07-25-2013, 08:21 AM | #1 | |
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PW: Conspiracy Fines detailed, so far...
Those poor put-upon victims of the Feds have so far paid $166M dollars for their two year run of price fixing.
From Publisher's Weekly: Quote:
As expected, they got off easy, though you'd never believe it to hear them whine about getting a wrist slap. Glass tower crime pays off, again. Last edited by Alexander Turcic; 07-25-2013 at 11:26 AM. Reason: adjusted for frontpage |
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07-25-2013, 09:38 AM | #2 | ||
monkey on the fringe
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Quote:
Quote:
Last edited by tubemonkey; 07-25-2013 at 10:32 AM. |
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07-25-2013, 10:30 AM | #3 |
Wizard
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lol,
Graham |
07-25-2013, 10:49 AM | #4 |
Nameless Being
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Even if it wasn't along those lines, consumers would be hard pressed to use the exact amount of the credit and get something that they'd normally buy anyhow. Many would either underspend (thus the publishers would end out paying less) or overspend (thus the publishers would have additional revenues). Even if someone spent on the dot, only part of it would reflect an actual expense to the business while part of it would represent the loss of potential revenues. And I'm confident that there are tax-loopholes to deal with that. It kinda makes me wonder how much of that pentality will actually be a penalty. |
07-25-2013, 01:14 PM | #5 | |
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Quote:
The ebook business in 2012 was worth $2Billion and the price fixers raked in half of the gross on which they overcharged 20-40%. Take the lower bound and the price fix cost consumers over $200M in 2012. Add in 2011 and late 2010 (when overcharges ran as high as 50% on some titles) and the conspiracy cost non-boycotting consumers well north of $300M and possible as high as $500M. Add in the reduced competition in both ebooks and ereaders and the six conspirators are not paying even a fraction of the damage they caused to authors, consumers, and other victims. The only consolation is that they set the stage for the mainstreaming of indie publishing and that is going to keep on biting them in the rear unto eternity. (Or reasonable facsimile of same.) |
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07-25-2013, 04:00 PM | #6 | ||
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Quote:
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07-25-2013, 06:23 PM | #7 | |
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Quote:
In their "defense", if one of them acts independently there is a chance agents might start agenting (for a change) and spawn bidding wars. And, again, with the feds watching... Besides, it's better to keep on ripping off authors at 25% of (hollywood accounting) net. Last edited by fjtorres; 07-25-2013 at 06:26 PM. |
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07-25-2013, 06:33 PM | #8 |
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Sadly my guess is the authors will be the ones losing out financially it wouldn't surprise me if it didn't effect the publishers at all or even made them slightly better off.
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07-25-2013, 07:11 PM | #9 | ||
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Quote:
More, some authors never get significant ebook royalties to start with; they signed away most of their ebook royalties (down to the 4% range) in return for a couple extra points of pbook royalties. Edit: Check this: http://aardvarknow.us/2013/06/04/e-b...always-denied/ Quote:
Last edited by fjtorres; 07-25-2013 at 07:24 PM. |
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07-26-2013, 12:22 PM | #10 | |
Wizard
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I just read speculation on GIGaom that Apple's fine could be $490 million. They're extrapolating from what the publishers settled for.
Quote:
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07-26-2013, 12:37 PM | #11 |
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07-26-2013, 07:48 PM | #12 | |
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It is not really right IMO but I am lucky in that I can chose where I work. Perhaps that is luck or perhaps it is because I am competent. Authors have more choices these days as do publishers. Publishers tried the power play and it seems to have failed as well it should have IMO. Still for the most part it is a free world, and authors can charge what they wish and publishers can pay only what they want to pay. Both are free to look elsewhere contractual obligations aside. And no one signed these contracts at gunpoint AFAIK. Helen |
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07-26-2013, 09:50 PM | #13 |
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07-26-2013, 10:16 PM | #14 |
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07-27-2013, 03:38 AM | #15 |
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