Just a quick update on my piece on Apple becoming the most valuable company reaching the $1T market value threshold with news that Amazon briefly hit that same point yesterday. Amazon’s path to get to that position was quite different from Apple’s, since Amazon is a relatively “young” company. Whereas Apple went public in 1980, Amazon only did in 1997. The companies are also wildly different in terms of profitability. In 2017 Apple’s profits were $48B while Amazon’s was $3B.
As audio platforms like podcasts become mainstream, best-selling authors are moving into it and other new spaces to reach a wider audience, but the impact they’re having in relation to legacy book publishing and sales is yet to be seen.
Many popular authors have recently made the jump from traditional formats such as newspaper/magazine columns and books to new models like podcasts and audio originals on Audible.com. A high profile case of this is Malcolm Gladwell (Outliers, The Tipping Point, Blink) who has a popular podcast, Revisionist History. Gladwell has sold millions of books but said that he decided to venture into podcasts to more easily reach his audience. Speaking with the New Yorker editor David Remnick, Gladwell sees podcasts as a means to get to a younger audience but also to keep his current readers engaged in between books in an environment where their attention is in high demand. In an interview with Adweek Gladwell sums it up by saying, “if you’re going to be relevant…you have to try to reach people in more than one way because these worlds are getting quite fragmented.”
The best-selling author Michael Lewis (The Big Short, Moneyball, Flash Boys) had a column for Vanity Fair but he recently made the switch to audio originals for Audible. Similar to Gladwell, Lewis is doing this as a means to expand his audience. No doubt Lewis will find new “readers” through Audible but I wonder how many of his existing fans will follow him to that space. Audible is mainly a subscription service and for £7.99 a month you can download one audiobook or Audible original a month. You can also get audio books without a subscription and you can buy Michael Lewis’s latest audio original, The Coming Storm for £5.49. So for roughly the equivalent of a quarter-year’s-long subscription to Vanity Fair (annual price is currently £24) you could buy a single story that otherwise would have been a magazine column.
Another author who has done this in one way or another is Robert Caro, famous for his landmark biographies of Robert Moses (The Power Broker) and his ongoing series on US President Johnson (The Years of Lyndon Johnson). Caro is an old-school writer in almost every sense of the definition (Caro is famous for handwriting his drafts), but even he has made an Audible original with his latest work, a short memoir-esque piece only available on that platform. Caro has long talked about writing a memoir once he’s finished with the LBJ project, but considering he is 82 years old some of his fans understandably fear that he will never get to it. The Audible original could be a means to start getting that information out there in a quicker-to-market format than the usual process to get a book published. In an interview Caro said that he did it as a way to get some of his speeches saved for posterity.
Some popular podcasters are going in the other direction though. The comedian Marc Maron, who was an early pioneer of the podcast format published a collection of excerpts of the conversations he’s had on his popular podcast, WTF as a book. Switching to this new model could prove lucrative and Amazon with its deep pockets is trying to court popular authors and likely looking to become the Netflix of audiobooks and colonise that space. The more popular the author, the likelier it is that some of their fans will follow them to the new platform but it remains to be seen how successful it will be for up and coming authors. The filmmakers behind Crazy Rich Asians were pursued by Netflix and turned down their lucrative offers because they felt the movie being a success in the old-fashioned model was more important. In an interview on Vulture, the film’s director Jon Chu said, “If it came down to money, what are we actually trying to do here?…Taking it to the theater, it’s a symbol that a Hollywood studio system thinks it has value…It put us emotionally all in and upped the stakes…Without that, we wouldn’t be doing this marketing push. It would just be on the front page of Netflix or wherever it could end up.”
There is certainly a large market for these new models (the comedian Joe Rogan recently said he gets 30 million downloads of his show a month) but it’s not being discussed in the same way, and this accounts for the decision to release Crazy Rich Asians theatrically. Gladwell’s books are discussed widely and a few of the main concepts that he’s struck upon (“The 10,000 hour rule”, David & Goliath) seem to have broken into the mainstream. Gladwell has some thought-provoking concepts in his podcasts as well but it is difficult to find the audience that discusses those ideas and critiques them in an engaging way. For the most part podcasts aren’t reviewed the same way that books are, and this could be a sign of the struggles of old media trying to keep up with new media. In the interview with Remnick, Gladwell actually points to this as part of the appeal of podcasts, saying that there is no “critical infrastructure” that exists to tell people which podcasts to listen to, similar to what happens in books.
The power of the book was expressed recently with the news that the legendary journalist Bob Woodward was coming out with a book about the Trump presidency. Until recently the book was kept under wraps and considering how much is written about the administration and the constant daily turmoil, the fact that Woodward was able to do this on the sly was news on its own. Woodward, famous for his reporting on the events that led to Richard Nixon’s impeachment, represents a dying breed of journalists. Even though he’s a working reporter who is occasionally on TV and has columns published, just the announcement of the book coming out became news in and of itself which could be a sign of the power of the old paradigm of book publishing. Even authors who have embraced the new models aren’t giving up on books with Michael Lewis releasing a new book this fall and Malcolm Gladwell working on one as well.