Over the years, books kept in print may earn hundreds of thousands of dollars for their publisher and author. A few steady earners, even though the annual earnings are in what is now dismissively called “the midlist,” can keep publishers in business for years, and even allow them to take a risk or two on new authors. If I were a publisher, I’d rather own J.R.R. Tolkien than J. K. Rowling.
But capitalists count weeks, not years. To get big quick money, the publisher must risk a multimillion-dollar advance on a hot author who’s supposed to provide this week’s bestseller. These millions—often a dead loss—come out of funds that used to go to pay normal advances to reliable midlist authors and the royalties on older books that kept selling. Many midlist authors have been dropped, many reliably selling books remaindered, in order to feed Moloch. Is that any way to run a business?
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