Put simply, publishing needs to move with the times. And of course it will, eventually. The history of publishing is the history of active resistance, passive acceptance and eventual embrace.

The ongoing explosion of streaming content across screens of all sizes has clearly debunked the “screen fatigue” and streaming fatigue” myths from a few years back.

Instead of shying away from streaming, people are embracing the model more than ever. Video, audio, podcasts, even ebooks. But for the first part of this essay, the focus is on video, in mind the latest The Gauge report

Nielsen’s “The Gauge” Report: February Television Trends

Nielsen’s “The Gauge” report for February indicates a notable shift in television consumption, deviating from expected seasonal trends. Traditional television viewing declined, while streaming services saw an increase in viewership.

From The Hollywood Reporter: “Streaming’s share of all TV use in the United States — 43.5 percent — came within a single percentage point of matching the combined total for broadcast (21.2 percent) and cable (23.2 percent).“

Key Findings:

  • Decline in Traditional TV: Time spent watching traditional broadcast and cable television decreased in February. This decline was more significant than typically observed for this time of year, meaning fewer people were watching scheduled programmes on standard TV channels.
  • Rise in Streaming: Conversely, the report highlighted an increase in the consumption of streaming content, confirming viewers are increasingly turning to platforms like Netflix, Amazon Prime Video, and others for their entertainment. This shows a continued trend of people watching what they want, when they want.
  • Seasonal Trends: Normally, viewing habits follow predictable patterns throughout the year. February’s data showed a departure from these expected seasonal trends, indicating a more pronounced shift in viewer behaviour.

Implications:

  • The report suggests a continued acceleration of the shift away from traditional television towards streaming platforms.
  • This has significant implications for broadcasters, advertisers, and content creators, not to mention the industries like book publishing that both support and rely on TV consumption.
  • This data shows that streaming platforms are becoming more and more dominant in the home entertainment market. Publishers need to understand the implications for our own industry.

D2C Profits

First, let’s drop back a month or so to news from Warner Bros. Discovery, which reported ending 2024 with 116.9 million global streaming subscribers, up from 110.5 million at the end of September. Their direct-to-consumer division turned a quarterly profit of $409 million – a remarkable turnaround from a loss of $55 million the previous year.

Looking ahead, the company aims to exceed 150 million subscribers by the end of 2026, supported by strong performance from its Max and Discovery+ platforms and strategic bundling initiatives. These figures underline how legacy studios are now embracing digital distribution to achieve sustainable profitability, even amid significant restructuring and evolving content strategies.

BookBeat Paid Out $327 million

Audio streaming services are also booming, delivering solid profits for everyone involved. Companies like Storytel and BookBeat have reported impressive growth, showcasing just how lucrative this space is becoming. In February BookBeat announced it has paid out $327 million since it launched ten years ago.

Small beer compared to the $3.5 billion paid out by Amazon over ten years, just to self-publishers using its Kindle Unlimited ebook subscription service.

Former Penguin Random House CEO Markus Dohle famously claimed that streaming was bad for consumers and the industry. He even told a court during Bertelsmann’s attempt to buy Simon & Schuster that streaming would destroy brick-and-mortar bookstores within three years. But his successor proved him wrong by partnering with Spotify for audio streaming, yielding fantastic returns.

Despite this success, ebook streaming remains somewhat of a sideline, with Kindle Unlimited being the notable exception, but not one that proves the rule. Put simply, Kindle Unlimited is hugely successful despite, not because of engagement with mainstream publishers. The $3.5 billion payout did not include payments to participating publishers like Pottermore, or Amazons own APub content, both of which routinely own the ebook charts.

It’s understandable that mainstream publishers are hesitant to give even more leverage to Amazon, but the fear of ebooks is deeper-rooted than just empowering Amazon.

Publishers In Bed With Amazon

And in any case mainstream publishers are fully in bed with Amazon when to comes to Audible, a streaming platform for audiobooks, where subscribers buy a monthly credit and get a single audiobook of their choice for a $14.95 fee.

Publishers get paid as if a full purchase, even if the book costs much more than the subscription price, while consumers can buy expensive audiobooks for less than $15. Amazon profits regardless. Everyone’s happy except the producers of short and low cost audiobooks who lose out because the playing field is tilted heavily against them.

For a long while mainstream publishers, led by Dohle who, while milking Audible for all he could, tried to playdown streaming, refusing to acknowledge the countless benefits, riding high on crass nonsense about “screen fatigue” and “subscription fatigue.”

Say Goodbye To The Dohle Era

But as one streaming service after another reports growth, profits and expansion plans, book publishers need to take off the blinkers and say goodbye to the Dohle-era.

As as already been shown with the Spotify deal, hundreds of millions of dollars in fresh new revenue is coming in to publishers from a platform Dohle denounced as the devil’s spawn.

