Daniel Menaker, formerly an editor for Random House, contributed a very interesting article to Vulture yesterday: What Does the Book Business Look Like on the Inside?
“Every list—spring, summer, and fall—has its lead titles. Then there are three or four hopefuls trailing along just behind the books that the publisher is investing most heavily in. Then comes a field of also-rans, hoping for the surge of energy provided by an ecstatic front-page review in The New York Times Book Review or by being selected for Oprah’s Book Club. Approximately four out of every five books published lose money. Or five out of six, or six out of seven. Estimates vary, depending on how gloomy the CFO is the day you ask him and what kinds of shell games are being played in Accounting.”
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“Publishing is an often incredibly frustrating culture. If you want to buy a project—let’s say a nonfiction proposal for a book about the history of Sicily—some of your colleagues will say, “The proposal is too dry” or “Cletis Trebuchet did a book for Grendel Books five years ago about Sardinia and it sold, like, eight copies,” or, airily, “I don’t think many people want to read about little islands.” When Seabiscuit first came up for discussion at an editorial meeting at Random House, some skeptic muttered, “Talk about beating a dead horse!” ”
“To make matters worse, financial success in frontlist 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 best seller. But the best-seller lists paint nothing remotely like the full financial picture of any publication, because that picture’s most important color is the size of the advance. But let’s say you publish a fluky blockbuster one year, the corporation will see a spike in your profits and sort of autistically, or at least automatically, raise the profit goal for your division by some corporately predetermined amount for the following year. This is close to clinically insane institutional behavior.”
Click here to read the full article on Vulture.