Big data is a compilation of data so vast and in flux that processing it is vastly challenging and expensive [Timbrell, 2014]. With the rapid growth of digital content, comes the rapid increase of data and whilst big data is nothing new, it’s only recently become commercially accessible due to the ongoing development of software, programs and analytics that are enabling organisations to utilise their data sets for commercial gain [Dumbill, 2012].
For years, Amazon and Google have been tracking consumer browsing and purchase history and successfully using this data to implement optimised advertising and customer service [Madden, 2012; Matthews, 2012]. In 2011, Amazon’s recommendation model accounted for 30% of their sales [Brown et al. 2011] and exemplifies the potential value of data.
Although data’s been used by the publishing industry for some time, it’s only really allowed publishers to monitor the sales of their books post-production [Lichtenberg, 2014]. But as of 2013, digital books accounted for 15% of the total book market (a rise from 1% in 2009) [Mintel, 2014] and whilst publishers won’t be processing vast volumes of big data [Markou, 2014], their continually rising output of digital content is delivering increasing potential to collect small data sets that can help optimise their business models for the digital environment.
Employing this new data will provide publishers with new perspectives on their products and could open up new markets and opportunities. Whilst publishers have always had relatively good understandings of their markets, publishing (particularly trade) has always been risky, with potential readerships ‘difficult to identify’ and many publishing decisions based on judgement [Clark and Phillips, 2014]. However, data collection and analysis should alleviate risk by enabling publishers to better understand in real-time how their digital products are actually being used and providing additional insights into what customers want and desire from the content they’re consuming. This will inform publishing decisions throughout the workflow and help publishers make the development and distribution of content more efficient and targeted.
Currently many digital products are purchased and consumed through intermediaries, such as Amazon and Apple, who have strict control over the data they allow publishers to access (if any at all) [Wilkert, 2012]. In order to utilise the potential of small data, publishers will need to develop direct links with their customers, as HarperCollins have done with websites such as www.narnia.com and the HarperCollins Reader app (both launched in 2013) [Farrington, 2013 & Mudarri, 2013]. Initiatives such as these help publishers forge relationships with their consumers, but more importantly allow them to collect data for analysis and have full access to it.
With continuing digital developments stimulating huge change within the publishing industry and ‘publishers struggling to remain in control of an industry they once dominated’ [Mintel, 2014], it’s time for publishers to use small data to enhance their existing business models, to ‘manage change’ [Clark & Phillips, 2014] effectively and to help them make the transition into successful digital content providers. This requires a shift in employee skills from creative to scientific, with mathematical competency essential to interpret data and predict future trends [PRH, 2014], but with many publishers looking to invest in new technology and staff as an immediate priority [Smith, 2014], we could and should be looking at an industry that becomes increasingly data driven in the near future.
Word count: 550
References:
Brown et al. (2011). Big Data: The next frontier for innovation, competition and productivity. [pdf]. McKinsey Global Institute. Available at: http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation [accessed: 15/10/14].
Clark, G & Phillips, A. (2014) Inside Book Publishing. 5th ed. (London: Routledge)
Dumbill, E. (2012). What is big data? An introduction to the big data landscape. O’Reilly Radar. [online]. 11/01/2012. Available at: http://radar.oreilly.com/2012/01/what-is-big-data.html [accessed: 15/10/14].
Farrington, J. (2013). HarperCollins goes direct-to-consumer for global e-book sales. The Bookseller. [online]. 30/10/13. Available at: http://www.thebookseller.com/news/harpercollins-goes-direct-consumer-global-e-book-sales [accessed: 15/10/14].
Lichtenberg, J. (2014). Big data: should publishers even care? Publishers Weekly. [online]. 02/05/14. Available at: http://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/62114-big-data-should-publishers-even-care.html [accessed: 15/10/14].
Madden, S. (2012). How companies like Amazon use big data to make you love them. Fast Company. [online]. 02/05/2012. Available at: http://www.fastcodesign.com/1669551/how-companies-like-amazon-use-big-data-to-make-you-love-them [accessed: 15/10/14].
Markou, H. (2014). Business Models. [seminar to BA Publishing Media, Year 2]. U65025: Publishing in the digital age. Oxford Brookes University. 14/10/2014.
Matthews, C. (2012). Future of retail: How companies can employ big data to create a better shopping experience. Time. [online]. 31/08/2012. Available at: http://business.time.com/2012/08/31/future-of-retail-how-companies-can-employ-big-data-to-create-a-better-shopping-experience/ [accessed: 15/10/14].
Mintel. (2014). Books and e-books – UK – September 2014. [online]. London: Mintel. Available at: http://academic.mintel.com [accessed: 15/10/14].
Mudarri, J. (2013). HarperCollins introduces eBook app. Publishing Technology. [online]. 07/11/2013. Available at: http://www.publishingtechnology.com/2013/11/harpercollins-introduces-ebook-app/ [accessed: 15/10/14].
Narnia. (2014). Narnia Books. [online]. Available at: https://www.narnia.com/uk/books [accessed: 15/10/14].
PRH. (2014). Head of Data, Insights and Analytics. LinkedIn. [online]. Available at: https://uk.linkedin.com/jobs2/view/13338634 [accessed: 23/11/14].
Smith, C. (2014). Data analysis tops publishers’ priority for investment in 2014. The Guardian. [online]. 28/04/14. Available at: http://www.theguardian.com/media-network/media-network-blog/2014/apr/28/data-management-technology-publishers [accessed: 15/10/14].
Timbrell, N. (2014). New technology and publishing. [lecture to BA Publishing Media, Year 2]. U65025: Publishing in the digital age. Oxford Brookes University. 07/10/2014.
