Archive for the ‘investment’ Category

by Philip Kerr & Andrew Wickham

from IATEFL 2016 Birmingham Conference Selections (ed. Tania Pattison) Faversham, Kent: IATEFL pp. 75 – 78

ELT publishing, international language testing and private language schools are all industries: products are produced, bought and sold for profit. English language teaching (ELT) is not. It is an umbrella term that is used to describe a range of activities, some of which are industries, and some of which (such as English teaching in high schools around the world) might better be described as public services. ELT, like education more generally, is, nevertheless, often referred to as an ‘industry’.

Education in a neoliberal world

The framing of ELT as an industry is both a reflection of how we understand the term and a force that shapes our understanding. Associated with the idea of ‘industry’ is a constellation of other ideas and words (such as efficacy, productivity, privatization, marketization, consumerization, digitalization and globalization) which become a part of ELT once it is framed as an industry. Repeated often enough, ‘ELT as an industry’ can become a metaphor that we think and live by. Those activities that fall under the ELT umbrella, but which are not industries, become associated with the desirability of industrial practices through such discourse.

The shift from education, seen as a public service, to educational managerialism (where education is seen in industrial terms with a focus on efficiency, free market competition, privatization and a view of students as customers) can be traced to the 1980s and 1990s (Gewirtz, 2001). In 1999, under pressure from developed economies, the General Agreement on Trade in Services (GATS) transformed education into a commodity that could be traded like any other in the marketplace (Robertson, 2006). The global industrialisation and privatization of education continues to be promoted by transnational organisations (such as the World Bank and the OECD), well-funded free-market think-tanks (such as the Cato Institute), philanthro-capitalist foundations (such as the Gates Foundation) and educational businesses (such as Pearson) (Ball, 2012).

Efficacy and learning outcomes

Managerialist approaches to education require educational products and services to be measured and compared. In ELT, the most visible manifestation of this requirement is the current ubiquity of learning outcomes. Contemporary coursebooks are full of ‘can-do’ statements, although these are not necessarily of any value to anyone. Examples from one unit of one best-selling course include ‘Now I can understand advice people give about hotels’ and ‘Now I can read an article about unique hotels’ (McCarthy et al. 2014: 74). However, in a world where accountability is paramount, they are deemed indispensable. The problem from a pedagogical perspective is that teaching input does not necessarily equate with learning uptake. Indeed, there is no reason why it should.

Drawing on the Common European Framework of Reference for Languages (CEFR) for inspiration, new performance scales have emerged in recent years. These include the Cambridge English Scale and the Pearson Global Scale of English. Moving away from the broad six categories of the CEFR, such scales permit finer-grained measurement and we now see individual vocabulary and grammar items tagged to levels. Whilst such initiatives undoubtedly support measurements of efficacy, the problem from a pedagogical perspective is that they assume that language learning is linear and incremental, as opposed to complex and jagged.

Given the importance accorded to the measurement of language learning (or what might pass for language learning), it is unsurprising that attention is shifting towards the measurement of what is probably the most important factor impacting on learning: the teaching. Teacher competency scales have been developed by Cambridge Assessment, the British Council and EAQUALS (Evaluation and Accreditation of Quality Language Services), among others.

The backwash effects of the deployment of such scales are yet to be fully experienced, but the likely increase in the perception of both language learning and teacher learning as the synthesis of granularised ‘bits of knowledge’ is cause for concern.

Digital technology

Digital technology may offer advantages to both English language teachers and learners, but its rapid growth in language learning is the result, primarily but not exclusively, of the way it has been promoted by those who stand to gain financially. In education, generally, and in English language teaching, more specifically, advocacy of the privatization of education is always accompanied by advocacy of digitalization. The global market for digital English language learning products was reported to be $2.8 billion in 2015 and is predicted to reach $3.8 billion by 2020 (Ambient Insight, 2016).

In tandem with the increased interest in measuring learning outcomes, there is fierce competition in the market for high-stakes examinations, and these are increasingly digitally delivered and marked. In the face of this competition and in a climate of digital disruption, companies like Pearson and Cambridge English are developing business models of vertical integration where they can provide and sell everything from placement testing, to courseware (either print or delivered through an LMS), teaching, assessment and teacher training. Huge investments are being made in pursuit of such models. Pearson, for example, recently bought GlobalEnglish, Wall Street English, and set up a partnership with Busuu, thus covering all aspects of language learning from resources provision and publishing to off- and online training delivery.

