There was a lengthy article in Sunday's New York Times on the "New Austerity" in publishing.
The story details staff cuts and a move to holding sales conferences by Webcam instead of at glitzy resorts. The famed long lunches are being moved from expensive restaurants to more modest venues.
Book sales have deteriorated since the beginning of October, falling about 7 percent compared with the same period the previous year, according to Nielsen BookScan, which tracks about 70 percent of sales. That slide is driving much of the immediate cutbacks, but the publishing industry is also being convulsed by longer-term trends, including a shift toward digital reading and competition from an array of entertainment options like video games and online social networking.What does this mean for writers?
According to the article, "smaller advances and fewer books being acquired.'
Read the article here.