The question on everybody’s lips is, will authorship be financially viable in the future? It’s a valid question because in the past few decades, the industry has shifted from print to online distribution and created a whole new world of possibilities for content creators.
In an ideal world, somebody would write a bestselling book, secure all the rights to the content and then monetize it through traditional or non-traditional means. But that’s not how the industry works. Typically, after securing a contract with a traditional publisher, the writer will encounter an uphill battle to get their work into print.
Whether you call them obstacles or challenges, pitching your work to a literary agent or a publisher is part of the writer’s journey. And it’s a journey that’s not unique to digital content. For centuries, writers have sold their wares to book clubs and literary agents. But the platforms have changed dramatically, and so has the industry as a whole.
Traditional vs. Digital Publishing
Traditional publishing houses still exist, but for the most part, they’re a thing of the past. Once the printing press invented by Gutenberg became available, it caused a seismic shift in how content was consumed and disseminated. Suddenly, anybody with a voice could publish a book and distribute it on a large scale. This democratization of content creation led to the golden era of modern-day publishing.
But to continue with the theme of this article, not all traditional publishers are created equal. Some are much more profitable than others. If you secure a contract with a traditionally-published house, you’re going to have to contend with a whole different set of challenges.
Nowadays, the lines between what was once considered ‘traditional’ and ‘digital’ publishing have blurred. Thanks to the invention of the internet and its associated platforms, content consumption and distribution have changed dramatically. As a result, so has the publishing industry. You might have heard of some of the biggest names in traditional publishing houses; many of them have made the transition to digital publishing. But some of them continue to exist solely because people like to hold on to old ways.
The Increasing Significance of Virals
If you’ve ever shopped for a movie or a TV show on Netflix, you might have come across something called a ‘curated collection’. What is a curated collection? Essentially, when you’re looking at a list of titles on Netflix, many of them will have been curated by a team. The selection will typically be categorized into ‘top picks’ and ‘popular picks’ with ‘similar artists’ and ‘similar movies’ being the ultimate ‘trending topics’ on social media platforms such as Twitter.
The significance of a viral hit on YouTube is growing every year. To give you an idea of how powerful these platforms can be, consider the recent movie, On the Record. Based on real events, the movie premiered to largely negative reviews from movie critics and average moviegoers alike. But the film went on to become one of the most successful independent movies of all time, grossing over $100 million worldwide and propelling its stars, John Cena and Rosie Perez, into mainstream popularity.
Critics can scoff all they want, but On the Record is just one of many high-profile films that became popular due to its viral nature and went on to find success after its premiere. The reason this is significant is that in the past, film studios would spend big bucks on expensive billboards and commercials to get the attention of critics and average moviegoers. Thanks to the internet and its associated platforms, content creators can now ride the wave of viral popularity and make a decent living off of it. This is largely thanks to creators, like documentary filmmakers, going viral as a way to gain popularity and create a larger audience. And in some cases, it’s also due to creators capitalizing on a trend, like the ‘meme generation’, to create something viral and make money off it. While the methods might be different, the goal is the same; to create or find something that will go viral.
Whether you’re a Hollywood studio or an indie film producer, viral content continues to grow in significance. If you want to make a quick buck, create content that will go viral or find a trend and make a quick buck off of it. Otherwise, be prepared to fight for your readers’ dollars at the box office.
The Changing Face of Bookselling
Speaking of dollars at the box office, the face of bookselling is also changing. Thanks to the internet and its associated platforms, searching for books is easy. You can use search engines like Google or Bing to find a book that’s exactly what you’re looking for. And if you want to look at reviews or find out more information about a book, you can do so with the click of a button.
As a result of all this convenience, searching for books has become much less popular than reading reviews or watching videos to learn more about a book or author. People are finding information about books faster and easier through social media platforms like Twitter, where they can engage with other users and get information in real-time. While this certainly presents a challenge for publishers and booksellers, it’s also an opportunity. Thanks to the internet, anybody, anywhere can become a publisher and get the word out about their book. But not all of them will make any money doing so.
Traditional vs. Independently-Published Books
With all these changes and new opportunities, it’s important to remember that not every book will be created equal. Some are much more profitable than others. If you’re fortunate enough to secure a contract with a reputable, traditional house, the odds are you’ll make back all your investment plus some in just a few months. Even if you do end up losing money, you’ll still likely make back your investment in just a few months. But if you go indie and choose your own publishing route, the odds are you’ll never see that money back. Not only is there higher overhead, but you also have to contend with all the challenges that come with self-publishing. The good news is that even with all the hassles, it’s still possible to make a living as a writer. Even if you do end up having to take on a side-hustle to make ends meet, you can still call yourself a writer.
If you’re looking for quick cash or a way to make a quick buck, go traditional with your publishing house. They’ll give you a set price for X number of copies, and you’ll know you’re going to make back your investment in just a couple of months. Even if you do end up losing money, you’ll more than likely make it back in just a few months. And depending on how much you make, you can decide whether or not to continue with the self-publishing journey and try to make a living as a writer. Or you can look for other opportunities.
On the other hand, if you’re looking for a more permanent home for your writing, go indie. While it’s still possible to make a living as a writer, many will not. After years of trying to break into the traditionally-published arena, many indies have decided to cash in on their ability to self-publish and are doing quite well. They no longer have to look to publishers for validation or acceptance. Now, they can build an audience, and when that audience grows, they can become much more selective about the books they choose to publish.
Many established authors have admitted that they’d actually consider self-publishing, and many young, aspiring authors are discovering this as well. Thanks to technology and its ever-changing landscape, more and more people are finding creative ways to publish and make money. As long as you can put a face on your book and can get people to interact with your work, you’ve got a chance to make some money. And for somebody who’s passionate about literature and wants to see more literary fiction, it’s more than feasible to do so. Even if you do end up having to take on a side-hustle to make ends meet, you can still call yourself a writer. And isn’t that what’s important?