As regards assessment, the most recent adult coursebook from Cambridge University Press (in collaboration with Cambridge English Language Assessment), ‘Empower’ (Doff, et. Al, 2015) sells itself on a combination of course material with integrated, validated assessment.

Besides its potential for scalability (and therefore greater profit margins), the appeal (to some) of platform-delivered English language instruction is that it facilitates assessment that is much finer-grained and actionable in real time. Digitization and testing go hand in hand.

Few English language teachers have been unaffected by the move towards digital. In the state sectors, large-scale digitization initiatives (such as the distribution of laptops for educational purposes, the installation of interactive whiteboards, the move towards blended models of instruction or the move away from printed coursebooks) are becoming commonplace. In the private sectors, online (or partially online) language schools are taking market share from the traditional bricks-and-mortar institutions.

These changes have entailed modifications to the skill-sets that teachers need to have. Two announcements at this conference reflect this shift. First of all, Cambridge English launched their ‘Digital Framework for Teachers’, a matrix of six broad competency areas organised into four levels of proficiency. Secondly, Aqueduto, the Association for Quality Education and Training Online, was launched, setting itself up as an accreditation body for online or blended teacher training courses.

Teachers’ pay and conditions

In the United States, and likely soon in the UK, the move towards privatization is accompanied by an overt attack on teachers’ unions, rights, pay and conditions (Selwyn, 2014). As English language teaching in both public and private sectors is commodified and marketized it is no surprise to find that the drive to bring down costs has a negative impact on teachers worldwide. Gwynt (2015), for example, catalogues cuts in funding, large-scale redundancies, a narrowing of the curriculum, intensified workloads (including the need to comply with ‘quality control measures’), the deskilling of teachers, dilapidated buildings, minimal resources and low morale in an ESOL department in one British further education college. In France, a large-scale study by Wickham, Cagnol, Wright and Oldmeadow (Linguaid, 2015; Wright, 2016) found that EFL teachers in the very competitive private sector typically had multiple employers, limited or no job security, limited sick pay and holiday pay, very little training and low hourly rates that were deteriorating. One of the principle drivers of the pressure on salaries is the rise of online training delivery through Skype and other online platforms, using offshore teachers in low-cost countries such as the Philippines. This type of training represents 15% in value and up to 25% in volume of all language training in the French corporate sector and is developing fast in emerging countries. These examples are illustrative of a broad global trend.

Implications

Given the current climate, teachers will benefit from closer networking with fellow professionals in order, not least, to be aware of the rapidly changing landscape. It is likely that they will need to develop and extend their skill sets (especially their online skills and visibility and their specialised knowledge), to differentiate themselves from competitors and to be able to demonstrate that they are in tune with current demands. More generally, it is important to recognise that current trends have yet to run their full course. Conditions for teachers are likely to deteriorate further before they improve. More than ever before, teachers who want to have any kind of influence on the way that marketization and industrialization are shaping their working lives will need to do so collectively.

References

Ambient Insight. 2016. The 2015-2020 Worldwide Digital English Language Learning Market. http://www.ambientinsight.com/Resources/Documents/AmbientInsight_2015-2020_Worldwide_Digital_English_Market_Sample.pdf

Ball, S. J. 2012. Global Education Inc. Abingdon, Oxon.: Routledge

Doff, A., Thaine, C., Puchta, H., Stranks, J. and P. Lewis-Jones 2015. Empower. Cambridge: Cambridge University Press

Gewirtz, S. 2001. The Managerial School: Post-welfarism and Social Justice in Education. Abingdon, Oxon.: Routledge

Gwynt, W. 2015. ‘The effects of policy changes on ESOL’. Language Issues 26 / 2: 58 – 60

McCarthy, M., McCarten, J. and H. Sandiford 2014. Touchstone 2 Student’s Book Second Edition. Cambridge: Cambridge University Press

Linguaid, 2015. Le Marché de la Formation Langues à l’Heure de la Mondialisation. Guildford: Linguaid

Robertson, S. L. 2006. ‘Globalisation, GATS and trading in education services.’ published by the Centre for Globalisation, Education and Societies, University of Bristol, Bristol BS8 1JA, UK at http://www.bris.ac.uk/education/people/academicStaff/edslr/publications/04slr

Selwyn, N. 2014. Distrusting Educational Technology. New York: Routledge

Wright, R. 2016. ‘My teacher is rich … or not!’ English Teaching Professional 103: 54 – 56

 

 

It’s a good time to be in Turkey if you have digital ELT products to sell. Not so good if you happen to be an English language learner. This post takes a look at both sides of the Turkish lira.

