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IN DEPTH


Subscription services Reaching readers


their content. In-house aggregator librarians shape the subscription offering (carving out dead wood and select- ing new, relevant content) to add value. The “curated garden” approach is cost-effective and an excellent introduction to subscription. The final option is the “kitchen sink” model—i.e., the “deep” end—whereby the aggregator simply piles publisher-supplied content high, without curation. Drowning in this tpe of pool is a distinct possibilit. Under each option, the publisher ultimately controls the content made available through subscription, but publishers should carefully consider their motivation before selecting a subscription model. Each option entails risks, but these can be minimised by adopting a strategic approach to partner and content selection, closely examin- ing the contract, and cautious experimentation.


1836


Te year in which Charles Dickens began publishing his novel Te Pickwick Papers in serialised form


$2.6bn


Sales generated by the largest subscription e-commerce retailers in 2016, a huge increase on the comparable $57m figure generated in 2011


It is imperative for publishers


to carefully assess potential aggregator partners to select one that matches their strategic goals. Does the aggregator: Understand the value of your content and your strengths?; Curate the content they select for their platforms?; Have transparent models and provide detailed usage statistics, including geographical sales data?; Openly experiment with content and models?; Emphasise discoverabilit and improve the market reach of your content? Assessment of sales models, and their appropriateness for a publisher’s content, is critical. Publishers should map their content to the model that will maximise revenue based on


content age, sales performance and book tpe. Frontlist content, especially high-value textbooks, is best suited to individual retail channels. Multi-user library channels complement reference, supplementary and monograph content. Carefully curated backlist, supplementary and monograph content, supported by discovery data, may gain extra sales traction in subscription.


Te contract


The contract is the lungs of the publishing house and breathes life into every aspect of the publishing process. It is critical that contracts are closely evaluated, especially the complex agreements that govern subscription models. Publishers should consider the following vendor small-print:


 fiendishly complex. Request clear working examples of how subscription royalties


are calculated, and use this for income projections.


 and termination clauses are clear, and that they allow you to assess the impact of inclu-


sion of content and respond accordingly.  which content can be withdrawn TheBookseller.com


Huw Alexander is the co-founder of Textbox. He spoke at yesterday’s Te Markets conference


 


     


 


from subscription must be clear. Outside of legal issues, aggregators oſten work on a six-month with- drawal cycle to lessen disruption for customers.


 different sales models, so ensure your data is accurate and that titles released for a


standard purchase model are not automatically included in subscription.


 the vendor sells to and that your data feeds carry accurate geographical rights


information.


 the delivery of advances for high- profile titles are clearly defined.


In terms of publishers’ small-print, they should: check they have the right to sell the content on a subscription basis; inform authors of their inclusion in a subscription plan and clearly explain royalt models and terms; obtain editorial buy-in; and secure sales team buy-in and avoid channel conflicts. Further, publishers can beter understand subscription and content performance by adopting a cyclical approach to experimentation. By working with the vendor and testing a subset of titles, publishers can implement a review process that examines usage data and calculates the performance of content. Publishers can learn from this data and calibrate the content and data available to meet revenue expectations. Subscription has been an integral part of the publishing ecosystem for nearly 200 years. It offers many benefits and is well-regarded as a stable model by investors. Success in the future will depend on ensuring that content is supported by rich data that drives discov- ery, and careful content curation to lower the possibilit of dilution of sales.


The subscription pool can be a daunting sea, but with patience and experimentation, an equilibrium between sales and availabilit can be achieved. Publishers will then be waving, not drowning, in the pool. And they will not end up alone, living with cats.


TO ACCOMODATE RAPID DELIVERY AND ON-DEMAND CONTENT HAS RESHAPED THE MARKET


AMAZON’S EVOLUTION


 39


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