Pearson shifts from print textbooks to digital: 'We’ve changed our business model'
British publisher Pearson announced Tuesday it was going to stop the traditional way of printing textbooks for higher education and switch to digital.
The world’s largest educational publisher said the move was a signal to its “strategic commitment to the digital future of higher education, affordability and lifelong learning.” The company said all future releases of its 1,500 active U.S. titles “will be digital-first.”
“Students are demanding easier to access and more affordable higher education materials, with nearly 90% of learners using some kind of digital education tool,” Pearson CEO John Fallon CEO, said in a statement. “We’ve changed our business model to deliver affordable, convenient and personalized digital materials to students. Our digital-first model lowers prices for students and, over time, increases our revenues. By providing better value to students, they have less reason to turn to the secondary market. This will create a more predictable, visible revenue stream with a better quality of earnings that enables us to serve the needs of learners and customers more effectively.”
The company said the move would cut costs and make it more accessible for college students. Students will pay about $40 for an electronic book and $79 for learning tools offered by the company. Those who wish to rent a print textbook will pay an average price of $60.
Pearson has faced competition recently from rivals such as Amazon recently, Bloomberg reported. The company’s U.S. sales have declined by more than $200 million since 2016, the publication says.
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McGraw-Hill, a large publishing company, announced in June that it was offering college students access to digital textbooks through its ReadAnywhere mobile app.