OUP, probably the most significant of the big ELT publishers in Turkey, recorded ‘an outstanding performance’ in the country in the last financial year, making it their 5th largest ELT market. OUP’s annual report for 2013 – 2014 describes the particularly strong demand for digital products and services, a demand which is now influencing OUP’s global strategy for digital resources. When asked about the future of ELT, Peter Marshall , Managing Director of OUP’s ELT Division, suggested that Turkey was a country that could point us in the direction of an answer to the question. Marshall and OUP will be hoping that OUP’s recently launched Digital Learning Platform (DLP) ‘for the global distribution of adult and secondary ELT materials’ will be an important part of that future, in Turkey and elsewhere. I can’t think of any good reason for doubting their belief.

tbl-ipad1OUP aren’t the only ones eagerly checking the pound-lira exchange rates. For the last year, CUP also reported ‘significant sales successes’ in Turkey in their annual report . For CUP, too, it was a year in which digital development has been ‘a top priority’. CUP’s Turkish success story has been primarily driven by a deal with Anadolu University (more about this below) to provide ‘a print and online solution to train 1.7 million students’ using their Touchstone course. This was the biggest single sale in CUP’s history and has inspired publishers, both within CUP and outside, to attempt to emulate the deal. The new blended products will, of course, be adaptive.

Just how big is the Turkish digital ELT pie? According to a 2014 report from Ambient Insight , revenues from digital ELT products reached $32.0 million in 2013. They are forecast to more than double to $72.6 million in 2018. This is a growth rate of 17.8%, a rate which is practically unbeatable in any large economy, and Turkey is the 17th largest economy in the world, according to World Bank statistics .

So, what makes Turkey special?

  • Turkey has a large and young population that is growing by about 1.4% each year, which is equivalent to approximately 1 million people. According to the Turkish Ministry of Education, there are currently about 5.5 million students enrolled in upper-secondary schools. Significant growth in numbers is certain.
  • Turkey is currently in the middle of a government-sponsored $990 million project to increase the level of English proficiency in schools. The government’s target is to position the country as one of the top ten global economies by 2023, the centenary of the Turkish Republic, and it believes that this position will be more reachable if it has a population with the requisite foreign language (i.e. English) skills. As part of this project, the government has begun to introduce English in the 1st grade (previously it was in the 4th grade).
  • The level of English in Turkey is famously low and has been described as a ‘national weakness’. In October/November 2011, the Turkish research institute SETA and the Turkish Ministry for Youth and Sports conducted a large survey across Turkey of 10,174 young citizens, aged 15 to 29. The result was sobering: 59 per cent of the young people said they “did not know any foreign language.” A recent British Council report (2013) found the competence level in English of most (90+%) students across Turkey was evidenced as rudimentary – even after 1000+ hours (estimated at end of Grade 12) of English classes. This is, of course, good news for vendors of English language learning / teaching materials.
  • Turkey has launched one of the world’s largest educational technology projects: the FATIH Project (The Movement to Enhance Opportunities and Improve Technology). One of its objectives is to provide tablets for every student between grades 5 and 12. At the same time, according to the Ambient report , the intention is to ‘replace all print-based textbooks with digital content (both eTextbooks and online courses).’
  • Purchasing power in Turkey is concentrated in a relatively small number of hands, with the government as the most important player. Institutions are often very large. Anadolu University, for example, is the second largest university in the world, with over 2 million students, most of whom are studying in virtual classrooms. There are two important consequences of this. Firstly, it makes scalable, big-data-driven LMS-delivered courses with adaptive software a more attractive proposition to purchasers. Secondly, it facilitates the B2B sales model that is now preferred by vendors (including the big ELT publishers).
  • Turkey also has a ‘burgeoning private education sector’, according to Peter Marshall, and a thriving English language school industry. According to Ambient ‘commercial English language learning in Turkey is a $400 million industry with over 600 private schools across the country’. Many of these are grouped into large chains (see the bullet point above).
  • Turkey is also ‘in the vanguard of the adoption of educational technology in ELT’, according to Peter Marshall. With 36 million internet users, the 5th largest internet population in Europe, and the 3rd highest online engagement in Europe, measured by time spent online, (reported by Sina Afra ), the country’s enthusiasm for educational technology is not surprising. Ambient reports that ‘the growth rate for mobile English educational apps is 27.3%’. This enthusiasm is reflected in Turkey’s thriving ELT conference scene. The most popular conference themes and conference presentations are concerned with edtech. A keynote speech by Esat Uğurlu at the ISTEK schools 3rd international ELT conference at Yeditepe in April 2013 gives a flavour of the current interests. The talk was entitled ‘E-Learning: There is nothing to be afraid of and plenty to discover’.

