Are Times Really So Bad?
From my Newsletter, February 2009
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I am being asked frequently, is this a bad time to look for an agent? Isn’t it a bad time to try to sell a book to a publisher? Or I’m being told with a knowing nod, that things are bad in publishing right now. Is this the truth? Here’s what I think.
Publishing has always been a margin business. By that I mean the numbers are small all around and the profit is consistent, but consistently low. This is good and bad. It’s bad obviously if you are in it for a big quick return. It’s good if you wind up in a recession – or even a depression (publishers did OK in the 30s, although it’s also when they invented the returns system, which still causes problems for writers whose royalties are held up, and publishers who don’t know how many books were really sold since they can be returned later).
I think that’s still true today. What’s different is the big New York publishing houses are now all owned by conglomerates who have big debt loads and do have to worry about the current financial markets. So when you read these stories in the media about layoffs and downturns and hard times in publishing, keep in mind two things: one, journalists need good stories, and disaster and gloom sells papers; two, laying people off to lower overhead to take care of debt is not the same thing as laying people off because books aren’t selling. Yes numbers were down in bookstores at Christmas, but they were down in all of retailing. I still think books are inexpensive enough overall to maintain sales more than say, SUVs.
Also keep in mind that publishers are in the business of selling books, and they won’t get very far if they stop acquiring new titles to publish.
My first year in publishing, 1981 (yes I’m that old!!), unemployment was higher than it is now, and there was a lot more going on that affected publishing negatively, as it was the beginning of the consolidation trend that has left us with only 6 major houses. And yet, despite the dire predictions (and the real effect this has had on midlist titles) the book business has done well. They have become more creative in book design–moving beyond the old ways with only two trim sizes for books; and they have expanded where books are sold to reach people who wouldn’t have bought books in the past. Author readings in stores are now common, and book groups have become a way of life.
So no I don’t think this is as bad as it is being portrayed. And I do believe economies are personal. If you happen to be writing a book on how to thrive in a down economic market, you might actually hit the jackpot right now. So if you think your book is ready to submit to agents, go ahead and submit it!
I take courage from the fact that readers are always passionate about the books they love, and buying a book is less expensive than going to the movies. Also, libraries are very busy these days! And libraries (and librarians!) are wonderful book buyers.