Definitely agree that a book lover buys books for physical qualities. I have a very slim book budget, but I will search high and low for just the right edition for a favourite book. First editions are generally out of my price league, but I have sometimes waitex years to find just the right copy.
That brings me to a point about people buying or not books. The publishers don't see revenue from this aspect, so it never gets counted in their records, but it does contribute to the overall economy. It also helps ensure that worthwhile books are not lost by the passage of time, when publishers have moved on to the next big thing. I would not be surprised if used booksales account for a very large percentage of the actual total number of books sold.
"The best way to make a small fortune in book publishing is to start with a large fortune." The most rewarding part of publishing is not the money (although going broke would be no fun) but the experience of fighting to publish a book that had been overlooked by other publisihers and then find that World Magazine said that from its perspective that book was one of the top 100 books published in the 20th Century. I'm thinking of "Idols for Destruction" by Herb Schlossberg, first published by Thomas Nelson. Maybe we do this because of ideas and relationships.
Love how this article dives into the nitty-gritty of the publishing world! I appreciate the breakdown of the financial aspects, showing how publishers make decisions and the risks involved. Come to think of it, publishing is as much about business as it is about art. Thanks, Joel!
First, I thoroughly enjoyed the interview with Cornett. Second, as for how "dire" the situation is, wouldn't we need to know how this contemporary data on sales measures against historical records, if any, to have a real sense of the industry? But I also think that this is not a case of "bad news travels fast." I think that most of us who are passionate about books and reading feel comfortable of the strength of our anecdotal observations. The people we know, family and friends, read less (books) or not at all, compared to even a generation ago.
Loved this piece and your insights into the book industry.
“A man who loves books would buy it for its physical qualities alone.”
Good design, binding, paper and fonts are so important. For me, the physical object is a huge part of my enjoyment in buying, reading and selling books.
Thanks much for all that great info on the economic/financial realities of publishing and writing books. It nicely explains the incredible accounting jibberish that came along with my modest book deal from Lyons Press -- a $3,000 advance in 2016 for a nonfiction book called '30 Days a Black Man.' Tiny Lyons did a decent marketing job, getting it placed at airport bookstores. They did an ebook, a paperback two years later and even produced a great audio book that my 99.7-year-old mother could listen to. I haven't seen any recent numbers, but my total sales maybe have made it to 4,500. I'm told that I shouldn't cry too hard because it could have been a lot worse. It's a good thing I got that advance because I'll never see any royalties unless I get the movie deal I pray for every day. By the way, my page of gross and net sales figures and list of deductions for returns and I forget what else from Lyons looked frighteningly similar to the typed-out page of accounting from 1948 that the subject of my book, super-star newspaperman Ray Sprigle, received for his book 'In the Land of Jim Crow' from Simon & Schuster. Sprigle's advance was $5,000 (about $60,000 in today's devalued money) and despite his fame, reviews in top print places and the impact his undercover journalism had on the entire USA in 1948, he never sold more than 5,000 copies. So the publisher lost, right? Apparently, only Joel knows.
Definitely agree that a book lover buys books for physical qualities. I have a very slim book budget, but I will search high and low for just the right edition for a favourite book. First editions are generally out of my price league, but I have sometimes waitex years to find just the right copy.
That brings me to a point about people buying or not books. The publishers don't see revenue from this aspect, so it never gets counted in their records, but it does contribute to the overall economy. It also helps ensure that worthwhile books are not lost by the passage of time, when publishers have moved on to the next big thing. I would not be surprised if used booksales account for a very large percentage of the actual total number of books sold.
"The best way to make a small fortune in book publishing is to start with a large fortune." The most rewarding part of publishing is not the money (although going broke would be no fun) but the experience of fighting to publish a book that had been overlooked by other publisihers and then find that World Magazine said that from its perspective that book was one of the top 100 books published in the 20th Century. I'm thinking of "Idols for Destruction" by Herb Schlossberg, first published by Thomas Nelson. Maybe we do this because of ideas and relationships.
Love how this article dives into the nitty-gritty of the publishing world! I appreciate the breakdown of the financial aspects, showing how publishers make decisions and the risks involved. Come to think of it, publishing is as much about business as it is about art. Thanks, Joel!
First, I thoroughly enjoyed the interview with Cornett. Second, as for how "dire" the situation is, wouldn't we need to know how this contemporary data on sales measures against historical records, if any, to have a real sense of the industry? But I also think that this is not a case of "bad news travels fast." I think that most of us who are passionate about books and reading feel comfortable of the strength of our anecdotal observations. The people we know, family and friends, read less (books) or not at all, compared to even a generation ago.
Loved this piece and your insights into the book industry.
Cheers,
Brian
“A man who loves books would buy it for its physical qualities alone.”
Good design, binding, paper and fonts are so important. For me, the physical object is a huge part of my enjoyment in buying, reading and selling books.
Thanks much for all that great info on the economic/financial realities of publishing and writing books. It nicely explains the incredible accounting jibberish that came along with my modest book deal from Lyons Press -- a $3,000 advance in 2016 for a nonfiction book called '30 Days a Black Man.' Tiny Lyons did a decent marketing job, getting it placed at airport bookstores. They did an ebook, a paperback two years later and even produced a great audio book that my 99.7-year-old mother could listen to. I haven't seen any recent numbers, but my total sales maybe have made it to 4,500. I'm told that I shouldn't cry too hard because it could have been a lot worse. It's a good thing I got that advance because I'll never see any royalties unless I get the movie deal I pray for every day. By the way, my page of gross and net sales figures and list of deductions for returns and I forget what else from Lyons looked frighteningly similar to the typed-out page of accounting from 1948 that the subject of my book, super-star newspaperman Ray Sprigle, received for his book 'In the Land of Jim Crow' from Simon & Schuster. Sprigle's advance was $5,000 (about $60,000 in today's devalued money) and despite his fame, reviews in top print places and the impact his undercover journalism had on the entire USA in 1948, he never sold more than 5,000 copies. So the publisher lost, right? Apparently, only Joel knows.