All of the above makes Turkey a good place to be if you’re selling digital ELT products, even though the competition is pretty fierce. If your product isn’t adaptive, personalized and gamified, you may as well not bother.

What impact will all this have on Turkey’s English language learners? A report co-produced by TEPAV (the Economic Policy Research Foundation of Turkey) and the British Council in November 2013 suggests some of the answers, at least in the school population. The report  is entitled ‘Turkey National Needs Assessment of State School English Language Teaching’ and its Executive Summary is brutally frank in its analysis of the low achievements in English language learning in the country. It states:

The teaching of English as a subject and not a language of communication was observed in all schools visited. This grammar-based approach was identified as the first of five main factors that, in the opinion of this report, lead to the failure of Turkish students to speak/ understand English on graduation from High School, despite having received an estimated 1000+ hours of classroom instruction.

In all classes observed, students fail to learn how to communicate and function independently in English. Instead, the present teacher-centric, classroom practice focuses on students learning how to answer teachers’ questions (where there is only one, textbook-type ‘right’ answer), how to complete written exercises in a textbook, and how to pass a grammar-based test. Thus grammar-based exams/grammar tests (with right/wrong answers) drive the teaching and learning process from Grade 4 onwards. This type of classroom practice dominates all English lessons and is presented as the second causal factor with respect to the failure of Turkish students to speak/understand English.

The problem, in other words, is the curriculum and the teaching. In its recommendations, the report makes this crystal clear. Priority needs to be given to developing a revised curriculum and ‘a comprehensive and sustainable system of in-service teacher training for English teachers’. Curriculum renewal and programmes of teacher training / development are the necessary prerequisites for the successful implementation of a programme of educational digitalization. Unfortunately, research has shown again and again that these take a long time and outcomes are difficult to predict in advance.

By going for digitalization first, Turkey is taking a huge risk. What LMSs, adaptive software and most apps do best is the teaching of language knowledge (grammar and vocabulary), not the provision of opportunities for communicative practice (for which there is currently no shortage of opportunity … it is just that these opportunities are not being taken). There is a real danger, therefore, that the technology will push learning priorities in precisely the opposite direction to that which is needed. Without significant investments in curriculum reform and teacher training, how likely is it that the transmission-oriented culture of English language teaching and learning will change?

Even if the money for curriculum reform and teacher training were found, it is also highly unlikely that effective country-wide approaches to blended learning for English would develop before the current generation of tablets and their accompanying content become obsolete.

Sadly, the probability is, once more, that educational technology will be a problem-changer, even a problem-magnifier, rather than a problem-solver. I’d love to be wrong.

In Part 9 of the ‘guide’ on this blog (neo-liberalism and solutionism), I suggested that the major advocates of adaptive learning form a complex network of vested neo-liberal interests. Along with adaptive learning and the digital delivery of educational content, they promote a free-market, for-profit, ‘choice’-oriented (charter schools in the US and academies in the UK) ideology. The discourses of these advocates are explored in a fascinating article by Neil Selwyn, ‘Discourses of digital ‘disruption’ in education: a critical analysis’ which can be accessed here.

Stephen Ball includes a detailed chart of this kind of network in his ‘Global Education Inc.’ (Routledge 2012). I thought it would be interesting to attempt a similar, but less ambitious, chart of my own. Sugata Mitra’s plenary talk at the IATEFL conference yesterday has generated a lot of discussion, so I thought it would be interesting to focus on him. What such charts demonstrate very clearly is that there is a very close interlinking between EdTech advocacy and a wider raft of issues on the neo-liberal wish list. Adaptive learning developments (or, for example, schools in the cloud) need to be understood in a broader context … in the same way that Mitra, Tooley, Gates et al understand these technologies.

