Children's publishers cutting acquisitions and advances

[mware01]

Not sure if this is really news to anyone, but the scope and percentage of cuts really surprised me (30% less books, 50% smaller advances).

http://www.thebookseller.com/news/97179-childrens-publishers-cutting-acquisitions-and-advances.html

[stormie]

Yep, I read something similar about a year ago an posted it somewhere on AW. An inter-office memo that an agent got hold of from a large publishing house and emailed her clients, mentioned editors should be lowering their advances to authors and illustrators and be more selective on the PB, MG, and YA books they sign on.

[Exir]

How long's this economic depression gonna last?

[Angela_785]

How long's this economic depression gonna last?

Ugh, I know. We've just all got to keep our chins above water until it does end.

[MsJudy]

Publishing is one aspect of retail that works slowly. So when the other industries first hit the credit crunch, publishing was okay because they already had stuff in the pipeline. But now it's catching up to them, even though other industries are starting to recover. So I predict that this year will be worse than last year for acquisitions. And then, if the pundits are right and the recovery is really starting, maybe publishing will start to rebound as well.

Doesn't matter to me. My book isn't ready yet anyway.

[Exir]

Doesn't matter to me. My book isn't ready yet anyway.

Yes, I'm gonna keep writing :D

[Angela_785]

All we can do is keep going, right? Sure the recession makes it harder, but books are still being picked up. ;)