DeniseK said:
"And three out of four books that are published lose money for everyone concerned. "/QUOTE]
Strange business, publishing, eh? I wonder if there is any other business in which three-quarters of the products fail. One wonders how editors keep their jobs.
Most creative businesses are in the same boat. The boat keeps floating because in publishing you have Stephen King, Tom Clancy, J.K. Rowling, Dan Brown, Nora Roberts, etc., and they plug all the little leaks nicely.
Editors keep their jobs by finding the next Stephen King, Tom Clancy, J. K. Rowling, Nora Roberts, etc.
Overall, large publishers, in good times or bad, usually operate on an 8% profit margin, give or take just a bit. This isn't much, but it's enough, especially if the publisher happens to be a multi-billion dollar conglomerate.
Music has just as many failures, but music also has its superstars who stop the boat from sinking.