Depending on how you look at it, last week was a great week for bargain-hunting book buyers or a disheartening one for authors, booksellers and publishers.
Wal-Mart and Amazon have engaged in a price war for the holiday season’s hardcover bestsellers.
On Thursday, Wal-Mart announced that it would pre-sell 10 hardcovers for $10. Amazon matched the price on the same day, then Friday Wal-Mart lowered to $9 – then again to $8.99 (where the price currently stands).
The price of Stephen King’s Under the Dome is a whopping 74% off the $35 cover price. Barbara Kingsolver’s The Lacuna can be bought for a 67% discount. Wal-Mart also offers free shipping for the 10 titles on their list.
If readers come to believe that the value of a new book is $10, publishing as we know it is over. If you can buy Stephen King’s new novel or John Grisham’s Ford County for $10, why would you buy a brilliant first novel for $25? I think we underestimate the effect to which extremely discounted best sellers take the consumer’s attention away from emerging writers.
What do The Book Case readers think of the price war? Will you be ordering multiple copies of The Lacuna to give away as gifts, or do you plan on sticking to your local bookseller for a more memorable book-buying experience? Do price cuts like the ones offered by Wal-Mart and Amazon encourage you to buy more books? Would you rather buy a $9 hardcover or a $9.99 e-book?