The publishing industry is currently in a state of flux. Everyone knows changes are in store, but no one really knows what form these changes will take. It is an exciting and somewhat scary time for writers, agents, editors, and other publishing professionals. Books sales are down, but certain genres--like YA--are holding steady. Many bookstores are facing major financial difficulties and some (Borders and Joseph Beth for instance) are even closing stores.
In light of the current economic crisis, you'd think these difficulties could spell the end for booksellers, writers, and publishers. One author from New York Magazine actually declared an end to book publishing as we know it. Maybe he's right. New technology has certainly set the publishing world on its head.
E-reader sales are thriving, and so are e-book sales. In May 2010 e-book sales jumped by a whopping 252% in the first quarter alone. Many speculate that e-books will bring about the downfall of publishing, much to the horror of paper-book-lovers everywhere. David Young, C.E.O of Hatchette Book Group USA even said the low pricing of e-books could mean death for the publishing business. There are plenty of people out there who probably agree with him. Maybe some of you even agree with him.
However, it seems that it is still possible to make some big bucks in e-book format. Indie author Amanda Hocking certainly hasn't suffered in the new era of e-publishing. Hocking, just 26 years old, is a self-made millionaire. She self-published her books using Amazon's program for writers. She is a kindle bestselling author, and she did it all without a publishing contract or even a traditional publisher.
Some may say that Hocking is the exception not the rule, but interestingly enough 19 of the top 25 current bestselling kindle authors are unknowns not previously affiliated with publishing houses. E-books are doing well and e-book only authors don't seem to be suffering for it. Everyone isn't likely to make it as big as Hocking, but Hocking certainly proves that e-book only publishing can be profitable.
Like it or not folks, it looks like the e-book is here to stay.
