Publishing Facts

In the summer of 1998, two inventions offered the potential to change the publishing world radically and forever. One was the introduction of the hand-held electronic reading device. The other was the development of print-on-demand technology.

The new technology empowers authors to print, distribute and advertise their own work, and that means they can enjoy a far larger share of the revenue than they traditionally have done.

Although most agents and publishers understand the e-book revolution superficially, they have failed to grasp and confront the profound implications. The ability for authors to sell their work directly, or almost directly, to readers threatens to make traditional middleman roles -- such as literary agents, publishers, book stores and even libraries -- irrelevant.

Facing your own irrelevance is like facing your own death: You go into denial. Few have embraced it and tried to find a way to make it work to their advantage, and therefore to the advantage of authors.

A good agent's position isn't behind authors; it's beside them. As an author prospers, or fulfills his or her dream, so does the agent prosper and achieve fulfillment.

Predictions for the publishing industry over the next five to 10 years:

1) Small, lightning-fast online publishers will come to dominate the larger, slower ones. The companies that can travel light -- I call them "virtual" publishers because they are digitally driven -- will prosper and eventually take over those that are rooted in bricks and mortar and dependent on overhead-intensive editorial and distribution functions.

2) Authors will have far more choices and control over their work, and a brand new way of reaching readers will be availed to authors.

So I'm more hopeful about the future of publishing than I've been in decades. It's just that what I call "publishing" is not what most people call publishing. My vision includes the future.

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