Was a price of 85% of revenues a good deal for this packaged publishing service? For some writers, it clearly was. JK Rowling became a cash billionaire via the traditional packaged publishing service, and obviously there are hundreds of other examples of authors for whom the packaged service has represented a good value.

But for every author who wanted and benefited from the packaged service, there were countless others who took it – if they could get it at all – only because they had no alternative.

Digital distribution has provided that alternative. And increasing numbers of authors are choosing it.

Great story, and a pretty revealing reaction from the publishers in Eisler's audience. Like I said, I'm less and less convinced that traditional book publishers are up to the task.