the original ebook with more rich content than the version the customer is able to either resell or pass along to a friend; if the used ebook recipient wants to add the rich content back in they could come back to the publisher and buy it.
As long as we look at the used market through the lens of print products we'll never realize all the options it has to offer in the econtent world. That's why we should be willing to experiment. In fact, I'm certain one or more creative individuals will come up with new ways to think about (and distribute) used ebooks that we never even considered.
PW recently featured an article about ReDigi, a startup that "lets you store, stream, buy and sell pre-owned digital music." As the article points out, ebooks are next on ReDigi's priority list. Capitol Records is suing to shut ReDigi down. I suspect the publishing industry will react the same way. Regardless of whether ReDigi is operating within copyright law I think there's quite a bit we can learn from their efforts. That's why I plan to reach out to them this week to see if we can include them in an upcoming TOC event.
Btw, even if ReDigi disappears you can bet this topic won't. Amazon makes loads of money in the used book market and Jeff Bezos is a smart man. If there's an opportunity in the used ebook space you can bet he'll be working on it to further reinforce Amazon's dominant position.