No One Buys Books Any More
The U.S. publishing industry is driven by celebrity authors and repeat bestsellers, according to testimony from a blocked merger between Penguin Random House and Simon & Schuster. Only 50 authors sell over 500,000 copies annually, with 96% of books selling under 1,000 copies. Publishing houses spend most of their advance money on celebrity books, which along with backlist titles like The Bible, account for the bulk of th … ⌘ Read more