Are There Barriers to Entry in the Book Industry?

You're not an author, but you're intimately involved with the whole book industry. Do you worry that there is a certain lack of ambition and creativity in the publishing industry? I think that it goes in cycles. We have now far fewer mega publishers as each acquisition reduces their number. But at the same time, there are very few barriers to entry. You've got new publishers coming up all the time. And if you publish well, you will succeed.