In order to understand the chart, you will need to look at the notes below. Many more nodes could be introduced, but I have tried my best to keep things simple. All of the information here is publicly available, but I found Stephen Ball’s work especially helpful.

mitra chart

People

Bill Gates is the former chief executive and chairman of Microsoft, co-chair of the Bill and Melinda Gates Foundation.

James Tooley is the Director of the E.G. West Centre. He is a founder of the Educare Trust, founder and chairman of Omega Schools, president of Orient Global, chairman of Rumi School of Excellence, and a former consultant to the International Finance Corporation. He is also a member of the advisory council of the Institute of Economic Affairs and was responsible for creating the Education and Training Unit at the Institute.

Michael Barber is Pearson’s Chief Education Advisor and Chairman of Pearson’s $15 million Affordable Learning Fund. He is also an advisor on ‘deliverology’ to the International Finance Corporation.

Sugata Mitra is Professor of Educational Technology at the E.G. West Centre and he is Chief Scientist, Emeritus, at NIIT. He is best known for his “Hole in the Wall” experiment. In 2013, he won the $1 million TED Prize to develop his idea of a ‘school-in-the-cloud’.

Institutions

Hiwel (Hole-in-the-Wall Education Limited) is the company behind Mitra’s “Hole in the Wall” experiment. It is a subsidiary of NIIT.

NIIT Limited is an Indian company based in Gurgaon, India that operates several for-profit higher education institutions.

Omega Schools is a privately held chain of affordable, for-profit schools based in Ghana.There are currently 38 schools educating over 20,000 students.

Orient Global is a Singapore-based investment group, which bought a $48 million stake in NIIT.

Pearson is … Pearson. Pearson’s Affordable Learning Fund was set up to invest in private companies committed to innovative approaches. Its first investment was a stake in Omega Schools.

Rumi Schools of Excellence is Orient Global’s chain of low-cost private schools in India, which aims to extend access and improve educational quality through affordable private schooling.

School-in-the-cloud is described by Mitra as’ a learning lab in India, where children can embark on intellectual adventures by engaging and connecting with information and mentoring online’. Microsoft are the key sponsors.

The E.G. West Centre of the University of Newcastle is dedicated to generating knowledge and understanding about how markets and self organising systems work in education.

The Educare Trustis a non-profit agency, formed in 2002 by Professor James Tooley of the University of Newcastle Upon Tyne, England, and other members associated with private unaided schools in India.It is advised by an international team from the University of Newcastle. It services include the running of a loan scheme for schools to improve their infrastructure and facilities.

The Institute of Economic Affairs is a right-wing free market think tank in London whose stated mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

The International Finance Corporation is an international financial institution which offers investment, advisory, and asset management services to encourage private sector development in developing countries. The IFC is a member of the World Bank Group.

The Templeton Foundation is a philanthropic organization that funds inter-disciplinary research about human purpose and ultimate reality. Described by Barbara Ehrenreich as a ‘right wing venture’, it has a history of supporting the Cato Institute (publishers of Tooley’s most well-known book) , a libertarian think-tank, as well as projects at major research centers and universities that explore themes related to free market economics.

Additional connections

Barber is an old friend of Tooley’s from when both men were working in Zimbabwe in the 1990s.

Omega Schools are taking part in Sugata Mitra’s TED Prize Schools in the Cloud project.

Omega Schools use textbooks developed by Pearson.

Orient Global sponsored an Education Development fund at Newcastle University. The project leaders were Tooley and Mitra. They also sponsored the Hole-in-the-Wall experiment.

Pearson, the Pearson Foundation, Microsoft and the Gates Foundation work closely together on a wide variety of projects.

Some of Tooley’s work for the Educare Trust was funded by the Templeton Trust. Tooley was also winner of the 2006 Templeton Freedom Prize for Excellence.

The International Finance Corporation and the Gates Foundation are joint sponsors of a $60 million project to improve health in Nigeria.

The International Finance Corporation was another sponsor of the Hole-in-the-Wall experiment.

Let’s take a look at the business of adaptive learning from a publisher’s perspective. Not an ELT publisher, but someone a few rungs higher on the ladder with strategic responsibilities. You might not know a great deal about ELT. It is, after all, only one of a number of divisions you are responsible for, and not an especially profitable one at that. You will, however, know a lot about creative destruction, the process by which one industry is replaced by another. The decline and demise of printed magazines, newspapers and books, of book reviewers and traditional booksellers, and their replacement by digital products will be such a part of your professional knowledge that they hardly need to be mentioned. Graphs such as the one below from PricewaterhouseCoopers (PwC) will be terribly familiar. You will also be aware that the gales of creative destruction in publishing are blowing harder than ever before.

