I worked at a bank right after deregulation happened to banks. It was several years ago. I felt sorry for the bankers. For years they sat and raked in the money. They don’t even manufacture a product, their customers bring it to them.
Faced with the sudden imperative to be profitable, they had no idea how to do that. They were no longer the only game in town for many of the services they offered. Savings and Loan associations could offer checking and savings accounts.
To top it all off, Credit Unions sprung up like weeds and they also offered a place to put and retrieve money.
It was a difficult time for banks. Everything changed for them and their livelihood was in jeopardy for the first time since the creation of the banking system.
They went from a comfortable existence to literally fighting for their livelihood.
I think the same thing is happening to traditional publishing now. They have no idea how to react to the current indie situation. What began as a small wave is quickly turning into a tsunami.
While I feel sorry for the traditional publishing houses who really have no idea how to deal with their new situation, I remain proudly Independent.
Good luck to all.