Piracy and Book Publishing?

A article in the September 2010 issue of Opera News (p. 8), written by Brian Kellow and passed on to me by my friend B, asks the question "Will piracy take book publishing the way of the recording industry?" Kellow believes that "book publishing is day by day being pulled into the same black hole that the music industry dropped down years ago. Over the past decade, so many composers I know have seen their already far-from-princely incomes further decimated by online piracy." He fears that the electronic availability and low pricing of books for Kindle, the Sony Reader, the Nook eReader, etc., will drive down the already-small royalties for authors and profits for publishers, and thus make it harder for writers to write and for publishers to publish. I have heard this view expressed elsewhere as well, and it makes me very nervous.