Book Publishing Today: Some Notes on Industry Trends

Book publishers these days are dealing with changes as major as the invention of the printing press, a machine which may be headed for the ash heap of history. Digital technology allowing on-demand printing of new and back-list titles is only one of several innovative approaches top publishing executives are aggressively pursuing. Adding social networking options to company websites, many of which already offer book trailers (similar to movie trailers) and podcast author interviews, is one of the latest marketing moves. HarperCollins is developing an online interactive setting for young girls interested in the heroine Lola from books by Lisa Clark. Unpublished authors can submit sample chapters for review by other writers and would-be editors on a site, called Authonomy, also sponsored by HarperCollins. Readers devoted to classic literature can write in comments on Penguin's site Blogapenguinclassic.

Taking another tack, one publisher at least is making an attempt at altering the traditional business model for book publishing, a model which features hefty author advances and return of unsold books for full-price credit from book retailers. HarperStudio, another HarperCollins initiative, is planning to establish profit-sharing with authors instead of cash in advance of publication. Experienced book executive Robert Miller heads up an operation that will also issue e-books and audio versions of the new titles.

Booksellers themselves, reacting to current market conditions which favor discounters, whether of the bricks-and-mortar variety like Borders or the Internet variety like Amazon, may also force some changes in the publishing industry. From ordering fewer titles and fewer numbers of popular titles to reorganizing store displays to show front covers instead of just the spines, retailing changes are likely to influence business decisions, including marketing and pricing options, by publishers big and small. Recent turnovers among top publishing executives are indicative of an increased interest in the bottom line, with business types replacing older and more literary-inclined CEOs. Brain Murray has replaced Jane Friedman at HarperCollins, and Markus Dohle has taken over for Peter Olson at Random House.

Some regard Amazon's e-book reader, the Kindle, and Sony's Reader, handheld and lightweight electronic devices which are capable of storing many books and displaying legible text even in low-light situations, as threats to traditional print publications. Others say giving more options to readers is always a plus. Amazon's dominance in online retailing of books, in addition to providing shopping opportunities for many other consumer items, disturbs some publishers. Penguin Books currently offers discounts to customers visiting its online store in one effort to compete with the Internet marketing giant.

Other top U.S. publishers not yet mentioned here include McGraw-Hill, the New York-based conglomerate that also owns Standard & Poor's financial rating company. This publisher announced a workforce reduction earlier this year in a move mirroring the slowing economy nationwide. Reader's Digest Association, based in Chappaqua NY, recently revamped its logo and restyled its trademark monthly magazine. This company too is under new leadership this year, with Peggy Northrop instead of Mary Berner at the helm.

Book industry professionals are striving to retain customers while dealing with an inevitable transition from traditional business methods and models to the fast-paced demands of the new-media age. For some, the morning newspaper, lunchtime magazine, and bedtime novel may appear in electronic formats instead of on inked papers. Others are likely to hold fast to the familiar paperbacks, hardcovers, slick magazines, and news-laden broadsheets and tabloids. Distribution issues may remain tricky and unresolved for some time to come. Content trends and related cultural effects, areas beyond the scope of this brief essay, are also in flux.

"E-Books & Electronic Publishing Drive Growth in the World Publishing Industry", PRWeb
"S&P owner McGraw-Hill cutting 611 jobs", UPI NewsTrack
"The 26th Story", HarperStudio Blog
Lucia Moses, "Reader's Digest launches new sections, thinks global", MediaWeek
"Jane Friedman resigns as HarperCollins CEO", Chicago Tribune
Motoko Rich, "New HarperCollins Unit to Try to Cut Writer Advances", New York Times
Edward Wyatt, "Electronic book stirs unease at book fair", International Herald Tribune