What is the future of pub­lish­ing?

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Tech­no­log­i­cal and social change have severely dis­rupted the pub­lish­ing industry’s eco­nomic and cul­tural machin­ery. How will pub­lish­ers adjust to the new nor­mal in order to remain prof­itable and cul­tur­ally rel­e­vant? What new oppor­tu­ni­ties do dig­i­tal books and more active read­ers pro­vide for inno­va­tion and creativity?