While we hear a lot about the future of publishing from the publisher's perspective, I don't hear much speculation on the future of publishing from the author's perspective. Specifically, I don't hear anything about the gap between what the current publishing industry can accommodate and the large number of authors looking to publish.
While it's true that publishers have always curated authors and manuscripts to develop only the best possible bets, it still left many good authors with only vanity publishing as a recourse. However, I believe the size of the unpublished author community has become much larger. The rise in self-publishing is a testament to the explosion of unpublished authors. In just 2009, 764,448 books were self-published, dwarfing the 288,355 generated from traditional publishing. With Kindle, Nook, and iPad self-publishing options, that number must have exploded in 2010.
It's prudent at this point, to make a comparison between publishing and venture capitalism. Each must keep their focus on the bets which have the biggest possible return on their investment. With each industry, it's a numbers game; to get a few successes, they have to spread their bets across a large number of investments. Most of those bets do not pay any dividends, according to Chris Anderson's research from Free
he estimates that only 5% of books published are profitable. As with VC funding, the 5% of books which are profitable, are so profitable, they cover the costs of producing the other 95%.
Let's be clear what I'm trying to point out here:
While it's true that publishers have always curated authors and manuscripts to develop only the best possible bets, it still left many good authors with only vanity publishing as a recourse. However, I believe the size of the unpublished author community has become much larger. The rise in self-publishing is a testament to the explosion of unpublished authors. In just 2009, 764,448 books were self-published, dwarfing the 288,355 generated from traditional publishing. With Kindle, Nook, and iPad self-publishing options, that number must have exploded in 2010.
It's prudent at this point, to make a comparison between publishing and venture capitalism. Each must keep their focus on the bets which have the biggest possible return on their investment. With each industry, it's a numbers game; to get a few successes, they have to spread their bets across a large number of investments. Most of those bets do not pay any dividends, according to Chris Anderson's research from Free
Let's be clear what I'm trying to point out here:
- First, for the benefit of any unpublished authors reading this, your odds of breaking through and getting a publisher to back your manuscript have become exponentially smaller. As a whole, the existing publishing industry doesn't have enough money to bet on too many authors. Therefore, they are going to continue to back known authors and any breakout self-publishing phenomenons who seem like a good bet.
By the way, it's also my opinion that as e-books reduce existing publishers revenues, their ability to fund books will diminish. This is a point that many in the industry disagree with me on, but I don't know why they think that books will be different from any other industry which has made the conversion from atoms to bits. Historically, once an industry is working predominantly with bits, revenues drop. Yes, it's true that costs also drop, but it's never enough to make up for the shift to bits. I'm sorry that is such a bitter pill to swallow, but it's the truth.
- Second, if you accept that authors hoping to get published dramatically outnumbers the authors that get published, then get ready for some really bad news. If you self-published 4 books in 2009, the odds of anyone finding your books were 1 in 119,112. Those, my friends, are some very slim odds. Unfortunately those odds are only going to get worse, exponentially worse. The greatest single challenge for any freelance self-publisher, independent film-maker, musician, or artist is reaching your fans or would-be fans.
- Finally, now that you know how slim the odds are that anyone will find and pay for your work, you might be stricken with inaction trying to decide what you think is worthy of making. However, I think that would be missing the point. Making your work better will not pay a very high return on investment. In IT when you discuss system availability, the discussion is about how close to 100% you can get. It can never be 100% because, you know, shit happens. Usually what is negotiated is the number of nines after 99.%, i.e., 99.9% or 99.99%. What most people outside of IT don't know is that with the addition of each 9 after the decimal place, the cost rises exponentially. In my opinion, the costs of going from good enough to great rises exponentially.
Instead, what I believe any freelancer should focus on instead, is marketing your work. I believe this to be true, because noone can guess, with any degree of reliability, what 3.5 billion (estimated # of Internet users by 2015) or even 1.5 billion (2010 estimated Internet user base) want. In my opinion, the long tail suggests that it is impossible to predict anymore, what people are willing to pay for.