Yes, agency was supposed to (at least it feels that way, I don't know for sure) counter amazons dominant position and prevent them using it to force others out of the market with lower prices. Publishers likely feared if that occurred, consumers would grow used to the lower prices.
Sadly, combined with DRM it's actually aiding amazon, but even without DRM amazon will continue to grow since other companies cannot compete on price and currently don't have the same eco system that amazon does. Apple perhaps been an exception.
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Not really sure *all* publishers are screwed, though.
Yes, their *traditional* business model is under extreme stress. They need to evolve it ASAP before it drags them all down.
Their biggest problem is that the longer they wait to change their ways, the harder it'll be to adopt the most effective solution: disintermediate Amazon themselves. In other words: get into ebook retailing themselves.
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I agree. My "screwed" comment was more in relation to traditional publishers failing to adapt, they risk their business shrinking heavily or been replaced entirely by newcomers who will step in to fill their shoes with different business models that can still provide the services many authors want/need.
I'm not sure Amazon will fully take on the role that traditional publishers fulfil. But they can replace them for many authors that are happy to cover those aspects themselves and self publish with Amazon. What remains to be seen is whether publishers will adapt before Amazon or a new entrant does decide to take on that role. It would likely be terrible if amazon did fill that roll though (e.g. with advances to noted authors), as the result would probably be exclusives for at least a limited amount of time.