The mood at London Book Fair (LBF) last week was determinedly upbeat, giving the show floor a mildly giddy tone that belied issues ahead. In one-on-one meetings, attendees passed around a rumor that UK Prime Minister Theresa May would trigger Article 50 at any moment. That’s the formal step that puts into motion Britain’s two-year exit process, Brexit, from the European Union. (We now have word that the official process will start on March 29.)
Adding to the keep-smiling-keep-dancing energy was the fact that no massive sales were emerging from the fair itself. Although the International Rights Center sold out well in advance, the Penguin Random House deal for his-and-her Obama memoirs—reportedly coming in at between $60 and $65 million—took a lot of wind out of the usual deals gossip, not least because PRH is holding world English, Spanish, and German rights itself—less room for others to get a piece of the action.
In a shift noted in many parts of the international industry, rights trading continues to climb in importance as new channels of revenue become crucial. Put very plainly, with so many books on the market today, publishers are finding it harder to depend on book sale income. Many publishing house divisions are beginning to investigate their backlist and other assets for what industry commentator Richard Nash calls “360-degree revenue” potential: any subsidiary rights that can possibly be exploited.
Authors are part of this trend too, as we saw when participating in a panel in LBF’s Author HQ lineup of events. When Philippa Donovan of Smart Quill spoke about her California-based work in developing authors’ work for film, a large part of the crowd was keen to know the next trend in TV miniseries and film content. And when New York agent Gail Hochman polled the audience, it was clear that there was an almost even split between traditionally published and self-published authors. That’s a change from former seasons, in which Author HQ has been mostly indie authors.
There remains a cherished interpretation of recent sales figures that print is in a resurgence, although we’ve pointed out the problematic nature of that claim before. LBF director Jacks Thomas, in her opening news conference, announced a 6 percent increase in UK consumer spending on books overall in 2016 and a 7 percent rise in print (sold in all channels), led by the children’s and YA sector.
Bottom line: London put the best face possible on a lot of political and economic uncertainty. HarperCollins UK CEO Charlie Redmayne said in a panel discussion that some of the company’s Polish workers in Scotland have begun leaving, fearing they won’t be allowed to stay in a post-EU United Kingdom. This, of course, parallels many of the worries the US industry now is contemplating under the Trump administration. The next trade-show stop in publishing is BEA, May 31 through June 2 in New York. We expect to see similar issues, concerns, and emphases there.
Jane Friedman has spent her entire career working in the publishing industry, with a focus on business reporting and author education. Established in 2015, her newsletter The Bottom Line provides nuanced market intelligence to thousands of authors and industry professionals; in 2023, she was named Publishing Commentator of the Year by Digital Book World.
Jane’s expertise regularly features in major media outlets such as The New York Times, The Atlantic, NPR, The Today Show, Wired, The Guardian, Fox News, and BBC. Her book, The Business of Being a Writer, Second Edition (The University of Chicago Press), is used as a classroom text by many writing and publishing degree programs. She reaches thousands through speaking engagements and workshops at diverse venues worldwide, including NYU’s Advanced Publishing Institute, Frankfurt Book Fair, and numerous MFA programs.
