Are millennials killing textbooks?

When they’re not being criticized for poor workplace etiquette or spending habits, millennials are being blamed for “killing” a variety of industries -- bars of soap, American beer, the housing market and even marriage.

I had the pleasure of speaking with FOX Business reporter, Jade Scipioni, last week to discuss an interesting question: are millennials responsible for killing print textbooks too?

We discussed Cengage Unlimited, the industry’s only all-access subscription service, and two trends that are shaping the future of the textbook publishing industry:  

1.     Students are burdened by the cost of expensive textbooks.

Textbook prices have skyrocketed over the past decade and have posed serious barriers to students’ abilities to succeed in the classroom. Cengage contributed to this problem and we know students have been deeply impacted. Many decide not to buy textbooks at all, and according to our study with Morning Consult, 3 in 10 students take fewer classes in order to afford their course materials. Students consider buying course materials their top source of financial stress after tuition, with 43% of students saying they’ve skipped meals and 30% saying they’ve foregone a trip home to see family in order to afford them.

I’ve heard first-hand from students that they do not believe textbooks are worth the exorbitant price tag, which total an average of $500 a year. Students are eager to adopt alternatives, such as rental programs or online models like Cengage Unlimited that help them save. The fact that we hit 1 million Cengage Unlimited subscriptions sold in 7 months is testament to the appetite for change.

2.     Textbooks are no longer the most effective way to learn.

In their annual letter shared last month, Bill and Melinda Gates said that textbooks are becoming obsolete. They’ve observed how technology is changing education and how interactive digital software can help students grasp topics more effectively.

This is why we not only offer students access to all of their online textbooks through Cengage Unlimited, but also access to all of our interactive digital learning platforms, as well as tools from our partners at Chegg, Kaplan, Quizlet and Evernote. While some students will forever prefer to own hard copies of textbooks, in a matter of time, that will not be the norm on college campuses.  

So, are millennials solely to blame for “killing” textbooks? Well, not solely. Millennials are responsible for driving important and needed change in the industry. And technology is making it possible to make those changes a reality -- to make materials more affordable while improving learning.

While many point fingers at millennials for killing a laundry list of other industries (including diamonds, traditional gyms, and golf!), students are correct that they need more affordable, accessible textbook options. The onus is on all of us in the education industry to ensure the future of textbooks works for them.