Textbook Publisher Says Blockchain Can Help Reduce Second-Hand Sales


The chief executive officer of Pearson, one of the world’s largest textbook publishers, said he hopes technology such as non-replaceable tokens and the blockchain can help the company reduce second-hand sales of its materials as more books come online.

The print editions of Pearson’s titles – such as ‘Fundamentals of Nursing’, which sells new for £57.99 ($70.88) – can be resold multiple times to other students without the London-based tutorial group making any money. deserves. With more textbooks going digital, CEO Andy Bird wants to change that.

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“In the analog world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale,” he told reporters after the London-based company’s interim results on Monday, as he spoke of technology opportunities for the world. company.

“The move to digital is helping to shrink the secondary market, and technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life,” by uniquely identifying the material on the ledger from “owner A to owner B to owner C,” said Bird, a former Disney executive.

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On Monday, Pearson reported results that beat analysts’ estimates, reiterated its full-year outlook and announced it would find £100m in cost savings. It also launched a strategic review of a Virtual Learning company called OPM.

Shares rose 10% on Monday at 11:12 a.m. in London, their biggest intraday move since the company received a takeover bid in March.

The NFT market has spiraled downward following a boom in speculation during the pandemic, but the comments underline how Pearson and his competitors are finding ways to move from a paper book market, where an individual title can cost more than £100, to a digital marketplace where it sells online textbook subscriptions.

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It’s not the only new technology Pearson is looking at.

“We have a whole team working on the implications of the metaverse and what that could mean for us,” Bird added.

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