Some people look at this as a TAM (Total Addressable Market) to chase after with new technology. I look at this as an opportunity to reduce billions of dollars of social costs associated with learning and development. The figure includes spending on eBooks, paperback books, and hardcover books (which grew in 2015). It also includes downloaded audio, which through doubling to about $500 million is a tiny fraction of the overall amount. Average prices (by my calculation) were $6.44 for audio, $6.70 for eBooks, $4.31 for paperback and $9.36 for hardcover. Considering you can't even resell your electronic works, they appear vastly overpriced, which explains why both paperback and hardcover revenues were up in 2015. Still. Given that the per unit reproduction cost is near zero, there seems to be little reason why eBooks should cost an average of $6.70 each. I'm thinking more like 6 or 7 cents.
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