Wilkert, J. (2012). Direct sales uncover hidden trends for publishers. O’Reilly TOC. [online]. 22/03/12. Available at: http://toc.oreilly.com/2012/03/publishers-data-direct-sales-customers.html [accessed: 15/10/14].
For years, Amazon and Google have been tracking consumer browsing and purchase history and successfully using this data to implement optimised advertising and customer service [Madden, 2012; Matthews, 2012]. In 2011, Amazon’s recommendation model accounted for 30% of their sales [Brown et al. 2011] and exemplifies the potential value of data.
Although data’s been used by the publishing industry for some time, it’s only really allowed publishers to monitor the sales of their books post-production [Lichtenberg, 2014]. But as of 2013, digital books accounted for 15% of the total book market (a rise from 1% in 2009) [Mintel, 2014] and whilst publishers won’t be processing vast volumes of big data [Markou, 2014], their continually rising output of digital content is delivering increasing potential to collect small data sets that can help optimise their business models for the digital environment.
Employing this new data will provide publishers with new perspectives on their products and could open up new markets and opportunities. Whilst publishers have always had relatively good understandings of their markets, publishing (particularly trade) has always been risky, with potential readerships ‘difficult to identify’ and many publishing decisions based on judgement [Clark and Phillips, 2014]. However, data collection and analysis should alleviate risk by enabling publishers to better understand in real-time how their digital products are actually being used and providing additional insights into what customers want and desire from the content they’re consuming. This will inform publishing decisions throughout the workflow and help publishers make the development and distribution of content more efficient and targeted.
Currently many digital products are purchased and consumed through intermediaries, such as Amazon and Apple, who have strict control over the data they allow publishers to access (if any at all) [Wilkert, 2012]. In order to utilise the potential of small data, publishers will need to develop direct links with their customers, as HarperCollins have done with websites such as www.narnia.com and the HarperCollins Reader app (both launched in 2013) [Farrington, 2013 & Mudarri, 2013]. Initiatives such as these help publishers forge relationships with their consumers, but more importantly allow them to collect data for analysis and have full access to it.
With continuing digital developments stimulating huge change within the publishing industry and ‘publishers struggling to remain in control of an industry they once dominated’ [Mintel, 2014], it’s time for publishers to use small data to enhance their existing business models, to ‘manage change’ [Clark & Phillips, 2014] effectively and to help them make the transition into successful digital content providers. This requires a shift in employee skills from creative to scientific, with mathematical competency essential to interpret data and predict future trends [PRH, 2014], but with many publishers looking to invest in new technology and staff as an immediate priority [Smith, 2014], we could and should be looking at an industry that becomes increasingly data driven in the near future.
Word count: 550
References:
Brown et al. (2011). Big Data: The next frontier for innovation, competition and productivity. [pdf]. McKinsey Global Institute. Available at: http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation [accessed: 15/10/14].
Clark, G & Phillips, A. (2014) Inside Book Publishing. 5th ed. (London: Routledge)
Dumbill, E. (2012). What is big data? An introduction to the big data landscape. O’Reilly Radar. [online]. 11/01/2012. Available at: http://radar.oreilly.com/2012/01/what-is-big-data.html [accessed: 15/10/14].
Farrington, J. (2013). HarperCollins goes direct-to-consumer for global e-book sales. The Bookseller. [online]. 30/10/13. Available at: http://www.thebookseller.com/news/harpercollins-goes-direct-consumer-global-e-book-sales [accessed: 15/10/14].
Lichtenberg, J. (2014). Big data: should publishers even care? Publishers Weekly. [online]. 02/05/14. Available at: http://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/62114-big-data-should-publishers-even-care.html [accessed: 15/10/14].
Madden, S. (2012). How companies like Amazon use big data to make you love them. Fast Company. [online]. 02/05/2012. Available at: http://www.fastcodesign.com/1669551/how-companies-like-amazon-use-big-data-to-make-you-love-them [accessed: 15/10/14].
Markou, H. (2014). Business Models. [seminar to BA Publishing Media, Year 2]. U65025: Publishing in the digital age. Oxford Brookes University. 14/10/2014.
Matthews, C. (2012). Future of retail: How companies can employ big data to create a better shopping experience. Time. [online]. 31/08/2012. Available at: http://business.time.com/2012/08/31/future-of-retail-how-companies-can-employ-big-data-to-create-a-better-shopping-experience/ [accessed: 15/10/14].
Mintel. (2014). Books and e-books – UK – September 2014. [online]. London: Mintel. Available at: http://academic.mintel.com [accessed: 15/10/14].
Mudarri, J. (2013). HarperCollins introduces eBook app. Publishing Technology. [online]. 07/11/2013. Available at: http://www.publishingtechnology.com/2013/11/harpercollins-introduces-ebook-app/ [accessed: 15/10/14].
Narnia. (2014). Narnia Books. [online]. Available at: https://www.narnia.com/uk/books [accessed: 15/10/14].
PRH. (2014). Head of Data, Insights and Analytics. LinkedIn. [online]. Available at: https://uk.linkedin.com/jobs2/view/13338634 [accessed: 23/11/14].
Smith, C. (2014). Data analysis tops publishers’ priority for investment in 2014. The Guardian. [online]. 28/04/14. Available at: http://www.theguardian.com/media-network/media-network-blog/2014/apr/28/data-management-technology-publishers [accessed: 15/10/14].
Timbrell, N. (2014). New technology and publishing. [lecture to BA Publishing Media, Year 2]. U65025: Publishing in the digital age. Oxford Brookes University. 07/10/2014.
Wilkert, J. (2012). Direct sales uncover hidden trends for publishers. O’Reilly TOC. [online]. 22/03/12. Available at: http://toc.oreilly.com/2012/03/publishers-data-direct-sales-customers.html [accessed: 15/10/14].