We recently returned from the biggest publishing conference in the US, Book Expo America. It was in New York City, it provided a great opportunity to meet and mingle with established and up-and-coming publishers, authors, and technologists, and we had the chance to get some perspective on where our industry is headed.
We also spread the word about the new, lower barriers to entry for self published audio books. I presented a session at the conference called “Audiobooks for the Rest of Us,” and served on a panel with some great self- and small-publishing professionals. Throughout the week, 3 key points came up over and over, and I’d like to share these insights with you.
Alternative Formats Have Arrived
The Javits Convention Center, where the conference was held, is gargantuan. Massive. Enormous. The exhibition hall floor held a jaw-droppingly huge number of exhibitors. And walking the floor, it was very interesting to note how the energy in the hall changed depending on which section of exhibitors you were in.
The digital and ebook area was lively, charged with an almost palpable electricity and excitement about the future. There were all sorts of great new ideas on display. Deals were being made, partnerships were being formed. It was fun. It was exciting. iPads were everywhere! Cool new technology made me slap my forehead and say, “Ah ha! Brilliant!” several times. It was obvious that this is where the action is.
When you made your way into the bigger, more traditional players, though, the energy really changed. Things were more subdued. There wasn’t a lot of excitement. The most common interaction I saw at mid-level and bigger publishing house booths was between publishers and wholesalers looking for bargains on “remainders,” books that were printed, shipped, didn’t sell, were returned, and now needed to be offloaded cheaply. Time and time again, I scratched my head and wondered what sort of business model this was to run an entire industry on.
The independent and micropublishing area was a very interesting place. It was a mixed bag of folks who have been in publishing for a long time (who spent most of their time lamenting the changes in the industry and complaining about ebooks), newcomers trying to learn the ropes of traditional publishing, and brilliant outsiders with some amazing ideas, enthusiasm, and openness to new business models. You can probably tell which horse I’d bet on!
Self Publishing is Here to Stay
Several times throughout the week, several people mentioned the fact that the data is in. 2008 marked the first year in which more self published titles were released than “major” titles! The barriers to entry for small publishers and independents have never been lower. Self publishing is inexpensive. Infrastructure to get your self published audio book, your self published print title, or your ebook into the hands of consumers, is in place. Overall, the professionalism and polish of the companies facilitating this has dramatically increased, and they’re not going away any time soon.
Of course, this comes with challenges. How do you differentiate yourself? How do you find your market, appeal to your demographic, and launch a SUCCESSFUL manuscript, when more and more “small” titles are being released? I think the answer is two-fold. First, you produce a great book. Hire an editor. Make sure your manuscript is perfect. Get feedback. Design a great cover. Study the layout and design elements of books with million-dollar marketing departments behind them, and think about how you can achieve that look with your title. Think of this as a business, because when you decide to self publish, that’s what it becomes, and you’re the CEO. Second, you crunch some numbers. One of the most amazing things about self publishing is that you really can make a fair amount of money and reach a real audience without being J.K. Rowling. While big publishers are relying on tiny slivers of a huge number of massive pies, the low costs and high per-unit returns of self publishing mean you can turn a profit on a much, much lower volume of sales, taking big pieces of smaller pies!
Self Publishing Has Gone Mainstream
One of the most interesting things that I heard over and over at the “Do It Yourself” self publishing sub-conference at BEA was the fact that something I’ve predicted for years is starting to come true. Self publishing a title, which as few as 5 years ago was considered somehow illegitimate and unprofessional by a lot of traditional publishers, is now looked at by those same publishers as the “minor leagues” for the big houses.
In other words, if you’re bound and determined to publish a title with Random House but they’re not interested, you now have an alternative path. Self publish, do the legwork, get some traction, sell some books yourself! After you have a track record of respectable self-generated sales, you can approach the big houses again, and they’re much more likely to consider picking you up. A few years ago, this would not have happened. Big houses were not at all interested in the fact that your title, after selling 1,500 copies, had outsold the vast majority of books they publish. They simply would have seen it as a “vanity press” title. The fact that they wouldn’t have given you, a proven seller, the time of day, says something about how beholden to a model, rather than actually making money, they were. At least they’re wising up now!
I hope that you find these insights interesting. If you have more questions about BEA and what we saw there, ask them in the comments section, and we’ll be happy to answer them!
