I read a fascinating article, well the transcript of a podcast, with Joanna Penn and Jane Friedman. Its focus was publishing, whether traditionally published or self-published. A few key points from the transcript: 1. Knowing what books will make it is a crapshoot. Even the Big 5 publishers agree with this. Friedman referenced this from the September 2022 court case of Penguin Random House’s potential acquisition of Simon and Schuster. FrontList delved into it a bit deeper. According to them, Penguin Random House CEO Markus Dohle told the court, “Everything in publishing is random. . . That's why we're called Random House!” This is kind of earth-shattering for authors. If the CEOs of the Big 5 say publishing is pretty much a crapshoot, then that’s exactly what it is. Just to note, in that same article, Publishers Weekly explained that the government was trying to make publishers look “unusually sophisticated about the market in which they operate, in addition to profiting from their enormous scale.” So, whether the publishers were playing their sophistication and industry acumen down is anyone’s guess although, it would seem likely. But, on the flip side, having attended a number of workshops with editors from publishing houses, they initially acquire books on a gut feeling. Then the editor has to convince acquisitions and marketing that the book is a safe bet. Here we go back to the crap shoot. Do you feel like you’re watching a tennis tournament? 2. The playing field is leveling out. The Big 5 Publishers combined are selling less than everyone else. It might be slightly less, but still, that’s a big deal and should be encouraging to authors. The Big 5 fortress is crumbling. Well, at the very least they’re showing some cracks. And self-publishers are now building their own small fortresses. Part of the reason for this is that self-publishers realize the need to promote their books and that they must take action. Another reason is that self-publishers have the same distribution avenues as the Big 5. Aggregators like IngramSpark distribute your book globally. In fact, IngramSpark has one of the publishing industry’s largest global distribution networks. This means your books will have access to online stores, chain stores, ebook retailers, libraries, and universities around the world. The same as the Big 5. And as self-publishing authors are getting more savvy about publishing and selling, it’s getting more difficult to tell major publishing titles from self-published titles online. This all helps level the playing field. 3. The Big 5 don’t market their authors like they used to. The Penguin Random House and Simon and Schuster court case also brought to light that around 25% of yearly trade titles published don't sell more than a dozen copies. Does this make you feel better as a self-published author? It does me. I’m sure part of this is because the major houses can’t afford to market their authors like they used to. Friedman noted that “most books aren’t getting a lot of marketing investment.” It’s now a wait and see game. Like throw the mud at the wall and see what sticks. That is unless it’s evident that a book will do well. If the publisher believes a book will make money, the publisher will support it. It’s not all the major publishers' fault though. It has become more difficult to promote books. Friedman explained that, there are “fewer media outlets where books are reliably reviewed or covered.” This makes it tough to get attention. 4. The more books you publish the more sales you’ll make. Penn and Friedman both agreed that self-publishing a lot of books is a formula or model for more sales. You may be wondering how many is a lot of books. Craig Martelle of 20BooksTo50K uses 20 books as a rule of thumb. He writes 4-book series. When one is finished, he starts another. This model allows you to build a list of books, and at the moment as backlisted books are selling well, having a list is what you need. It may not necessarily be 20 books. It could be more or less, but it’s the model that works. This one I kind of knew. But always having ghosting clients, I don’t have much time to work on my own books. But maybe it’s time I make the time. What to take away from this? Using a model of having a list of 20 books can help you win at publishing craps. I highly recommend reading Penn’s informative transcript in full or listening to the podcast. You can find it at: https://www.thecreativepenn.com/2022/12/19/changes-in-publishing-with-jane-friedman/
I’m a working children’s ghostwriter, rewriter, and coach. I can help turn your story into a book you’ll be proud to be author of, one that’s publishable and marketable. You can contact me at: kcioffiventrice@gmail.com. Or, you can give me a call at 834---347---6700. (Please leave a message - I'll get back to you as soon as I can.) Or, if you’d rather do-it-yourself, check out my book, How to Write a Children’s Fiction Book.
