26 November 08 | Chad W. Post

Motoko Rich’s piece in yesterday’s New York Times points out the crazy extremes of the book business in these times, comparing Houghton Mifflin Harcourt’s “temporary” acquisitions freeze with the situation at Hachette:

As first reported by Publishers Lunch, an industry newsletter, Hachette is giving bonuses equal to one week’s salary to every employee in the company, in addition to the regular bonuses for which staff members are eligible.

Why is this possible?

On the surface these twin pieces of news would seem to suggest that success in the book industry, as with other forms of entertainment, is increasingly dependent on the production of major hits, works that are so successful that they can support a family of less successful siblings. David Young, chairman and chief executive of Hachette Book Group, said that the company had racked up 104 New York Times best sellers this year.

Once upon a time, some publishers suggested, they could cultivate under-the-radar authors and slowly build an audience for them over several books. Now, with few exceptions, books tend to come out of the gate at the top of the best-seller list or be deemed failures.

Sounds somewhat like the essay I’ve been serializing . . . The best quote in the article—well, if you’re a bit self-deprecating and ironic—is this one:

“It is seriously going to be a time for known commodities,” said Esther Newberg, a literary agent who represents blockbuster authors like the thriller writers Patricia Cornwell and Linda Fairstein and Thomas L. Friedman, a columnist for The Times. “I would hate to be starting out in the business.”

Uh, shit. At least the foreign authors we’re publishing are household names, you know? Like Ricardas Gavelis . . . Or, um, Ilja Leonard Pfeijffer, both of whom are destined to be Oprah Book Club pics. (Did I mention how an Open Letter subscription makes a great holiday gift?)

Actually, Motoko loaded this piece with great quotes:

“I cannot conceive of ever saying, ‘We’re not buying more books,’ ” said David Shanks, chief executive of Penguin Group USA, another publisher that has had a decent year with successful titles like Eckhart Tolle’s spiritual guide A New Earth and Elizabeth Gilbert’s Eat, Pray, Love, which has continued its best-seller status on the paperback list. “You might as well put up a sign saying, ‘We’re out of business.’ ”


Comments are disabled for this article.
....
Writers
Writers by Antoine Volodine
Reviewed by P. T. Smith

Antoine Volodine’s vast project (40 plus novels) of what he calls the post-exotic remains mostly untranslated, so for many of us, understanding it remains touched with mystery, whispers from those “who know,” and guesswork. That’s not to say that, were. . .

Read More >

My Brilliant Friend
My Brilliant Friend by Elena Ferrante
Reviewed by Acacia O'Connor

It hasn’t quite neared the pitch of the waiting-in-line-at-midnight Harry Potter days, but in small bookstores and reading circles of New York City, an aura has attended the novelist Elena Ferrante and her works. One part curiosity (Who is she?),. . .

Read More >

Stealth
Stealth by Sonallah Ibrahim
Reviewed by Christopher Iacono

From the late 1940s to the early 1950s, Egypt was going through a period of transition. The country’s people were growing unhappy with the corruption of power in the government, which had been under British rule for decades. The Egyptians’. . .

Read More >

Miruna, a Tale
Miruna, a Tale by Bogdan Suceavă
Reviewed by Alta Ifland

Miruna is a novella written in the voice of an adult who remembers the summer he (then, seven) and his sister, Miruna (then, six) spent in the Evil Vale with their grandfather (sometimes referred to as “Grandfather,” other times as. . .

Read More >

Kamal Jann
Kamal Jann by Dominique Eddé
Reviewed by Lori Feathers

Kamal Jann by the Lebanese born author Dominique Eddé is a tale of familial and political intrigue, a murky stew of byzantine alliances, betrayals, and hostilities. It is a well-told story of revenge and, what’s more, a serious novel that. . .

Read More >

I Called Him Necktie
I Called Him Necktie by Milena Michiko Flašar
Reviewed by Christopher Iacono

While looking back at an episode in his life, twenty-year-old Taguchi Hiro remembers what his friend Kumamoto Akira said about poetry.

Its perfection arises precisely from its imperfection . . . . I have an image in my head. I see. . .

Read More >

Return to Killybegs
Return to Killybegs by Sorj Chalandon
Reviewed by Vincent Francone

The central concern of Sorj Chalandon’s novel Return to Killybegs appears to be explaining how a person of staunch political activism can be lead to betray his cause, his country, his people. Truth be told, the real theme of the. . .

Read More >

The Last Days
The Last Days by Laurent Seksik
Reviewed by Peter Biellp

Spoiler alert: acclaimed writer Stefan Zweig and his wife Lotte kill themselves at the end of Lauren Seksik’s 2010 novel, The Last Days.

It’s hard to avoid spoiling this mystery. Zweig’s suicide actually happened, in Brazil in 1942, and since then. . .

Read More >

Selected Stories
Selected Stories by Kjell Askildsen
Reviewed by P. T. Smith

To call Kjell Askildsen’s style sparse or terse would be to understate just how far he pushes his prose. Almost nothing is explained, elaborated on. In simple sentences, events occur, words are exchanged, narrators have brief thoughts. As often as. . .

Read More >

Letter from an Unknown Woman and Other Stories
Letter from an Unknown Woman and Other Stories by Stefan Zweig
Reviewed by Christopher Iacono

After a mysterious woman confesses to an author simply known as “R” that she has loved him since she was a teenager, she offers the following explanation: “There is nothing on earth like the love of a child that passes. . .

Read More >