2009, the Year of Opportunity

With the bulk of publishing industry news of late centering around layoffs, declining retail sales, and holds on acquisitions, it’s easy to get pulled into the downward spiral of doom and gloom. While none of us want to see our colleagues out of work or industry decline, the bad news hardly comes as a surprise: inefficient and outdated practices have been pushing us in this direction for years. The current economic bust was (or will be) the last nail in the coffin for many publishing operations struggling to say afloat.

But, to quote Albert Einstein, “In the middle of difficulty lies opportunity.” The constant but quiet call for change that has been building for years is now more like an air raid siren. The shakedown coming in 2009 may bring an about-face in our general acceptance of wasteful practices while also bolstering the lines of smart, lean independent publishers and distributors:

• While there are a handful of established publishers that have never accepted returns, the buzz around HarperStudio coupled with a closer look at operating margins may result in some progress on this front . . . if the bookstores cooperate (admittedly a big if).
• With the “Six Sisters” of traditional New York publishing leaning heavily towards blockbusters or halting acquisitions altogether, independent publishing houses and their distributors have the upside of more literary talent looking for a home.
• Publishers and distributors of all sizes will be forced to reassess marketing strategies, eliminating the components that exist because “we’ve always done it that way” and focusing more on cost-effective, targeted (read: online) strategies that hone in on each genre’s qualified readers. And if we can consistently introduce content of value to the appropriate readers, our brands will be stronger for it.

As always, content is king. If bloat in one part of the business keeps great content from following the traditional channels, alternatives will emerge. This year’s power shakeup will open many doors for those companies that are nimble and smart enough to move through them.