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Wednesday 26 November 2014

Waterstones founder: e-book revolution will soon go into decline

Tim Waterstone, who founded the bookshop chain in 1982, argues that the printed word is far from dead and Britain’s innate love of literature had made books one of the most successful consumer products ever

A Waterstone's shop on Oxford Street, London
A Waterstone's shop on Oxford Street, London Photo: Alamy

The so-called e-book “revolution” will soon go into decline, the founder of Waterstones has said, insisting that the traditional physical book is here to stay.

Tim Waterstone, who founded the bookshop chain in 1982, argued that the printed word was far from dead and Britain’s innate love of literature had made books one of the most successful consumer products ever.

He added that he had heard and read “more garbage about the strength of the e-book revolution than anything else I’ve known”.

Appearing at a panel event on the future of publishing at the Oxford Literary Festival, Mr Waterstone said he was hopeful about the future of the physical book, adding that the deeply rooted love of reading in Britain was “immovable”.

He joked that insiders were generally “apocalyptic” about the the book industry’s prospects but said he refused to believe the traditional physical book was under threat.

Waterstones, now run by James Daunt and owned by the Russian tycoon Alexander Mamut, sells e-readers and e-books alongside their printed counterparts.

In 2013, British consumers spent £300 million on 80 million e-books compared with £2.2 billion on 323 million physical books.

“I think you read and hear more garbage about the strength of the e-book revolution than anything else I’ve known,” Mr Waterstone told the audience in Oxford.

“The e-books have developed a share of the market, of course they have, but every indication – certainly from America – shows the share is already in decline. The indications are that it will do exactly the same in the UK.”

In November, statistics released by the Association of American publishers, showed that adult e-book sales were up by just 4.8 per cent in 12 months, while hardcover book sales had risen by 11.5 per cent.

The results were in direct contrast to trends identified in recent years, with e-books often assumed to be outpacing traditional printed works.

Analysis in the UK, by Neilsen BookData, showed e-book sales in four weeks in May and June last year fell by 26 per cent from the same period the year before.

The change was explained in part by the absence of word-of-mouth success stories such as Fifty Shades of Grey and The Hunger Games in 2013.

Speaking about the longevity of the printed word, Mr Waterstone said: “Print on paper has lasted for centuries. It’s one of the most wonderful, really successful consumer products of all time.

“The book has probably had the strongest compound growth rate since the Second World War than any other consumer product. The compound growth rate since 1945 is around 5.2 per cent. Compound, right the way through to 2013.

“The product is so strong, the interest in reading is so deeply rooted in the culture and human soul of this country that it is immovable.

“The traditional, physical book is hanging on. I’m absolutely sure we will be here in 40 years’ time.”

Scribd: the Netflix of digital books

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