virtualDavis

ˈvər-chə-wəlˈdā-vəs Serial storyteller, poetry pusher, digital doodler, flâneur.

Print Vs EBooks: Weeding out the Facts

While Amazon eBook sales now do exceed hardcover sales by a ratio of 1.43 to 1, we should remember that many of those “sales” are 25-cent downloads, many of them are free, and many of them are what, if we saw them in print, could be easily be mistaken for brochures rather than honest-to-goodness books. (Have you noticed every internet marketer seems to have a free Kindle or iPad edition of their latest “free report” these days?) In fact, according to the NY Times, half of the best selling books on Kindle are being given away for free by the publishers. Why? In order to promote sales of the paper versions.(davidweedmark.com)

David Weedmark (@DavidWeedmark on Twitter) weighs in on the digital/traditional publishing debate. Print publishing is far from dead, according to Weedmark, and despite paper and ink’s much hyped funeral dirge, “the print publishing industry is still today the dominant player.” And tomorrow? Weedmark does acknowledge that e-book sales represent 8.5% of overall book sales as of mid-2010, wheres they were only 3% in all of 2009 (according to The American Publishing Association) which would seem a pretty staggering indicator of the change now underway.

Don’t Write, Create

Writers basically have two choices: they can build enough of a platform to entice an acquisition, or build one that’s bigger than just books and enables their long-term independence. (And by independence, I mean making a sustainable living, not just self-publishing your book via Amazon or Lulu or Smashwords and declaring yourself an “indie”.)

Similar to work-for-hire vs. creator-owned, it’s evolving into the difference between being a writer and creator. In the digital era, writers sell stories, while creators build storyworlds.

The former is a transaction-based existence focused on the traditional publication of books or articles, with everything else viewed as ancillary. The latter is an approach that sees traditional publishing as just one of many ways via which a storyworld — your fictional universe — can be experienced, and focuses on your ability to reach and engage with readers across a variety of channels. (loudpoet.com)

Why “limit yourself to just writing and publishing a book?” Guy LeCharles Gonzalez asks over at loudpoet.com. The ever burgeoning array of media channels is encouraging a new era of writers, storytellers who see the transmedia evolution as an exciting and promising renaissance.

What about you? Do you long for the black and white publishing world of yore? Or are you ready to embrace the multimodal storytelling opportunities emerging today? And tomorrow?

Thus Spoke Seth Godin

In the still buzzing world of “Seth Godin versus print publishing” much has been said in favor and against Godin’s announcement that he will no longer publish books traditionally. I’ve been fascinated with the debate. I’m an unabashed neophyte in the world of agents, editors, publishers and book retail, and I profess to know little as a still-hopeful in the world of publishing. But I’m a fan of Godin’s ideas, energy and quasi oracular vision, and I’ve been fascinated with digital storytelling in its diverse and perennially morphing potential for a decade.

Back in the shadow of Y2K I lead a workshop in Paris for teachers called Storytelling in the Digital Age that explored the merits of (and methods for) embracing new narrative media in the classroom. That workshop evolved into a semester-long elective for high school students at the American School of Paris, exploring the roots and evolution of storytelling while developing a methodology for digital narrative craft. Remember, those were heady days when Dana Atchley was at the peak of his all too short life.

It’s stunning how much has changed since then. Staggering. And not a little scary (ie: “One Dark Side of Publishing Changes“) either… But it’s also thrilling and exhilarating! And inevitable. Though not everyone agrees on this last point. In evidence, consider this poignant request from the sage, book loving Gail Hyatt:

It’s true that things are changing drastically in the world of words and ideas. Nobody knows this better than you. You’re a big reason. The possibilities are being realized faster than we can absorb them. However, in my opinion, the end of traditional publishing has not yet come. Not at all. It has a most crucial and vital part to play in feeding our souls and our minds and challenging us to change our lives. I see this fleshed out in my own home. Mike’s chair is the perfect example. Propped in the seat is his laptop, waiting to be awakened for the day. The iPad is perched on the side table next to THE DIP and the highlighter, and the is Kindle peaking up from his briefcase on the floor waiting to be compared to the newest Kindle which will arrive sometime today. I want to encourage to rethink this “quitting.” You say one has to know when to quit and when to stick. Don’t quit that which is obviously sticking. You and your works have a place in our lives that will never be unstuck and we’re very grateful for that. I think your best work is yet to come … and that’s saying A LOT! Maybe not right now. Maybe it needs to ferment for several years. Who knows? All I hope is that, when it does come, you don’t quit and you give it to us in every form possible—especially traditional publishing. Please reconsider. (The Treasure Hunt, by Gail Hyatt)

