The State of Publishing

I don't follow the publishing industry that closely, since I don't really feel part of it yet. I've read, however, that even unpublished authors should avidly become acquainted with the industry since it should in some way help them in their marketing efforts. 

I don't necessarily believe that, but I did do some catch-up in this very interesting NY Times article, that does a good job of providing an overview of how the industry is faring during the Covid-19 crisis. It's told from the point of view of the world's largest publisher, Penguin Random House as it profiles its current leader. Here are some of my take-aways from the article.

• After a steep drop at the start of the pandemic, book sales not only recovered but surged. Unit sales of print books are up nearly 6 percent over last year, according to NPD BookScan, and e-book and digital audiobook sales have risen by double digits. Reading, it turns out, is an ideal experience in quarantine. It seems that people are looking to take a break from Netflix.
• Like Hollywood, which pours resources into universe-scale superhero franchises that are nearly guaranteed to get an audience, publishing has become increasingly reliant on blockbusters — a development that has left beginner and midlist authors struggling. (Deep sigh.)
• The virus has pushed most book-buying online, a marketplace driven by algorithmic formulas that serves up mostly the hits, driving a cycle so self-fulfilling it’s nearly tautological: Best sellers sell the best because they are best sellers.
• Random House is printing 3 million copies of Barak Obama's upcoming memoir (for which he received a $65 million advance!!!). This is exacerbating a current paper shortage in the book publishing industry. Many publishers have had to hold off or reduce print runs of upcoming books because printers have been going out of business, and those still printing books have had their supply chains disrupted.

As a writer, it's nice to know that people are reading more than ever. It's not nice to know that they're mostly reading the same books by the same authors because of the subtle positioning and hype bestowed by Amazon.