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Originally Posted by pwalker8
The authors don't actually pay for the slush piles. Agents get paid a percentage of any contract, so you only pay if you get a contract. That's pretty much the standard way that agents work, in sports, real estate, contract firms or literary.
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As I said, very good business. Instead of the publisher paying the cost is shifted to all authors who get a contract. A very smart move.
Personally based on my reading I think literary agents with rare exceptions add little or no value other than providing the foot in the door to those who want a traditional publisher. Where we seem to differ mainly on this is that you seem to think they offer value for money apart from this function. I think such services if any are best sourced elsewhere and paid for in cash rather than a percentage. I expect that as time passes the new entry to traditional publishing will mostly be by way of self-publishing. We will of course see how well literary agents survive as time passes. My money is on not very well.
Quote:
Originally Posted by pwalker8
If you are a good author, who doesn't mind handling all the business details and knows how to market yourself and build a readership, then sure indie works. I'm not so sure there are a ton of writers in that boat. It's pretty hard to get noticed just throwing your book out on Amazon and sitting back waiting for the money to roll in. Marketing your books is hard work. Book discovery is the big unsolved piece of the puzzle. People are a lot more likely to try a book from a publisher they like than some random author in the Kindle store. That is one of the reasons that Baen had so many successful new authors, that and the Baen monthly bundle.
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But authors can obtain marketing services etc relatively cheaply without having to either pay an agent 15% or sign their rights away for evermore, or at least for a lengthy term. Publishers are not the only ones offering these services. It is not a stark choice between publisher/agent or do it all yourself.
Some people do prefer to try a book from a publisher they know. But many more, when faced with the high agency prices, are more than happy to try Indies. The Big 5 lost many readers forever during the agency conspiracy, and they continue to do so. This is why their share of the ebook market is in decline.
Baen is an innovative publisher who does many things right and even prices their books reasonably. Their e-arcs are expensive but genuinely give early access to works and worth it to someone who really loves an author. Baen, unlike the Big 5, has kept its head out of the sand.
Quote:
Originally Posted by pwalker8
I still think that publishing will re-fragment as the capital cost of publishing drop. That could change the dynamics a bit as small publishers cut out the middle man/agents. That would involve a pretty big change in the way that business is done though.
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Unfortunately it seems that the Big 5 at least will be in the rearguard of any such changes, trying valiantly to reverse direction. As I said, what my crystal ball shows is the Big 5 sourcing an ever-increasing share of books from successful Indies, whilst their own submissions from authors and agents decline. What this probably means is that they will pay much more for a book and likely acquire only partial rights. It sometimes makes good sense for a successful Indie to sell print rights to tradpub, though I doubt such an author would sign such rights away forevermore. But the Big 5 (to become the Big 3, 2 and maybe 1) will be forced to price their books competitively, which means their margins will likely fall dramatically. They will will need to be much leaner operations. What will save them, at least for a long time, is their existing intellectual property. They have many term of copyright rights, and many of these have a long time to run. I expect reversions will be few and far between, at least without substantial payment. If they really fail to adapt they may become little more than one of many small publishers, or even simply cease to publish new books and just collect on their old.