And while Gail Hyatt is begging Seth Godin not to quit, many others are excoriating and chastising him for his decision. Fortunately, there are also some level heads approaching Godin’s announcement with a more metered, more academic interest. For instance, Mitch Joel shares the feedback from his literary agent, James Levine, regarding four critical considerations for other writers considering emulating Seth Godin:

  • Fan base. Must be fanatic, very large, and inclined to read the author’s works in digital format. This won’t work right out the gate for authors whose main following is in print.
  • Marketing savvy and support. Aside from being very smart about marketing, the author needs to have the staff in place to execute, execute, execute, daily, daily, daily. Many authors will underestimate how expensive and time consuming this is.
  • Long term money goals. The author needs to be able/willing to forego the short-term guarantee from a publisher [known as “the advance”] and bet on long term sales direct from consumers (the per unit revenue to the author is much bigger when the author acts as the publisher).
  • Platforms. It’s important to realize that this approach will make the most sense for authors who make most of their money by speaking/consulting to business audiences. In this sense, books are a form of advertising for the more lucrative services provided by these authors. (“You Are Not Seth Godin“)

Joel adds two further essentials: a top flight editor and a team of performance driven sales reps. Starting to sound like going the Seth Godin way involves launching your own publishing company? To some degree, yes! Joel goes on to remind us that Godin’s ability to make this brave decision nevertheless relies on more than these parts. Godin tirelessly invested “decades of doing tons of things… that all had him in direct connection with the people who will buy his books from him, talk about it to their peers and evangelize his always-brilliant thinking.” In short,Godin has a world class platform. Do you?

What Seth, The Wall Street Journal, the book publishing industry and the literary agents aren’t telling you is that you can – in fact – be just like Seth Godin. These Digital Marketing channels are here for you (and they’re free – if you don’t count the time you need to put into them). In text, images, audio and video you too can publish how you think to the world… instantly. You too can share with others, build relationships and get your ideas to spread. You do not have to rely solely on mass media to help spread the word. And, you’ll know in short order, if your idea has traction… and you’ll be able to track how that idea spreads and connects.

In the end, you are not Seth Godin, but you can be. (“You Are Not Seth Godin“)

In Seth Godin’s words, “The business race is on to have the relationship with the reader.” According to Mark Coker (CEO of Smashwords) “the distribution advantage of having new titles in bricks-and-mortar bookstores will have to be weighed against the potential financial advantage of retaining ownership of a new book and distributing it as an e-book or on a print-on-demand basis.” Makes sense, right?

But others argue that this misses the point. Joel J. Miller argues that Godin has misunderstood “what traditional publishing is about. We sell books to people who love them, to people who crave them, who love bookstores, who love reading…” True. And you sell books to lots of other people who don’t love them but need them, rely upon them, etc. And you may be missing an opportunity to sell books to lots of people who simply haven’t considered buying them because they don’t love them, don’t need them, don’t rely upon them, etc. Right? Wrong, says Miller.

Godin’s basic misapprehension is that people don’t like books. There are billions of dollars exchanged every year that say differently. If you’re a reader, your own habits probably say differently. Mine do.

The second misapprehension is that books are a clunky way to deliver and spread ideas… For people who love them, there are few things more elegant or efficient than books…

A third misapprehension is not Godin’s fault. It’s our own. Godin’s personal business model is perhaps set up for him to succeed with this independent adventure. Good for him. Most authors, however, are not set up to go it alone. Likewise, most publishers are not set up to translate many of Godin’s ideas into their models. As authors and publishers, we should spend more time trying to please our customers than trying to justify ourselves to, or square our practices with, Seth Godin. (“What Godin gets wrong“)

I think this last issue is probably true. At least until the new digital publishing industry matures and begins to offer plug and play solutions to many of the challenges an indie author would encounter. And true too that most traditional publishers aren’t equipped to learn/adopt much from Godin.

But the first two “misapprehensions” strike me as somewhat naive. Sure, some people like and will continue to buy books, and many of those book buyers do indeed consider print books to be elegant and efficient. I am one of those book buyers. I love books. I will always love books. But that’s not the point.

