Publishing Industry Woes

As chicken little said, “The sky is falling!”

Yes, just like every other consumer driven industry, those that publish books (aka the publishing industry) are taking a nose dive. Writers all over the internet board and social network sites are up in arms and hitting the panic button. Why? Well, let’s start with this one from yesterday:

(HMH Halt on Acquisitions)

Okies, not stellar news. For those that don’t realize how the publishing industry works, this ultimately means that they aren’t buying any new books (likely for the 2010 slots).

Now add in this from last month:

(Profits Tumble at HarperCollins)

And this one:

(B&N Braces for terrible season)

And you've got a whole mess of woe!

Last month I asked my agent if anyone was buying anything, as it seemed like things were at a standstill. She told me that they certainly weren’t buying like they used to. That did it for me - I knew where this was headed.

I’m not panicking, not one bit. Seriously, I am not worried at all.

Here’s my laundry list why. . .(Caution – opinionated stuff lies ahead)

First, I didn’t want to get a deal in such a poor state of the economy. Not as many would buy the book, sales would be low and it would be a huge failure. I’d much rather wait until things get a bit more settled to release my series into the world.

Next, I’ve been getting cold feet lately with moving from the midsized presses and into the shark infested waters of the large NY houses. Yes, I have an agent, but there’s a lot to consider: Like charge backs - which is what’s really going to hurt the authors pockets this year when they get that royalty statement since B&N sent back unprecedented amounts of books in October just to have the credits to buy more (and new) books for the holiday season.

Another big worrisome thing is meeting sell through: and especially right now. . . all I can say is that I’m grateful to be with smaller publishers.

I am also wondering what this will do to the smaller publishers – will they be receiving more submissions from previous NY published authors? I think so, so much so that I’m willing to bet on it.

Also I think this will clear out a lot of the wanna-be rabble.

I believe that there are two types of writers:

1) Those who write because they have stories to tell and could not imagine not writing.

2) Wanna-be rabble – Those who write expecting to make a huge advance and to become a household name.

I fall into category 1. Even if I never made another dime for my writing, I’d still do it. Sure, it helps to pay the bills if I can get paid, but that’s not why I write.

I think this poor state of the economy in the publishing industry will help do one thing – flush out all the wanna-be rabble, because they won’t be willing to wait until things turn around or they expect that they’ll be able to command the money anyway. Either way, when things get tough it’s the loyal, and dedicated ones that hold on.

Honestly I think after this economy debacle is stable once again the way the publishing industry works will change. Thankfully. The major publishers in NY have been working, as I call it- a dinosaur in the Stone Age, using out of date business practices. They will have to change, or they won’t make it in this horrid economy. It is plain and simple. How they’ll change is another ball of wax, one that I’m not so sure of the outcome.

Peering into my crystal ball, I’m seeing that some of the books slated for 2009 publishing dates, will be either pushed back into 2010, or worse {GASP!} released from their contract. Watch. And then when it happens, you’ll remember you read it here.

One thing I’ve learned over the years – your book isn’t published until you are holding it in your hot little hand. Even though you have a contract that doesn’t mean it won’t get bumped to the next year, and even possibly a few years later.

So – where does this take me? Good question. Right now we’re in a holding pattern. I’ll continue to write, my agent will continue to keep her eyes open. Until then we’ll just be patient and wait to see how this all sorts out.