There was a great article from Digital Music News’s Paul Resnikoff published September 2014 about the troubles the music industry is having. After reading it I realized some of their tips could substitute terms related to “music” for terms related to “books”. Thus I have chosen a few top points using this substitution. This is just a fun read and something to think about as you chug along in your day.
Read the original article here. It’s worth your time, especially if you’re a music fan. Bold letter means I changed the words from the original into my version. (Artist and author are used interchangeably here)
1. The book publishing industry is failing. Across the board, artists are experiencing serious problems monetizing their audio/print releases.
2. Major Publishing house revenues have been declining for more than 10 years, and they continue to decline precipitously year-over-year. This has dismantled the traditional publishing system, once the most reliable form of artist financing.
3. Digital formats continue to grow, but not enough to overcome broader declines in physical books.
4. Even worse, the evolution of formats keeps pushing the value of the book downward. Free-books and the subscription model pay less than downloads (or for free-books not at all); downloads paid less than print versions sold independently. And the next thing after subscriptions will probably be even worse.
5. There is little evidence to suggest that this downfall is being made up by touring, merchandising, or other non-writing activities.
6. The subscription model is rapidly becoming the dominant form of book consumption. It also pays artists the worst of any formats before it.
7. Post-book, authors and publishers have failed to establish a lucrative, reliable bundle to monetize their writing (for all but a very few select authors).
8. Most consumers now attribute very little value to the book itself (if they ever did), and most consumption (through YouTube book trailers, bundled subscriptions, and the advent of free-books) happens at little-to-zero cost to the reader.
9. A generally uncertain economic climate only adds to consumer resistance against paying for books (plus the sad reality that a high percentage of our population suffers from illiteracy, which makes them unable and uninterested in reading unless we do something about this tragic problem).
10. Payouts to authors are not only hard to figure out, they are almost universally low and cannibalistic towards other, more lucrative formats. Which is why many authors choose to self-publish at least some of their books (mostly e-books), because they conclude that 70% from Amazon at $2.99 per e-book beats 25% at $6.99 per e-book.
11. E-book downloads remain more lucrative for artists (and publishers), despite rhetoric indicating otherwise.
12. It’s harder than ever for a newer artist to get noticed.
13. The artist has greater and more direct access to fans than ever before in history. Unfortunately,so do millions of other artists.
14. Indeed, the typical reader is flooded with books, not to mention videos, games, Netflix, and porn, all of which makes it extremely difficult to win and retain the attention of future fans.
15. This also puts pressure on the artist to shorten the release cycle, and pump out content at a quick pace.
16. Facebook is now charging artists to reach their own fans, a move it defends as necessary given massive increases in Facebook posts that are overwhelming users (original author’s opinion, not mine, but still noteworthy).
17. All of which sort of makes the Facebook ‘Like’ a necessary win, but a difficult victory to celebrate.
18. Approximately 90% of all authors cannot make a living wage off of their writing, based on stats gleaned from Digital Book World.
19. Most artists are overwhelmed with tasks that go far beyond making music. That includes everything from Tweeting fans, updating Facebook pages, managing metadata, uploading content, interpreting data, managing Kickstarter campaigns, and figuring out online sales strategies.
20. Classical literature and overall reading efforts continue to struggle, thanks to a continuing problem invigorating younger audiences to read a book.
21. Authors are increasingly giving away free-books, in the hopes of getting paid work down the line.
22. Information overload and massive media fragmentation have made it very difficult for book fans to even notice releases exist — even if they are dedicated fans.
23. Traditional bookstores have largely imploded, with holdouts like Barnes and Nobles on the verge of becoming a relic of an earlier era.
24. Either way, the biggest releases always go to the biggest brick-n-mortar stores: Target, Best Buy, or Wal-Mart.
25. Yet these larger, ‘big box’ retailers are accelerating the downward spiral in book sales, both by dramatically reducing shelf space and by pushing pricing aggressively downwards. This is happening even though older demographics are often still receptive to the print format.
26. Major publishers, once the most reliable form of financing for new and established authors, are now a fraction of their former selves.
27. And thanks to heavy financial pressures, the creative process at major publishers has become increasingly formulaic (ever wonder why so many bestsellers look like a repackaging of a previous bestseller?), overly refined, and often unsatisfying to the artists involved.
28. Instead of enjoying some theoretical resurgence, indie publishers are mostly getting squeezed by devalued and declining books, piracy, and far greater leverage from authors themselves (who can skip small presses if they want).
29. Established publishing companies often overpay their executives by a wild margin, despite massive and ongoing losses.
30. Very little innovation now comes from inside the industry. Instead, it is now dictated by alternative-industry players like Amazon, Kobo, Smashwords, and the entire indie author industry.
31. A large percentage of book fans are frustrated with high prices for hardcover, softcover, and e-books from traditional publishers.
32. The average consumer reads less than five books a year. (kids books are, however, making a comeback)
33. Traditional bestsellers lists tend to have the same 14 authors in heavy rotation, with mind-numbing regularity and lots of Caucasian faces (despite the increasing global diversity in literature).
34. Even worse, a lot of readers don’t seem to mind (wait for your dystopian society novel about a boy vampire who goes to a school for people like him, all while trying to fight the evil Lord Waldemart, and only finding the Ring of Power and destroying it can save them from having our boy hero having to fight in an arena of sexy vampires who fight to the death. And of course, a romance angle is involved. Soon to be #1 in the world!). Which means very few books actually get into rotation and discovery becomes harder.
35. Book fans have access to more books than ever, but are often completely overwhelmed. This often results is less interest in authors that aren’t heavily promoted, already established, or somehow ‘viral’.
36. The Long Tail was mostly a fantasy, and so is the concept that great writing naturally finds its audience. Buried gems remain buried in the digital era, while the most successful artists still seem to be those with the best backing and money.
37. Writing conferences are often expensive, both in terms of time and money.
38.Writing conferences are sometimes held in far away, difficult-to-reach places, and last for days. Which also means that conferences can be giant distractions from work that needs to get done back at your office (since it’s unlikely you make enough money to be a full-time author or writer to go to a conference whenever you want).
39. Even worse, DRM has become an artist-unfriendly loophole for every author and publisher.
So what do you think should be added/deleted? Which point on this list do you think is most/least accurate?