Christina Nealson sends this grim item from salon about the state of mainstream publishing.
“…On Dec. 3, now known as “Black Wednesday,” several major American publishers were dramatically downsized, leaving many celebrated editors and their colleagues jobless. The bad news stretches from the unemployment line to bookstores to literature itself.
“It’s going to be very hard for the next few years across the board in literary fiction,” says veteran agent Ira Silverberg. “A lot of good writers will be losing their editors, and loyalty is very important in this field.”
“One of the most visible victims was Houghton Mifflin Harcourt, the publisher of Philip Roth, Margaret Drabble, Richard Dawkins and J.R.R. Tolkien, among many others. Just before Thanksgiving, the publisher (actually two venerable houses, Houghton Mifflin and Harcourt, which were bought and merged by an Irish company over the past two years) had announced an unprecedented buying freeze on new manuscripts. On Dec. 3, they laid off what former executive editor Ann Patty described as “a lot” of employees (the industry trade publication Publishers Weekly confirmed at least eight), among them the distinguished editor Drenka Willen, whose list of authors included Günter Grass, Octavio Paz and José Saramago.”
This is depressing news I’ll grant you– not least since I had a book being considered at H- M. ! But some of us have been outside looking in for years, and know — or suspect we know– why.
” “There were hedge fund guys with no background in publishing buying up publishing houses,” says André Schiffrin, founder of the New Press and author of “The Business of Books: How the International Conglomerates Took Over Publishing and Changed the Way We Read.” He explains that corporate owners of major publishing houses expected impossible 15 to 20 percent profit margins in an industry with traditional margins of 3 to 4 percent. “They were part of that whole feeling that you could make money by buying and selling companies, rather than by selling books. At some point it comes to a dead end.” “
And if you are a writer and want to write, you have to reject despair. I have been struggling with depression and frustration with publishing for two years now, and it won’t get me back to Kazakhstan. There is a lot of potentially creative anger out there.
“Rumors of publishing’s demise are probably overstated, but the future of publishing may depend on what those laid-off editors, publicists and industry leaders do next. The morning after Black Wednesday, a publishing blogger and e-book aficionado named Mike Cane stirred up his readers with a bite-size manifesto on Twitter: “If the FIRED NY pubstaff are such hot fucking shit, let them coalesce and form an EBOOK-ONLY IMPRINT to crush their fmr employers.” However callous this Twitter-versy seemed at the time, it posed an interesting challenge: Can the publishing world channel all of this collective anger, bewilderment and fear into industry-altering strategies?
” “If the last five or 10 years have shown us anything, it’s this: content will get out,” Lexcycle’s Choksi says. “With social networking and blogs, if you have something to say, it will get heard. It just might not look like the traditional publishing model you are used to.” “
Readers’ ideas encouraged. If I don’t get an advance (elsewhere in the article they spoke of “modest” advances under $100,000–HAH!– how can I get to Asia and finish my next project?
Related stuff: “Writer Bailout” (NOOOO!); and should we buy cheap books? . (Conflicted answer: I have to read!– and since people sell MY books cheaper than I can…)