todAy: rECurring fiASCoS or JuiCy EvEntS?

By Stella Konstantopoulou

The world of publishing dates back to the 19th century, and its robust strength and innovation continues to grow still. With many successes, long New York Bestseller lists, and of course with the beloved (warning for publishers who are still traumatised by its immense success) Amazon being the frontrunner, publishing continues to amaze with its mass provision of books. As with everything in life though, there is another side of the coin. And, what if I told you that this side is far from golden and shiny? What truly goes on behind the scenes? And could the successful ‘Big Five’ be spared some mercy upon folly decisions, as they only strive to do what is in the best interest of them and their readers? Well, I encourage you to make your own decision, as I present you with two example cases from the past year:

Case number one

A banana-strawberry smoothie which does equal justice to both fruits - the flavour that banana leaves in one’s taste buds is not at all toned down by the flavour of strawberry, and leaves a smooth texture with just the right amount of milk - is a rather good mixing idea. Unfortunately, the same can’t be said with the intended conglomeration of Penguin Random House and Simon & Schuster that we originally wanted. Penguin Random House, as themselves stated, strongly believed that a merge, such as the above, would result in pro-competition that would greatly benefit both consumers and any antagonism in the publishing sector. Taking that into account, it is an understatement to say that one of the parties was not happy, when, after a three-week trial during August 2022, the scale tilted in favour of Simon & Schuster, with rival publishers like Hachette and HarperCollins voting against the conglomeration. There were some focal arguments that went against the decision. For example, the substantial harm to competition in the U.S. market, regarding publishing rights for potential top-selling books (as PRH is the largest company in book publishing, whereas S&S is the fourth largest), alongside the reduction of author ’s advances and royalties that would follow up after the mixture.

Besides, let’s not forget that we live in a time during which inflation is viewed as normal. To quote the Justice Department, ‘One entity’s control of almost half of the nation’s anticipated top-selling books threatens competition in multiple ways. Authors’ advances would fall – advances that they use to pay their bills and that reflect compensation for their work.’ So, in the publishing sector and in its attempt for mixing things up, the blender has been taken from the plug socket and smashed into a million pieces. As of my personal opinion, let’s just say that I believe we should leave bananas and strawberries just be.

Case number two

The storm that came along in 2019, the COVID-19 pandemic, has been replaced by an issue of a different nature, otherwise named ‘the cost of living crisis’. The inflation that has taken a toll on each and every individual’s life globally, has undoubtedly affected business as well, including the publishing industry. Due to inflation, costs like manufacturing, freight and distribution drastically increased at the same time HarperCollins was experiencing a decline in sales. According to Publishers Weekly, their decline in earnings was 52%, while sales dropped 14%, amounting to $531 million. Now, the part which concerns us is the evident difficulties and changes that 2023 has inflicted upon some of the workforce.

The year of 2023 began in the worst way possible for North Americans working in the HC division, as they began implementing a cutting program to its workforce, of 5% by the end of the year. This may not come as a surprise to students and graduates who, among rent strikes, teaching strikes, deal with the anxiety of navigating adulthood, also face the worry of cuts offs and being fired. Let’s not forget, however, that ‘you can’t have the rainbow without a little rain’ and that ‘there is light at the end of the tunnel’.

In regard to the HarperCollins strikes, which had a duration of three months, the rainbow and light come in the form of an established contract, ending on 31st of December 2025. This facilitates unspecified increases to minimum wage salaries which originally started at $45,000, and promises a one-off $1,500 lump sum bonus to employees from the union’s bargaining unit (once the contract is ratified). As the deal was facilitated by commissioner Todd Austin of the Federal Mediation and Conciliation Service, it was then met with celebratory well wishes from New York City comptroller Brad Lander, alongside several authors and literary agents: ‘’Huge congrats to @hcpunion after more than 9 weeks on the picket line! Really admire your guts & solidarity,” wrote Lander. Literary agent Molly O’ Neill added, “Bravo! Now you all deserve a nap!!” Despite our satisfaction regarding the success of the strikes, we refuse to ‘’take a nap’’.