And for what it's worth, this is basically how the music industry beat piracy.
The publishing industry hasn't come close to this. In fact, they're most well-known for an illegal price fixing scheme.[0]
[0] https://www.theguardian.com/technology/2016/mar/07/apple-450...
I did recently bin my Spotify subscription owing to privacy concerns but have returned - it's a pain to build up a library and then put it somewhere accessible (sometimes offline in an era of devices that aren't as big as the iPod I used to have) and I was optimistic to think that the value-add would be trivially replicatable. The weekly playlists are excellent too, so currently I'm prepared to pay a monthly convenience fee. If that changed too dramatically, I'd probably move back to piracy.
Netflix is a good example of faltering here where Spotify succeeded - I know 99% of the time that the media I want to watch isn't available on their platform whereas that's an almost non-event with the latter. Convenience is something people will almost always pay for.
We should absolutely expect any move off the $12 to cause a similar response. There is almost certainly a maximized price/units point on that curve somewhere below the $12... King's to the publisher brave enough to look for it first.
(It should be noted that its not just $12 right now either, its $12-plus-the-hassle-the-DRM-puts-you-thru).