While the book publishing world has so far weathered the shift to digital better than other media, the decision by Penguin and Random House to merge signals an underlying anxiety about future profitability.
For though technological innovation has made it easier than ever for readers to buy books, there is a catch: a single retailer – Amazon– dominates the digital distribution channels. Its power is set to become stronger as ebooks eat into print book sales.
The question for book publishers is whether, through mergers and acquisitions, they can retain enough market power to avoid being squeezed by Amazon and its tough negotiating tactics.
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