Puttin’ Off the Ritz: The New Austerity in Publishing by Motoko Rich.
Just more news about the economy and what it means for book publishers. And of course I think…but what will it mean for me? What will it mean when it’s time to get my book poublished, what is the publishing world of the future going to look like?
Amid a relentless string of layoffs and pay-freeze announcements, book publishers are clamping down on some of the business’s most glittery and cozy traditions. Austerity measures are rippling throughout the industry as it confronts the worst retailing landscape in memory.
“This business was never meant to sustain limousines,” said Amanda Urban, a literary agent who represents Cormac McCarthy and Toni Morrison, among other authors. Ms. Urban said she believed Bennett Cerf, a founder of Random House, once said something to that very effect. “At best, you can get a Town Car now and then,” she said. “It’s gotten out of scale, like a lot of businesses in this country.”
And then these frightening words,
For authors it means the prospect of smaller advances and fewer books being acquired.
Let’s hope for a silver lining.