Desiring to get published myself, I've decided to do some research on the business side of the industry. Historically, writers have tended to perceive their relationship with publishers as an us vs. them proposition. This perception is partially true. Writers want to be paid the best royalty possible, and publishers want to keep overhead as low as possible.
The uniting factor between both sides is, ideally, a love of literature. When searching for someone to publish his manuscript, an author should seek out a publishing house that is aware of its station as a keeper of and influence on culture. Publishing is not a very profitable business. Projected margins can be as low as four percent for a successful publisher. Therefore, if your publishing house isn't in it for the love of the game, seriously reconsider doing business with them.
The same principle holds true for writers. It's a bit redundant to say, but technology has greatly transformed the business world in the last few years. Ebook sales, though still only around ten percent of the market, have doubled each year since hitting the mainstream. Add to that figure the fact that overall readership is steadily shrinking, and print media is apt to become even less profitable and more competitive than ever before. The short fiction magazine market has essentially become a field of authors writing for and reading each other. Books could potentially go the same way.
The upshot is, if you're a professional fiction writer, keep your day job.
Monday, May 16, 2011
Subscribe to:
Post Comments (Atom)
Posts
4 comments:
You know this blog deserves to be popular because it so coherent and logical and interesting.
I was aware of the massive odds against you but man...four percent? That is rough to say the least.
Thanks for the generous comment. I'm working hard to increase the site's appeal.
The exact profitability figure depends on the kind of publisher. Adult trade or general publishing is doing well if it nets a five percent return. Juvenile publishers do a little better at seven percent. University presses often operate at a loss. The upside of these figures is that a publisher will sometimes choose to print an unprofitable book that is culturally or technically significant. The best example is probably the Hobbit. The editor at Unwin reported that it was a work of genius and would lose the firm 10,000 pounds. The publisher wrote back, "if you believe it to be a work of genius, then you may lose ten thousand pounds."
By the way, my actual odds of receiving an acceptance from my first submission are about 0.03%. However, my odds improve with every attempt.
It makes me slightly sad that nowadays it would be illegal for a publicly owned publisher to knowingly take a loss for a work of genius.
I'm not trying to be all political though. The business side of publishing is just very interesting. I'd say YOUR odds are probably way better than .03%. There's is a lot of tripe out there that people try to get published and I bet your stuff is high quality and marketable.
@Josh - No argument on your first point. It's like the drug that reactivates mitochondria in cancer cells, allowing them to die. Big drug companies won't touch it because it can't be patented. Large businesses have lost sight of the fact that they don't exist just to make money, but to support the common good.
Regarding your second comment, Thank you very much. I sincerely hope you're right. If you'd like to judge the commercial merit of my work for yourself, send me an email and I'll forward you a review copy.
Post a Comment