"Publishers confess they’ve goofed.
Here’s why: Book publishers have been very slow to realize this but gradually began to admit that they really didn’t know all that well what they’re doing.
Seriously. They don’t. And they know it. Fact: Nearly all published books – conservative estimates range between 80-90 percent – lose money. These books don’t earn out their advances, don’t have second printings, they sell in the low four digits at best, are returned from the retail accounts and pulped or recycled.
The rest have to make up for it, and often don’t. What kind of a business is that?
So as book publishers have begun to admit to themselves and even publicly that they can’t really predict what will sell or not, they’ve also realized that the old methods of selling, of marketing a book have stopped working."
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