2014-03-31_1020

In fact, you probably owe your job to your ability to talk convincingly about creative destruction and how to profit from it. Whatever your particular strategy for the future might be, you will have noted the actions of others. You will have evaluated advice, such as the following, from Publishing Perspectives

  • Do not delay in taking action when there are clear signals of a decline in market value.
  • Trade your low-profit print assets (even though some may have limited digital value) for core product that has a higher likelihood of success and can be exploited digitally.
  • Look for an orderly transition from print to digital product which enables a company to reinvent itself.

You will be looking to invest in technology, and prioritizing the acquisition of technological expertise (through partnerships or the purchase of start-ups) over the development of traditional ELT products. Your company will be restructured, and possibly renamed, to facilitate the necessary changes.

You will also know that big data and analytics have already transformed other industries. And you will know that educational publishing is moving towards a winner-take-all business market, where ‘the best performers are able to capture a very large share of the rewards, and the remaining competitors are left with very little’ (Investopedia). Erik Brynjolfsson and Andrew McAfee’s new book, The Second Machine Age (New York: Norton, 2014), argues that ‘each time a market becomes more digital, winner-take-all economics become a little more compelling …Digitization creates winner-take-all markets because [there are] enormous economies of scale, giving the market leader a huge cost advantage and room to beat the price of any competitor while still making a good profit’ (pp.153-155).

the second machine age

It is in this light that we need to understand the way that companies like Pearson and Macmillan are banking everything on a digital future. Laurie Harrison’s excellent blog post at eltjam  summarises the Pearson position: ‘the world’s biggest education publisher is spending £150m on a total restructure which involves an immediate move to digital learning, a focus on emerging markets, and a transformation from publisher to education services provider. If the English language learning market is worth $4billion a year, then Pearson still only have a very small chunk of it. And if you’re a company as successful and ambitious as Pearson, that just isn’t good enough – so a change of direction is needed. In order to deliver this change, the company have recently announced their new senior management team.’

Adaptive learning fits the new business paradigm perfectly. If the hype is to be believed, adaptive learning will be a game-changer. ‘The shifting of education from analog to digital is a one-time event in the history of the human race. At scale, it will have as big an effect on the world as indoor plumbing or electricity,’ writes Jose Ferreira of Knewton. ‘True disruption,’ he says elsewhere, ‘happens when entrepreneurs aim big and go after a giant problem, a problem that, if solved, would usher in an era of large-scale transformation across industries and nations. … Education is the last of the information industries to move online,’ he goes on. ‘When it breaks, it breaks fast. And that’s going to happen in the next five years. All the education content will go online in the next 10 years. And textbooks will go away. … Ultimately, all learning materials will be digital and they will all be adaptive.’

Ferreira clearly knows all about creative disruption. He also knows about winner-take-all markets. ‘The question is who is going to power [the] platform,’ he writes. ‘It’s probably going to be one or two companies’. He states his ambition for Knewton very clearly: ‘Knewton’s goal is to be like Amazon Web Services for education’. ‘It’s pretty clear to us,’ he writes, ‘that there’s going to be one dominant data platform for education, the way there’s one dominant data platform for search, social media, etailing. But in education, it’s going to be even more winner-take-all; there will be a number of companies that make up the platform, like Wintel. People might make a perverse choice to use Bing for search because they don’t like Google. But no one’s going to make the choice to subject their kid to the second-best adaptive learning platform, if that means there’s a 23% structural disadvantage. The data platform industries tend to have a winner-take-all dynamic. You take that and multiply it by a very, very high-stakes product and you get an even more winner-take-all dynamic.’

What is at stake in this winner-take-all market? Over to Jose Ferreira one more time: ‘The industry is massive. It’s so massive that virtually nobody I’ve met truly grasps how big it is. It’s beyond their frame of reference. The total amount of money (both public and private) spent annually exceeds all spending, both online and offline, of every other information industry combined: that is, all media, entertainment, games, news, software, Internet and mobile media, e-tailing, etc.’

But, still, a few questions continue to nag away at me. If all of this is so certain, why does Jose Ferreira feel the need to talk about it so much? If all of this is so certain, why don’t all the ELT publishers jump on the bandwagon? What sort of track record does economic forecasting have, anyway?