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To grow, publishers must either battle other publishers over market share or identify and serve new markets. Digital media are useful to publishers only insofar as they serve one of these aims. (A separate matter is using digital media to drive down costs and boost profi ts, but that is not growth in the defi ned sense.) Using digital media to redistribute market share may be costly and not lead to the expected gains, as a publisher’s rivals are likely to use the very same tactics: anyone can publish for the iPhone and Stanza, anyone can get books onto the Kindle or iPad. But with market share battles there is no relief; it is an arms race, and a publisher can no more forego publishing in digital form than it can stop seeking new and creative authors. For a publisher pursuing growth, alas, it’s new markets or nothing. Digital media do not necessarily lead to new markets, and in some situations digital media may actually serve to shrink markets. For consumer or trade publishing in the developed world, fi nding a new market can be challenging. Our lives are full, our calendars are snug, and our attention is spread over a seemingly infi nite number of media choices, ranging from old-fashioned books to social networks, music, movies, museums, and countless other things. To fi nd a new market here requires opening up a crack in a broad, seamless facade.

Five-minute Fiction, and Other Ways to Mine New Markets