Those are questions I've been asking myself a lot lately. Ebooks are convenient in that you can carry an entire library on a phone or tablet. They're also more readily available for browsing or purchase, right from the comfort of home. But the reading experience features nothing more than a digital version of the print edition.
I've spent a lot of time evaluating content transformation platforms over the past several years in the hopes that I'll discover the path forward from today's world of dumb books on smart devices. I'm disappointed to say we're at roughly the same stage as we were at more than 10 years ago when the Kindle first hit the scene.
The problem? Scalability.
There are countless books which could be greatly enriched by leveraging technology. Everything from the simple insertion of video to the addition of more interactive elements would turn a static experience into a much more memorable (and probably more effective) experience. These enrichment platforms are becoming easier to use, enabling drag-and-drop functionality so you don't have to be a programmer to create a rich user experience. However, the cost of creating these next-gen products is typically more than what the publisher invested in the creation of the original print product.
Think about that for a minute. As a publisher, you have a pretty good sense of the ROI for your next new title. Most of the variables involved operate within a fairly tight range (e.g., author advance, editing expense, manufacturing cost, sell-in level, etc.) Even the total sales, and therefore resulting revenue, are fairly predictable, within a given range. All this predictability provides the publisher with a P&L model without a lot of surprises.
Now think about asking a publisher to spend two or three times that initial product investment to create an enriched version of the same title. The product development expenses are higher, and may even result in cost overruns due to the newness of the approach. More importantly, the resulting revenue projection is a total shot in the dark. Until the publisher has created enough of these new products, they have no idea what sort of sales range to project.
Scalability should lead to better efficiencies. We saw this with ebooks; an ebook can be created today at a fraction of what publishers used to pay for the service 5-10 years ago. The same thing needs to happen with enriched content. Vendors need to have a path to a model where the transformation cost is less than half the original print/ebook product cost. If they're unable to get there, they might as well abandon ship and get into a different business.