Pearson adopts 'digital first' publishing strategy
By Michele Maatouk
Date: Tuesday 16 Jul 2019
(Sharecast News) - Education publisher Pearson said on Tuesday that all future releases of its 1,500 active US titles will be published in digital format before being printed, as it focuses on lowering the cost of higher education.
With the switch to "digital first", students can expect to pay less, with an average price of $40 for an e-book and $79 for a full suite of digital learning tools. Those who still want a print textbook will be able to rent one from Pearson for about $60, while students using the company's "Inclusive Access" offering will pay even less.
College students already access more than 10 million digital courses and e-books from Pearson every year.
Chief executive officer John Fallon said: "Students are demanding easier to access and more affordable higher education materials, with nearly 90% of learners using some kind of digital education tool.
"We've changed our business model to deliver affordable, convenient and personalised 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 that 62% of its revenue is now derived from digital or digitally-enabled products and services.
At 1322 BST, the shares were up 2.9% at 889p.
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