Ebooks vs Hardcovers: which is more profitable?

For instance, 40% of hardcovers are either resold online two or three times or lent to friend and family two to three times. Or swapped two or three or more times.

None of those transactions pay a penny to the publisher or the author.

But e-books can’t be resold. Or borrowed. (Barnes & Noble’s Nook offers publishers the option to lend once, but few allow it.)

I have been thinking about this ever since I learned that the Kindle is DRM-ed. Even if it wasn’t, transferring files from one device to another is always difficult and annoying.

I never realized the Hardcover secondary market is so big.

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