Publishing Faces the Music

An article in Monday's New York Times discusses the downturn in the industry especially with regard to the perks long associated with the "glamour" of the trade--those legendary three martini lunches, limo rides and high-end dinner deals. Gone are those lush convention junkets, car services and private jets to woo authors. Publishing, like the rest of the world is going to have to learn to tighten its belt.

"This business was never meant to sustain limousines," said Amanda Urban, a literary agent. But oh how it did!!

What this means, of course, is smaller advances for authors and deals with book stores to limit their returns on unsold books. At HarperCollins, they are experimenting with a new model that eliminates advances for authors and substitutes profit sharing on books sold.

It also means fewer books will be published, notably less of the high-cost, all photograph variety. Check the bargain bins at your local bookstores. Chances are they are chock full of those lush photographic essays that are going to become all but obsolete, unless you are Ansel Adams.

I think what this may mean is an opportunity for those of us still trying to break in. Publishers have a built in excuse (the economy) for paying next to nothing to newcomers and may be willing to gamble a bit more with less money. Which of course brings up the question of how low is one willing to go?

I think it is one worth pondering as agents dig deep through their offerings to make a sale. We all may need to be good and hungry....