Friday’s “World According to …” column on Portfolio.com was about literary agent Andrew Wylie.
Wylie is renowned in the book business for representing high profile clients, rather, I should say high literary profile clients, such as Martin Amis. He’s one of those old-school boys who has made it his business to know all the right people and to be in the right place at the right time.
Entertain yourself: The World According to … An Interview with Andrew Wylie.
Wylie states some excellent points about the stupidity of publishers bending to the chains’ requests for deep discounts:
Quote: … publishers have given in to every act of aggression that’s proposed by the chains, and it’s been very bad for business. Everything is deeply discounted, there are endless two-for-three deals and stuff like that, with the authors getting reduced royalty, and the publishers having an already thin margin decimated by being compelled or agreeing to higher discount arrangements with the chains. It’s very shortsighted, and it’s all an aspect of publishers trying to cover over the fundamental weaknesses of their respective businesses with, you know, misleading cash flow.
Publishing is a rough business.
Publishing is also a relatively small business, estimates mentioned in the article are $25-30 billion.
Wylie’s comment on the size of the industry is one of my favourite quotes of the piece:
Quote: It’s a very odd, very small business, that no one should get into unless they have no other occupation that they want to be involved in.
The article is worth reading for Wylie’s acerbic wit, but he also argues passionately for better books, which is where his charm lies.
Portfolio.com: The World According to … An Interview with Andrew Wylie.
(Source: Tip from Dan)