From the Archives – 2008 Black Wednesday
Today marks a week since the publishing industry had its Black Wednesday – in their own words. For writers, editors, publishers, and those who want to be those things, you saw and/or felt at least the shockwaves.
Major publishing houses like Simon and Schuster, Random House, and Houghton Mifflin Harcourt announced lay offs and cut backs as did religious publisher, Thomas Nelson. It’s no surprise given the state of the economy, everyone is tightening their financial belts whether through firing employees at all levels, including top level editors and executives.
The beginning seemed to come when news leaked of Houghton Mifflin Harcourt ceasing acquisitions at least until the end of the year. Then came news of the staff cuts and consolidations. Random House completely consolidated and restructured their imprints into a dizzying confusion. Fewer books are being bought by fewer people with greater expectations.
To most people this means the book publishers are hunkering down, buying those names they know will sell and sell well and not taking a chance on new or even mid-list writers any longer. However, amid the chaos and confusion, many authors are doing what many of them do best – try to sell books. John Scalzi wrapped this up with some sage advice when he wrote about Black Wednesday in his Whatever Blog – “Buy some d—-d books.” And many other authors, including myself, have echoed him in our blogs in the past week.
Don’t like what the publishing industry is doing? Want to see something else? Tell them with what financial resources you have. Buy books from your favorite genres by your favorite, maybe less known authors. Or follow Shanna Swendson’s “Publishing Loop of Doom” advice. Go the brick and mortar stores and request your favorite TYPES of books you like, especially if they don’t have them in the stores. If you have a favorite small press, buy the d—-d books so those presses survive the economic down turns.
Given the bleak outlook, many new writers, and even readers, may think it’s time to give up. Throw in the towel. There’s not going to be any way to break in now. I wish those folks luck. As for me and most writers I know, we’re sticking it out. Eventually the economy will turn around, and the publishing industry will have holes to fill. I, for one, and most pros I know will be ready.
But until then, happy holidays and buy some books. Books make excellent gifts, don’t require a major outlay of cash, and are a renewable entertainment source. A good book can provide years of enjoyment. So, let’s all go do our part.