Surprised there’s still a big enough demand for physical books to be honest.

My impression is that long-form reading is becoming a bit of a niche hobby, and like many niche hobbies will be skewed towards tradition and collection rather than convenience. I know in my circle of friends and family, all the big readers prefer books for the feel, smell and also the joy of collecting and building a personal library. I don't know if you've ever paid attention to online reading communities, but I've noticed that they are also really built around physical books rather than e-books.

Younger generations aren't reading as often, which means reading as a mainstream hobby is becoming increasingly skewed towards older generations who are less likely to use e-readers. For those young people who are big readers it is seen as more of a niche hobby and thus the traditional aspects of it are celebrated more. Sort of like how serious music lovers are often attracted to the collection of older technology like vinyl. The sub-culture that develops around these things often prioritises the celebration of the art and culture over convenience.

Also, e-books just aren't actually very competitive in terms of price despite what you'd think. Often a paperback is cheaper, particularly when you factor in the second-hand market. I use an e-reader but I never actually buy e-books, I always loan them from my library or pirate. If I pay money then it's always for a physical copy.