Monday July 22, 2019

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A Tipping Point For NY Publishers?

Big NY publishers are facing increased pressure these days: two weeks ago Amazon.com was one of the six bidders in the auction of Amanda Hocking’s books. The move to participate in the auction is, according to Crain’s New York Business, the first time the online company had competed with a major publisher for a high-profile author.

St. Martin’s Press eventually scooped up the four-book, $2 million deal, but the win came with a pinch of salt: Barry Eisler announced he was pulling out of a $500,000 deal because he was planning to self publish. This highlights an ongoing change within the book industry, with publishing houses investing heavily in e-publishing, which is growing by triple digits but still accounts for only 20% of revenues. Moreover, the weakened condition of bookstore, such as the Chapter 11 filing by Borders last year and Barnes & Noble‘s push into e-books, has meant that traditional publishers are in a transitional period that could go either way.

Crain’s New York Business