STATUS: With New York Publishing shut down, I'm working on a UK contract and catching up on email. I think it's going to be this way for most of the week.
What’s playing on the XM or iPod right now? HOPE I DON'T FALL IN LOVE WITH YOU by Tom Waits
Obviously the Random House - Penguin merger is all the news in the publishing world right now. It's a big deal. But I read this article in Publishers Weekly and pretty much snorted my tea.
PW makes it sound like an agent's biggest concern might be the reduction in advance amounts paid for books.
I'm concerned about MANY things that might come about because of the merger but smaller advances is not one of them. It's not even on my top 10 list of things to be concerned about.
Publishing saw the consolidation of publishing houses into smaller and smaller numbers in the early 90s. That evolved into what had been known as the "Big 6" of the last decade.
It's now down to the "Big 5" and quite honestly, I don't see NewsCorp (which owns HarperCollins) settling for the status quo. Wouldn't surprise me at all to see the "Big 5" become "4" with two more houses merging in the not-so-distant-future.
Of course this all has to pass anti-trust rulings, etc.
What does fewer publishing houses mean for authors?
That answer is pretty simple. Fewer choices. Less competition. More uniformity of royalty rates (like that hasn't happened already because houses are already more interested in status quo among themselves rather than actual competition). Narrowed vision of what is the market and what should sell (and they already have tunnel vision as any number of digitally self-published successes have recently proven). More emphasis on commercial blockbusters and less building authors from the mid list.
Getting the picture? Smaller advances? Not a main issue on my radar.