The cold realism of a former publisher

Daniel Menaker, former Executive Editor-in-Chief of Random House and fiction editor of The New Yorker writes in the Barnes & Noble Review about the realities of publishing, including the dynamic and paradoxical pressures of choosing books that will produce a market success. A must read for BooksAhead readers, as it strips away the mythos of publishing to reveal the true business. For example:

4. Financial success in front-list publishing is very often random, but the media conglomerates that run most publishing houses act as if it were not. Yes, you may be able to count on a new novel by Surething Jones becoming a big bestseller. But the bestseller lists paint nothing even remotely like the full financial picture of any publication. Because that painting’s most important commerce color is the size of the advance. The second-most important color is the general level of book-buying. The volume of sales of the No. 6 book on the New York Times fiction bestseller list in 2009 is significantly lower than the volume of the No. 6 bestseller five years ago. Four and three and two years ago, too, almost certainly.

Highly recommended. Read it, think. Menaker describes a rapid tectonic shift to e-reading, over the next decade, which will catch a lot of attention in the e-book blogs, but this is not a column about e-books. It’s about the current limits on editorial investment and their potential to change.

UPDATE: Mike Shatzkin has a typically penetrating and thoughtful piece about Menaker’s article.

About Mitch Ratcliffe

Mitch Ratcliffe is a veteran entrepreneur, journalist and business model hacker. He operates this site, which is a collection of the blogs he's published over the years, as well as an archive of his professional publishing record. As always, this is a work in progress. Such is life.
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