The Realities of Book Publishing

A remarkable essay about the business of publishing from Daniel Menaker: 

Now I have been senior literary editor at Random House for six months. I remain in many ways ignorant of the realities of book publishing. But it begins to dawn on me that if a company publishes a hundred original hardcover books a year, it publishes about two per week, on average. And given the limitations on budgets, personnel, and time, many of those books will receive a kind of “basic” publication. Every list—spring, summer, and fall—has its lead titles. Then there are three or four hopefuls trailing along just behind the books that the publisher is investing most heavily in. Then comes a field of also-rans, hoping for the surge of energy provided by an ecstatic front-page review in The New York Times Book Review or by being selected for Oprah’s Book Club. Approximately four out of every five books published lose money. Or five out of six, or six out of seven. Estimates vary, depending on how gloomy the CFO is the day you ask him and what kinds of shell games are being played in Accounting.