The End of Publishing (as we know it)
According to an article in the New York magazine, publishing in its current form is coming to an end. The article opens with a description of watching books being shredded, a fate that awaits 25% of the product produced by major publishers. This in itself is reason for change.
Then the article describes HarperStudio, an offshoot of HarperCollins, and how it will revolutionize the industry with its new model. In this new world, authors forgo large advances (or in some cases, any advance) in exchange for half of their books eventual profit. The idea is that by not over-investing in certain projects, there is more money to promote an entire line of books. Essentially, HarperStudio is forgoing the blockbuster model, in which most of a company’s profits are generated by one brand (J.K. Rowling, Stephanie Meyer, Dan Brown). I also believe I read earlier that HarperStudio plans to NOT take any returns from bookstores, which would eliminate the massive book shredding.
The article discusses many other industry problems: consolidation, declining book sales, imprints from the same company bidding against each other and driving up prices (advances), the growth and influence of Amazon, the low moral of editorial staff, editors constantly changing houses leaving authors to fend for themselves, and more.
For those in the business, this article is worth reading or at least skimming through. As for HarperStudio’s new model, I think it’s a step in the right direction, as long as profit is clearly defined so that authors aren’t cheated. Moving away from the blockbuster model to a more vertical platform will benefit writers by:
- spreading the promotional dollars more evenly
- taking the pressure off each novel to perform to a certain standard
- allow smaller print runs and more novels to become available in paperback
- allow more novels to come to the market through traditional publishers
- inspire all authors to market their own work as much as possible
What do you think? Will publishing really change that much? As an author, are you willing to take a no-advance contract with long-term gain as the goal?