Wed 13 November 2019
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You are here: Home > Young Writers' Hub > Blog > Macmillan Knows Publishing Is Doomed, So It’s Funding the Future
Macmillan Knows Publishing Is Doomed, So It’s Funding the Future
Even if the dominant players in a staid, legacy industry see the writing on the wall — that the Internet will eventually kill them — it’s not easy for them to do much about it

Some publishers are merely waiting for Amazon to put them out of business. (See “We’re in Amazon’s sights and they’re going to kill us.”) Others have taken to suing startups which threaten their business model. (See: Publishers accuse textbook replacement service Boundless of copyright infringement.)

Macmillan Publishing has taken an entirely different route altogether. It’s one that, until now, has remained relatively under the radar. The company hired Troy Williams, former CEO of early e-book company Questia Media, which sold to Cengage. Macmillan gave him a chunk of money and incredibly unusual mandate:

Build a business that will undermine our own.

The publishing giant has given Williams a sum greater than $100 million (he won’t say exactly how much) to acquire ed-tech startups that will eventually be the future of Macmillan. The plan is to let them exist autonomously like startups within the organization, as Macmillan transitions out of the content business and into educational software and services. Through the entity, called Macmillan New Ventures, Williams plans to do five deals this year and 10 to 15 over the course of the next five years.

He’s buying companies that will help Macmillan survive as a business once textbooks go away completely.


Complete article here.

Credit: www.pandodaily.com
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