I also love wine, and I am particularly fond of the ritual of opening a good bottle of wine. Cutting the foil is like breaking the wax seal on a letter or document, bold and permanent and assertive yet beautiful and not a little poignant. Once the foil or leading is trimmed away tidily, there’s no greater satisfaction that removing the cork from an aged but well maintained bottled of wine, each twist of the corkscrew adding to the anticipation…

It’s easy to romance wine corks. It’s easy to romance books. And with luck and sufficient numbers of passionate book and wine consumers, we’ll be able to enjoy both for a long time into the future. But screw caps, with all of their oenological, environmental and economic logic are making rapid inroads, and the likelihood of screwcaps gradually eclipsing corks is increasing with every vendange. The point isn’t that some of us prefer corks, but that the industry is changing because there’s greater oenological, environmental and economic value in screwing than corking! Does that mean that corking is dead? Probably not. But it’s likely to become exceptional, less widely available, and more expensive. Miller seems to miss this inevitability.

Literature is like running. It’s not for everyone, but for people who love it stopping after four blocks fails to satisfy. There are miles to go. It’s immersive. It’s also time consuming, but real readers are like real runners; you settle into a good pace and time evaporates. People whose primary reading is Facebook and street signs might not get that. Fine. Selling books to them is a waste of time and effort. Thank God that’s not the task before publishers. (“What Godin gets wrong“)

Whether or not literature and running are similar is a dabble for another day, but it’s clear to me that Miller’s off target. The shifting of the publishing industry from print to digital isn’t about those who love books, love running or love corks in their wine bottles. And if his oversimplified notion that the digital alternative to elegantly bound tomes is blog posts and Facebook, then it’s no wonder he’s confused and concerned. We’re at the dawn of digital publishing. The user-friendly innovations that will propel digital content into the next century aren’t even dreamed up yet. NookKindleVook, etc. are mere prototypes for the next generation of content conveyances. But they are already considerably more evolved and useful as digital publishing platforms than blogs and Facebook!

Clinging to an industry which has largely grown obsolete is lamentable, but failing to recognize the inevitability of the shift and failing to recognize the enormous potential represented by the shift is indeed naive. Let’s be frank and honest; the publishing industry not only resisted change, it kept its head in the sand for far too long. This change isn’t happening overnight. It isn’t an unanticipated fluke. It’s been a gradual evolution, the slowly building wave that only recently has started to crest!

The music industry offered possibly the best case study and the most abundant lessons. If the Big Six had studied the music industry over the last decade and adapted the most successful lessons, they’d be surfing the wave now instead of paddling like mad! But the music industry is only one example. Reflect back on the transition from traditional film photography to digital photography. Remember the detractors, the naysayers, the purists, the film lovers, the darkroom junkies, the overconfident executives who scoffed at the need to reinvent cameras, developing and photography. And note too that evolution from film to digital photography is responsible for the virtual ubiquity of cameras today. Every gadget imaginable includes a camera, and the proliferation of photo sharing, archiving and publishing gadgets demonstrate that this evolution had the effect of democratizing photography. It also opened up massive markets that had been overlooked or unfathomable prior to inexpensive digital cameras.

I suspect this example is particularly relevant to the transition in the publishing industry today. Some people love books and bookstores. Agreed. But look at how many do not. Look at how many never even consider books. And recognize that like digital photography which has proliferated beyond anyone’s wildest expectations, the transition to digital publishing will similarly transform the production and spread of information. And though we’re not all Seth Godins, not by a long shot, this brave new world of digital publishing will make it possible for you, me, anyone with ambition, intelligence and hard work to develop a platform and build an audience who appreciate, justify and contribute to our literary creations.

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Clint Greenleaf: Future of Publishing


Brett Clay interviews Clint Greenleaf (via youtube.com)

Clint Greenleaf, CEO of Greenleaf Book Group, discusses the future of the publishing industry with Brett Clay, author of Selling Change. Greenleaf disagrees with the popular assertion that publishing is dead, and instead emphasizes the sorts of changes we can expect to see in the coming year as ebook sales eclipse printed book sales and traditional publishers struggle to adapt their ecomics to new consumption and distribution trends.

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Who Needs Publishers? We All Do!

I’m glad that self-publishing has evolved from stigma to respectability. I love that worthy authors who might be overlooked by the major houses can now be read. It’s great that writers with a special niche, an established following or an entrepreneurial bent can make more money self-publishing than they would in royalties. But I’m also concerned about the future of books and the larger issue of assuring the flow of reliable information.

Here are just two reasons for that concern, based on my own recent experience.

