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I really don't think audiobooks are going to replace hardcovers, not only are they a completely different experience than reading, but they also lack the tactile aspect.
I don't think anything is going to replace hardcovers. Ebooks will eventually replace mass market paperbacks, and audiobooks will stay their own thing. Hardcovers may become even more of a niche/collectible market, but they're going to stay around in that market.
Besides, what happens to people like me? I love a good hardcover, but I can't stand audiobooks. It makes my skin crawl to listen to one.
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