It’s time publishers looked again at streaming and what it could do for their authors. Especially given they have no problem raking in the cash from additional books sales that arise from video streaming platforms like Netflix, HBO and Amazon Prime as they stream series based on published books.

Wouldn’t it make more more sense to try working with other media models and try adopting the best elements of their strategies? Not so easy when the biggest trade publisher in the arena was calling the shots, but as Nihar Malaviya has shown, with Count Dohle out of the way, new opportunities can now be explored.

And let’s be clear here: None of the Big Five publishers would have signed the deal with Spotify while Dohle was self-appointed spokesman for the trade. So let’s briefly look at what streaming could be bringing to the publishing industry table if publishers would fully abandon their irrational antipathy to streaming.

Exploring the Positives of Streaming

  1. Enhanced Accessibility: Streaming platforms offer instant access to a vast library of books, making it easier for readers to discover new authors and genres.
  2. Steady Revenue Streams: Subscription models provide consistent income for publishers and authors, reducing the unpredictability of traditional sales cycles.
  3. Global Reach: Digital platforms break down geographical barriers, allowing content to reach a worldwide audience without the limitations of physical distribution.
  4. Data-Driven Insights: Streaming services collect valuable data on consumer preferences and behaviors, enabling publishers to tailor content and marketing strategies effectively.
  5. Reduced Costs: Streamed content reduces the need for physical production and distribution and lowers overhead expenses, potentially increasing profit margins.

Lessons from Video and Audio Streamers

  • Personalisation is Key: Just as Netflix and Spotify use algorithms to recommend content, book streaming services can enhance user experience through personalized book suggestions.
  • Exclusive Content: Offering exclusive releases or early access can attract subscribers and differentiate a platform from competitors.
  • User-Friendly Interfaces: A seamless and intuitive platform encourages user engagement and retention. Investing in app design and functionality is crucial.
  • Collaborations and Partnerships: Teaming up with tech companies, influencers, or other media outlets can expand reach and open new marketing channels.
  • The TV/audio streaming boom—where convenience, curation, and bundling drive loyalty—suggests publishers could replicate this with ebook platforms. WBD’s strategy of prioritising franchises (e.g., Harry Potter, Game of Thrones) and improving studio consistency offers a blueprint: publishers might focus on curated genre subscriptions or author-led series to boost engagement.

Takeaways for the Book Publishing Industry

The hesitancy to fully embrace ebook streaming is holding the publishing industry back from tapping into significant opportunities. Streaming isn’t just a passing trend—it’s reshaping how people consume content across various media. By learning from the successes of video and audio platforms, publishers can innovate and meet consumer demands:

  • Adopt Flexible Business Models: Embracing subscription and streaming models can attract a new segment of readers who prefer digital consumption.
  • Leverage Technology: Utilising AI and machine learning can enhance personalisation and improve user engagement.
  • Diversify Distribution Channels: Expanding beyond traditional sales avenues reduces reliance on any single platform and mitigates risk.

Ebook Streaming: Untapped Potential Beyond Amazon

While Kindle Unlimited dominates ebook streaming, publishers remain wary of ceding more power to Amazon. But by not embracing rival ebook streaming platforms, publishers perpetuates the cycle.

Key Lessons from Video/Audio Streaming:

  1. Bundling & Partnerships: WBD’s bundled Max offerings and studios’ collaboration on aggregated services (e.g., abandoned sports platform Venu) highlight the value of convenience. Publishers could partner with non-competing streaming services (e.g., audiobooks with music platforms, as Spotify is showing already) or create cross-industry bundles.
  2. Profitability Through Scale: Netflix and WBD demonstrate that sustainable margins require global reach and subscriber growth. For publishers, niche platforms may struggle, but alliances could reduce reliance on Amazon. The scale of global reach meaningful digital streaming could bring is hard to exaggerate.
  3. Data-Driven Content: Streaming giants use viewer analytics to guide investments (e.g., WBD’s focus on tentpole franchises). Publishers could leverage reader data to tailor ebook catalogs or promote backlist titles.
  4. Ad-Supported Models: WBD backtracked on charging extra for ad-free sports/news, opting to “experiment” with hybrid monetisation. Publishers might explore ad-supported ebook tiers or library partnerships.

Challenges & Opportunities While streaming’s upfront costs and rights complexities pose risks (evident in WBD’s restructuring charges), the sector’s profitability in audio and TV proves viable models exist. For publishers, diversifying beyond Amazon—via coalitions or independent platforms—could mitigate monopolistic concerns while tapping into subscription-hungry audiences.

As Zaslav noted, aggregation and ease of access are king; the publishing industry must adapt or risk being sidelined in an era where consumers expect “all the goodness through the bundles”.

Put simply, publishing needs to move with the times. And of course it will, eventually.

The history of publishing is the history of active resistance, passive acceptance and eventual embrace.

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