  1. Advances. I just finished a nonfiction book that will be released this fall. It consumed the better part of three years… and the research entailed countless hours of reading, about three hundred interviews and some travel. My advance did not come close to covering the cost of all that information-gathering, but it helped. More importantly, the fact that a major publishing house was committed enough to write even a modest check was psychologically essential. Given my personal circumstances, I simply could not have sustained the effort to complete the project without that commitment…
  2. Quality control. After authoring and coauthoring more than twenty books, I was just reminded once again of the immense value of working with professionals. At each step of the way, from inception to restructuring to rewrites to finalizing the index, editors, copy editors and proofreaders made my book a better book… I’m a professional writer who takes great care with his work and has been at the business of books for over thirty years. And I still need editors…

My bottom line is this: when it comes to serious nonfiction especially, readers, libraries, reporters and everyone else concerned about accuracy and readability should rely only on books that have been competently edited. And long live advances: may they grow and may authors and their readers prosper. (Huffington Post)

Seems to me that advances and quality control in the traditional publishing industry are already sliding, hardly the inspiration for clinging to an increasingly inefficient publishing paradigm. But let’s remember that the evolution underway in publishing, from print to digital, doesn’t eliminate publishers, editors, advances, quality control, etc. Sure, self-publishing opens the flood gates which will inevitably reduce quality control of the publishing industry as a whole. But self-publishing is only one part of the switch from ink and paper to digital formats. And publishers will be important for a long time, they just will look and behave differently than they did yesterday. And books that sell, books that make money, will still incline publishers to advance them enough to get their next bestsellers researched, edited and written. That’s business!

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One Dark Side of Publishing Changes

All changes, even the most longed for, have their melancholy; for what we leave behind us is part of ourselves; we must die to one life before we can enter another. (Anatole France)

I’m sometimes criticized as overly zealous about today’s shift in the publishing industry — away from print, paper, ink, trees, bricks and mortar production, retail, etc and toward digital, portable, shareable, multimodal storytelling alternatives — and it’s a fair criticism. But despite my enthusiasm for electronic publishing, I am also quite nostalgic/sympathetic when it comes to traditional publishing. For starts, I’m a big fan of print books. I appreciate the aesthetics of books, the psychology of books, the history of books. I love the smell of old books, the sense of color and abundance offered by shelf upon shelf of neatly stacked books. I love the visual narcotic of colorful coffee table books and the tactile joys of childrens’ books. I love scribbling notes in margins and dipping into the artifacts left by readers before me like a voyeur wandering through another’s diary. I love reading books in bed, in the bath, in the hammock, on a boat, and despite my enthusiam for the concept of electronic publishing I still haven’t made the leap to an e-reader. Audio books? I love them. eBooks? I’m still old school, aside from a few dabbles with vooks and quick gobbles via Project Gutenberg.

And then there’s the whole other concern of the people connected to the production and retail of print books… As Neil Postman points out, technological leaps forward always veil a darker, less positive side. One of those darker sides of the publishing evolution from print to electronic formats is the people whose educations, experience, livelihoods and fortunes are tied to the print publishing world. Jobs will be lost. Careers will become obsolete. People and communities will struggle.

The plant will cut down on the amount of paper it produces for the publishing sector.

“This is a strategic move,” Mr. Travers said. “We’ll still have a portion of that. That area of the market is oversupplied.”

The production of advertisements, a crucial market for Newton Falls paper, has declined as the recession has worn on. At the same time, technology including Amazon’s Kindle and Apple’s iPad — handheld devices that can display books, blogs and newspapers — is cutting into the traditional publishing market, Mr. Travers said.(Watertown Daily Times)

The ongoing impact to the music industry pales in comparison to what we can expect in the publishing industry. I get it. I lament it. I’m genuinely torn. But I also understand that time marches mercilessly, inevitably forward, and despite the ugly and painful evolution, the transition from print to electronic publishing offers a bounty of good. I’ve chosen to focus on the promise. Perhaps I need to slow down and reflect on the hurt… Thanks for the reminder, Doug Yu (aka @tourpro)!

Seth Godin Will No Longer Publish Books Traditionally

New York Times bestselling author and marketing guru, Seth Godin vows to never publish traditionally again. After over 12 books with a legacy publisher, Godin says he’s had enough.

