Now is the time for innovative thinking in the book publishing industry. We’re all creative thinkers here right? It certainly seems like the big guys (read: Big 6) are running out of old business models to fall back on, and the little guys (read: small independent publishers) have a chance to pick up some real ground in the industry. Because they are not set in their ways, small publishers will be much more agile as they attempt to re-rout for the changing road ahead.
One new model is loosely based on the movie industry. While Hollywood seems like a questionable role model, this could be a promising step for publishers. Next month, Five Stones Press will release The Fall, the newest book from David Fulmer, a notable mystery author. When his book did not get picked up, Fulmer decided to take matters into his own hands. Some writers would see this as the time to self publish (or find a new “life’s calling”), but Fulmer’s not ready to give up yet.
Because he already has a loyal following, Fulmer (along with two business minded friends) started a publishing house that will fund their publications by selling shares of the book to investors. This is a potentially brilliant breakthrough. If people are willing to contribute money so that investigative journalist can keep writing, surely that will help keep their favorite authors on the new release shelves.
In this particular model, though, the success is contingent on an author’s previous reputation, because let’s face it, people are willing to pay more if they know they are going to like what they get. This is new territory, but perhaps Five Stones Press will be the next publishing star.
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Interesting concept. I'm surprised I didn't think of that. I'm constantly trying to come up with ways of monetizing book production. I've even considered putting advertising into books I produce. I mean, why not. We already (until DVR) watch commercials when we watch television. Why not a couple of well-placed ads in a book? Those who want to check out the ad can, and those who don't wouldn't have to. The problem I see with private investors, though (I guess advertising could be seen the same way) is that eventually, those with money dictate what gets published. If the book industry starts to be dominated by commercial interests, then where does the common man stand? Compelling (yet creepy) ideal all at the same time.
ReplyDeleteAds in books have been around for a long time. They don't necessarily backlist well, but that's OK. As for the book industry being dominated by commercial interests... Well, I think the book industry is, like any industry, dominated by commercial interests. The people who bear the financial risk (the publishers) will always dictate what gets published. I guess the difference with private investors is that it spreads the risk around... If books are produced more like the way movies get produced, where does that leave publishers? Very interesting concept.
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