Mainstream publishing houses are colonizing fresh territory in the next stage of an e-book revolution that is changing not only how we read, but what we read, forever.
Following the success of Fifty Shades of Grey, which started out as an e-book series posted on a fan site by author E.L. James and has become the world’s fastest-selling book, publishers are starting to move in on the profits generated by the thriving online platforms that serve unpublished writers.
Last week, Pearson, the owner of Penguin Books, bought one of the largest grassroots publishers, Author Solutions, based in the US state of Indiana, for ￡74 million (US$115.56 million). The idea is that Pearson will no longer have to rely on spotting e-book hits early; instead, they will own a new author’s work from the first moment it appears on screen. This acquisition comes in the wake of Pearson’s launch last year of Book Country, a Web site on which fiction authors can publish their work.
On Thursday, Glaswegian author Denise Mina said she believed the power of the e-book would soon alter the way authors set about writing fiction. Speaking as she received the Crime Novel of the Year award for The End of the Wasp Season, she said: “Nobody knows what sells. More so now because the market’s changing so fundamentally because of Kindle and electronic publishing.”
She added that she expected publishing norms — such as the average book length of 350 pages — to be further broken down.
“Why is that a story? Why isn’t a story 18 pages or 150 pages, which isn’t a novella and it isn’t a novel? But it can be now, on electronic media,” she said.
The writer also predicted that many of the “bottlenecks” that -prevent some writers being -published will disappear.
“The class divide is going to change. A lot more working-class people are going to get published,” she said.
Keith Weiss, chief executive of the newly acquired Author Solutions, is adamant that the online platforms for new writers are not the same as the stigmatized self-publishing referred to as “vanity publishing.” His company, which started in 2007, has marketed and distributed 190,000 titles for 150,000 authors and has grown at a rate of 12 percent in the past three years.
Further proof of the onward march of e-books comes from BookStats, which has collected data from 2,000 publishers across the US, including fiction titles, as well as higher education, professional and academic publishing products. It found e-book revenues for US publishers doubled to more than US$2 billion last year.
There were 211,000 self--published books out last year, 50 percent up on the previous year, and one of those e-book authors was Tricia Bracher, who put out her novel Tres Hombres. This weekend she welcomed the news that online self-publishing is likely becoming another arm of the established book industry.
“There were always too many people trying to get work published and there was nowhere left to turn to prior to this,” she said. “I am intrigued to know how publishers are going to maintain -quality control, but I am cautiously optimistic.”
Agent and former editor Peter Strauss argues that it is too soon to say the whole industry is in flux, going on to argue that although it is now simple to publish a book, publishing houses are still needed to edit and promote raw work, as happened with Fifty Shades of Grey.
“The trilogy took off globally when the publishing industry got involved. It was carefully placed and sold by the agent, carefully positioned, edited, publicized, -marketed and distributed,” he said.
There is still no easy ride into print as, John Makinson, Penguin’s chief executive, has pointed out. Titles that sell well as e-books are not always appropriate for putting between hard covers.
However, the company is once more in the vanguard, just as it was in the 1930s when managing editor Allen Lane stood on the platform at Exeter station in southwest England and wondered about testing out on the marketplace a selection of cheap paperbacks, sold from a vending machine.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
RSS