In my interview with him today for an upcoming Mediabistro feature, Godin says, “I’ve decided not to publish any more books in the traditional way. 12 for 12 and I’m done. I like the people, but I can’t abide the long wait, the filters, the big push at launch, the nudging to get people to go to a store they don’t usually visit to buy something they don’t usually buy, to get them to pay for an idea in a form that’s hard to spread … I really don’t think the process is worth the effort that it now takes to make it work. I can reach 10 or 50 times as many people electronically. No, it’s not ‘better’, but it’s different. So while I’m not sure what format my writing will take, I’m not planning on it being the 1907 version of hardcover publishing any longer.” (via Mediabistro)

I’ve been anticipating this announcement, but I’m no less impressed, intrigued and thrilled to see Seth Godin stepping up the the plate. The landscape is going fluid, folks! Exciting times. Goodbye Gutenberg Paradigm, hello Socratic paradigm. It’s time for storytelling 2.0!

Godin announced this morning that “Linchpin will be the last book I publish in a traditional way.” He goes on to describe the recalcitrance and fear so pervasive in the traditional publishing world today. And he unabashedly steps away from it!

As the medium changes, publishers are on the defensive…. I honestly can’t think of a single traditional book publisher who has led the development of a successful marketplace/marketing innovation in the last decade…

My audience does things like buy five or ten copies at a time and distribute them to friends and co-workers. They (you) forward blog posts and PDFs. They join online discussion forums. None of these things are supported by the core of the current corporate publishing model.

Since February, I’ve shared my thoughts about the future of publishing in both public forums and in private brainstorming sessions with various friends in top jobs in the publishing industry. Other than one or two insightful mavericks, most of them looked at me like I was nuts for being an optimist. One CEO worked as hard as she could to restrain herself, but failed and almost threw me out of her office by the end. I’d be lying if I said I wasn’t heartbroken at the fear I saw. (via Moving On)

I look forward to supporting and encouraging Seth Godin as he wades into these exciting new waters. Fear be damned, Seth Godin is moving on…What about you?

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Publishing Industry’s Frenemy #1

Do you ever flash forward to 2050 or 2100 and wonder what students will be studying in the Publishing Industry chapter of their Economics books? Will encyclopedias (or Wikipedia) parade Amazon and Jeff Bezos as Gutenberg II or the Gutenberg Killer?

Amazon is busy making the entire book business a “direct-to-consumer” model. This isn’t new; they have been doing it for 15 years. By most accounts, the company is now the largest retailer of physical books and the dominant player in the digital space. What are Amazon’s priorities?  It doesn’t hide them.  In 2007, Amazon founder and CEO Jeff Bezos described a company that is “congenitally customer-focused” whose enduring priorities are selection, low prices and fast delivery.

Compare those priorities to the ones in place at most publishing houses.  It’s easy to see where interests start to diverge.  And if you apply Porter’s framework to Amazon, you quickly see why the company has become publishing’s best-known and most significant frenemy… The recent controversy involving an agent selling exclusive e-book rights to Amazon… has focused largely on royalty rates, the role of agents and the exclusive nature of the deal. I think that debate misses the point.

The publishing supply chain has shifted. The interests of the company best positioned to benefit from those changes are not aligned with those of most publishers today. Publishers can defend, change or co-opt, but they can’t stand still.  Issue all the press releases you want, but realize this isn’t about e-book royalty rates.  It’s about Amazon. (Magellan Media Partners)

Spot on, of course, the “publishng suppy chain has shifted” and ranting, soapboxing, naysaying “old school publishers” are liable to miss the train if they don’t start running down the platform and getting on board.

Look at the last decade in the music industry. There wil always be audiophiles who insist that the “new school” music supply chain is killing the music industry. Or has already killed the music industry. They’ll insist on higher definition audio, better acoustics, etc. And they’ll pay through the nose for their tastes and recalcitrance. That’s fine. It’s good. They’ll continue for a long time to support an increasingly niche but valuable pocket of culture and business. But they’re already a tiny minority. The music train left the station, and the landscape of the music industry shifted dramatically, rapidly and irrevocably.

Unfortunately, the book publishing industry isn’t sure it wants to run and catch the “new school” train out of the station. In fact, its not sure which direction it’s going, an aggravating predicament when trying to decide which train to chase… So instead of leaping on the Amazon Express to the future or the Gutenberg Paradigm to niche-bibliophile-land, the publishing industry is planted on the platform throwing a temper tantrum. “I don’twant to go anywhere! I like it right heeeeeeeere… And I get motion sickness. And I have waaayyy too many traveling companions to fit on that dinky little train. And there’s no first class. I ONLY travel first class!”

