Book Publishing: The Future ... Part I

There’s a certain kudos to being a writer.

Millionaire novelists like J.K. Rowling, John Grisham and Stephen King spring to mind. Or perhaps the literary cool of an Ernest Hemingway, Jay McInerney or Zadie Smith.

And the non-fiction arena is an even bigger market. Self-help bibles, business success stories, health and fitness guides, even cookery books have the power to turn their authors into celebrity figures.

And even if it doesn’t make the New York Times bestseller lists, a book can act as a badge of status that a writer can leverage for speaking engagements, workshops, coaching programmes and a host of other money-spinning activities.

No wonder so many people dream of becoming a writer.

But the traditional publishing world has an uncertain future.

There are the big success stories of course, with reports of millions of copies of certain titles – not least the Harry Potter series – flying off the shelves.

Nevertheless, reports indicate that for years the general public as a whole has been reading less and less. It doesn’t bode well for your business then if demand for your product is steadily falling.

Plus publishing has an idiosyncratic business model. For while the publishers bear the expense of producing and – less frequently these days – promoting their books, any unsold ones can be returned by the retailer without having to pay for them. The publisher then has to find warehouse space to store them, or pay for them to be pulped. In other words, they face all the risk for the success or otherwise of their products. Can you imagine any other business working that way?

So it’s no wonder publishers are keen to focus on what they think will be surefire successes – the celebrity writers with marketable names, and established literary big guns with a track record.

Which isn’t to say new writers can’t break in. Arguably those that are good enough, and keep submitting, will get noticed by agents and publishers, who are full of talented people as keen to sign the next literary superstar as the writer is to be one.

But it’s not always easy for the aspiring debutant. And the rewards for all that work are often pitiful.

Meanwhile a mass of mediocre books continue to hit the display stands largely on the strength of the author’s name blazoned across the top.

But an alternative future is emerging ... which I’ll come to in Part II.