That’s the upshot of this article at Quillette. While midlist authors are seeing their income shrink, the upper-crust is doing even better: the number of seven-figure advances has increased even as the number of five-figure ones have decreased.
What this means is that the publishing industry doesn’t want to invest in small potatoes anymore – they want profits. So be it. What this means is that authors who once populated the midlist – who got $10k advances and typically made another $20k from sales – are going to find themselves migrating to self-publishing, crowdfunding, and other means. And that means the level of class struggle and agita between self-published authors and trad-published ones are going to increase, even as both get better off.
Fasten your seatbelts.
(Hat tip: The Story’s Story)