Mainstream publishing houses are colonizing fresh territory in the next stage of an e-book revolution that is changing not only how we read, but what we read, forever.
Following the success of Fifty Shades of Grey, which started out as an e-book series posted on a fan site by author E.L. James and has become the world’s fastest-selling book, publishers are starting to move in on the profits generated by the thriving online platforms that serve unpublished writers.
Last week, Pearson, the owner of Penguin Books, bought one of the largest grassroots publishers, Author Solutions, based in the US state of Indiana, for £74 million (US$115.56 million). The idea is that Pearson will no longer have to rely on spotting e-book hits early; instead, they will own a new author’s work from the first moment it appears on screen. This acquisition comes in the wake of Pearson’s launch last year of Book Country, a Web site on which fiction authors can publish their work.
On Thursday, Glaswegian author Denise Mina said she believed the power of the e-book would soon alter the way authors set about writing fiction. Speaking as she received the Crime Novel of the Year award for The End of the Wasp Season, she said: “Nobody knows what sells. More so now because the market’s changing so fundamentally because of Kindle and electronic publishing.”
She added that she expected publishing norms — such as the average book length of 350 pages — to be further broken down.
“Why is that a story? Why isn’t a story 18 pages or 150 pages, which isn’t a novella and it isn’t a novel? But it can be now, on electronic media,” she said.
The writer also predicted that many of the “bottlenecks” that -prevent some writers being -published will disappear.
“The class divide is going to change. A lot more working-class people are going to get published,” she said.
Keith Weiss, chief executive of the newly acquired Author Solutions, is adamant that the online platforms for new writers are not the same as the stigmatized self-publishing referred to as “vanity publishing.” His company, which started in 2007, has marketed and distributed 190,000 titles for 150,000 authors and has grown at a rate of 12 percent in the past three years.
Further proof of the onward march of e-books comes from BookStats, which has collected data from 2,000 publishers across the US, including fiction titles, as well as higher education, professional and academic publishing products. It found e-book revenues for US publishers doubled to more than US$2 billion last year.
There were 211,000 self--published books out last year, 50 percent up on the previous year, and one of those e-book authors was Tricia Bracher, who put out her novel Tres Hombres. This weekend she welcomed the news that online self-publishing is likely becoming another arm of the established book industry.
“There were always too many people trying to get work published and there was nowhere left to turn to prior to this,” she said. “I am intrigued to know how publishers are going to maintain -quality control, but I am cautiously optimistic.”
Agent and former editor Peter Strauss argues that it is too soon to say the whole industry is in flux, going on to argue that although it is now simple to publish a book, publishing houses are still needed to edit and promote raw work, as happened with Fifty Shades of Grey.
“The trilogy took off globally when the publishing industry got involved. It was carefully placed and sold by the agent, carefully positioned, edited, publicized, -marketed and distributed,” he said.
There is still no easy ride into print as, John Makinson, Penguin’s chief executive, has pointed out. Titles that sell well as e-books are not always appropriate for putting between hard covers.
However, the company is once more in the vanguard, just as it was in the 1930s when managing editor Allen Lane stood on the platform at Exeter station in southwest England and wondered about testing out on the marketplace a selection of cheap paperbacks, sold from a vending machine.
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
CHANGE OF FORTUNES: Concern over a pricey valuation and the risk of tighter US curbs on chip sales to China have poured cold water on TSMC’s bullish momentum Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares fell the most in three months yesterday upon trading resumption, joining a global technology rout as investors dramatically soured on the promises of artificial intelligence (AI). The shares declined 5.62 percent to close at NT$924 in Taipei, dragging down the benchmark TAIEX, which fell 3.29 percent to 22,119.21 points amid a technical correction, Taiwan Stock Exchange data showed. Other chip stocks also fell, with ASE Technology Holding Co (日月光投控) plunging 9.86 percent, MediaTek Inc (聯發科) dropping 2.35 percent, Realtek Semiconductor Corp (瑞昱) falling 1.33 percent and United Microelectronics Corp (聯電) retreating 1.17 percent, while Apple