The Hits Survive
In this fantastic portrait of the James Patterson blockbuster publishing machine, more evidence that the death of the hit may have been a bit overstated,
"Like movie studios, publishing houses have long built their businesses on top of blockbusters. But never in the history of publishing has the blockbuster been so big. Thirty years ago, the industry defined a “hit” novel as a book that sold a couple of hundred thousand copies in hardcover. Today a book isn’t considered a blockbuster unless it sells at least one million copies."
"The story of the blockbuster’s explosion is, paradoxically, bound up with that of publishing’s recent troubles. They each began with the wave of consolidation that swept through the industry in the 1980s. Unsatisfied with publishing’s small margins, the new conglomerates that now owned the various publishing houses pressed for bigger best sellers and larger profits. Mass-market fiction had historically been a paperback business, but publishers now put more energy and resources into selling these same books as hardcovers, with their vastly more favorable profit margins. At the same time, large stores like Barnes & Noble and Borders were elbowing out independent booksellers. Their growing dominance of the market gave them the leverage to demand wholesale discounts and charge hefty sums for favorable store placement, forcing publishers to sell still more books. Big-box stores like Costco accelerated the trend by stocking large quantities of books by a small group of authors and offering steep discounts on them. Under pressure from both their parent companies and booksellers, publishers became less and less willing to gamble on undiscovered talent and more inclined to hoard their resources for their most bankable authors. The effect was self-fulfilling. The few books that publishers invested heavily in sold; most of the rest didn’t. And the blockbuster became even bigger."
Again, it doesn't seem to be the hits that are suffering and the long tail remains rather vibrant, but it's in that murky middle where the waters seem to get choppy.