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Jeff Bezos Doesn’t Want You to Know 5 Kindle Pitfalls

This is a good counterpoint to the flood of Amazon-awed Kindle points that I and many others have been sharing in recent months. I don’t know how accurate these claims are, but I admit that I’ve shied away from buying a Kindle so far because my “test drives” have left me wanting further improvements before I take the leap. These five claims are worth exploring:

  1. You read slower on a Kindle.
  2. You almost certainly read stupider on a Kindle.
  3. The Kindle flunked out of Princeton.
  4. Amazon can play Big Brother with your books.
  5. Governments can play Big Brother with your books.

(“Five Things Jeff Bezos Doesn’t Want You to Know”,Regulator Bookshop)

There are interesting articles and test results cited to substantiate these claims, but I wonder about your experience with Kindle. Do you read slower with a Kindle? Less inteligently? Are you worried about Amazon of the Fed snooping (and potentially censoring) your reading list?

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Publishing Isn’t Broken

Publishing isn’t broken, or so says Jane Smith over at How Publishing Really Works, and here’s why. The very best books from the very best writers get published; books get sold; and writers, agents, editors, publishers, etc. get what they want: money. Phew. Good to have that sorted out so tidily. Unless, of course, it’s not really that tidy…

For decades, the publishing business has worked pretty well. Writers write books; agents sell those books to publishers; publishers make the books available to the market. Money flows through the system from reader to writer via the publisher and agent. Everyone involved makes money, and gets what they want… Be very wary of new models of publishing. The old one works just fine. (A New Model for Publishing?)

Smith suggests that the only breakdown in the publishing world is unskilled writers, agents, etc. Granted, there’s plenty of room to point the finger at unqualified contenders, that’s always fun and easy. But it seems that Smith is overlooking vital current concerns about whether or not the traditional publishing environment is broken, outdated, inefficient, etc. She talks a lot about money in traditional book publishing. This makes sense because the Gutenberg Paradigm is expensive to maintain. Whereas evolutions in technology, book selling, and readers’ habits have enabled modern publishing alternatives that make book publishing less expensive. Much less expensive!

Mainstream publishing isn’t broken: it has its flaws, certainly, but it still works. It still publishes books which show clear commercial potential; works to make those books as good as they can possibly be; and then gets those books into as many sales points as it possibly can. Just because it does that by only publishing the very best books from the very best writers, and consequently rejecting the majority, doesn’t mean that it’s broken: just that far too many writers are not yet good enough at their craft for publishers to risk investing their money in them.(Publishing Isn’t Broken)

Correct, rejecting the majority does not mean traditional publishing is broken. Correct, many writers undoubtedly are not worthwhile investments for traditional publishers, either because they are not sufficiently skilled writers or because there isn’t a big enough market for what they write. But this fulcrum of commercial potential is dramatically shifted when we consider the modern publishing industry’s efficiencies. Digitally distributed ebooks cut significant time and cost out of production and distribution. Print on demand (POD) publishing dramatically reduces up-front costs for book publishing. And these are just two cost cutting shifts that favor new models of publishing over traditional models of publishing. And less invested in a new title means less risk of failure and a lower ROI threshold. It means that the market can be used to evaluate the viability of a new book rather than a committee, an editor, even an agent. This means more variety and risk is possible for new books. It means niche markets become far more viable than they were in traditional publishing.This is hugely exciting!

Publishing cannot focus solely on bringing works of staggering genius to the attention of a grateful reading public, or on nurturing and supporting novice writers as they learn their craft and experiment with exciting risky new projects: while that would be nice for those novice writers it wouldn’t be nearly so nice for the publishers’ shareholders who would have to provide funds to publish the many turkeys such an approach would undoubtedly hatch, nor would readers appreciate being provided with all the unreadable tripe which might well result… [So] publishing books which will sell well has to be the publishing business’s main focus. (Publishing: Broken Or Not?)

Broken or not, Smith highlights one of the biggest challenges that traditional publishers face today: the economics are changing. The old way no longer works just fine. “Re-imagine the future,” Debbie Stier says. “Forget the old way. It doesn’t work in the new economy. Stop trying to control; make something useful and help people use it; get out of the way.” Amen. I’m anticipating a publishing industry that will be far more agile, flexible and stripped down. Far less costly to sustain. Far more in sync with readers, writers and consumer habits.