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It can't be ebooks:
1. There just aren't enough of them to make a difference. My biggest issue with the ebook trade is the lack of choice and inconsistency. So far, of the 80 or so current books I've tried to find in ebook format, I've found precisely 2. That's not a threat to anyone, except makers of ereaders.
2. Ebook prices are too high. I can buy Dan Brown's latest for less than £10 as a book, but £13 as an ebook (not that I'd buy either, but it makes the point.
3. Ereaders are too expensive. For ebooks to make a real impact, readers need to be selling for about £100 and the ebooks need to be significantly cheaper than the print editions.
4. Ereading is still in the very early adopter phase - which is a phase that has no substantial impact on the mass market.
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