On the eve of the second day of the London Book Fair, whitefox is proud to present a guest blog post from The Bookseller’s Agent Orange.
One of the things that makes publishing so fascinating is that it involves taking something that has – in the case of fiction – no utility and no intrinsic value and translating the pleasure and enjoyment it brings into money.
In the pre-internet days, the chain of value that led from an authors tea-stained typescript to the ringing of the tills on the high street was a complex one, which justified the significant slice of the pie which booksellers and publishers largely shared between themselves.
As publishers also took on the whole cost of publication, from editing, copyediting, proof reading and typesetting to design and production, warehousing distribution and, in all too many cases, pulping, they were able to position themselves squarely at the centre of the book trade.
Of course, they still do all of those things, but as the value of physical sales has declined and since Amazon provides instant national sales presence to every author the value of the proposition publishers makes to authors has declined. They are no longer so definitively at the centre of the publishing business.
There have been several consequences of this. One is that publishers have had to work hard to maintain their profit margins, in large part by reducing advances and royalties to writers and cutting their internal costs by outsourcing much of the work they used to do in-house.
Another is that they have become ever more risk averse and publish in ever narrower and more rigidly defined channels.
This has created the paradoxical result that publishers, whose business in part rests on the fact that they offer a value proposition to authors, are making themselves ever less attractive to them – at the very point at which viable alternatives to the traditional publishing route are opening up.
This is not to say that the value of much of the rest of the chain has declined correspondingly – far from it. The market remains highly competitive and the value to authors of a well-edited book, free of typos and grammatical errors and with a really strong jacket remains high.
And that has created a thriving market of freelancers offering their services to self-published authors. Whilst there are concerns that there is some sharp practice in this area, and that self-publishing could, as a result of this change, become accessible only by the well-off, this is a good thing by and large – provided authors go into it with their eyes open.
And that creates an interesting possibility. As traditional publishers’ share of the market declines and physical book retail diminishes, might this new market for the goods and services of publishing, the place where much of the value of the publishing chain resides, become the publishers of the future?
Which would be ironic – given that much of this marketplace of freelancers exists because publishers have shed so many jobs in this area.