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If a book is well written it will find its place on the bookshelves, and if it's badly written the best promotion money can buy won't do a thing for it.
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In a perfect world this would be true. Unfortunately, the vast majority of books on the shelves, and on any typical best seller's list, are terrible. And we can all think of a number of titles that were originally rejected by dozens of publishers until someone finally took a "chance" on it, and that book turned out to be gold.
Certainly the majority of the self-published stuff will be crap and even worse than what goes through a publishing house. But even so, there's just so much available these days that, in the end, what would serve everyone best is a blog or other website that searches through the mire for you and consistantly offers nothing but good reviews of great books.
We're seeing that sort of thing with YouTube now where people are bypassing YT directly and instead are going to any number of websites offering up what they consider to be the "best of" YouTube. I can invision a website someday that truly does offer up nothing but books that are worth buying, and that readers will flock to and bypass Amazon altogether. Somebody is going to make a lot of money with that website.