"One thing, however, is certain, and about it publishers agree: e-book sales as a percentage of overall revenue are skyrocketing. Initially such sales were a tiny proportion of overall revenue; in 2008, for instance, they were under 1 percent. No more. The head of one major publisher told me that in 2010 e-book sales accounted for 11 percent of his house’s revenue. By the end of 2011 it had more than tripled to 36 percent for the year. As John Thompson reports in the revised 2012 edition of his authoritative Merchants of Culture, in 2011 e-book sales for most publishers were “between 18 and 22 percent (possibly even higher for some houses).” Hardcover sales, the foundation of the business, continue to decline, plunging 13 percent in 2008 and suffering similar declines in the years since. According to the Pew Research Center’s most recent e-reading survey, 21 percent of American adults report reading an e-book in the past year. Soon one out of every three sales of adult trade titles will be in the form of an e-book. Readers of e-books are especially drawn to escapist and overtly commercial genres (romance, mysteries and thrillers, science fiction), and in these categories e-book sales have bulked up to as large as 60 percent. E-book sales are making inroads even with so-called literary fiction. Thompson cites Jonathan Franzen’s Freedom, published in 2010 by Farrar, Straus & Giroux, one of America’s most distinguished houses and one of several American imprints now owned by the German conglomerate Holtzbrinck. Franzen’s novel sold three-quarters of a million hardcover copies and a quarter-million e-books in the first twelve months of publication. (Franzen, by the way, detests electronic books, and is also the guy who dissed Oprah when she had the gumption to pick his earlier novel, The Corrections, for her popular book club.) Did Franzen’s e-book sales depress his hardcover sales, or did the e-book iteration introduce new readers to his work? It’s hard to know, but it’s likely a bit of both" (http://www.thenation.com/article/168125/amazon-effect, accessed 06-03-2012).