So what’s causing this, exactly—this inchoate dread that’s suddenly turned “choate,” as one insider puts it? The anxiety would be endurable if it was just a function of the late-Bush economy: Sales at the five big publishers were up 0.5 percent in the first half of this year, bookstore sales tanked in June, and a full-year decline is expected. But pretty much every aspect of the business seems to be in turmoil. There’s the floundering of the few remaining semi-independent midsize publishers; the ouster of two powerful CEOs—one who inspired editors and one who at least let them be; the desperate race to evolve into e-book producers; the dire state of Borders, the only real competitor to Barnes & Noble; the feeling that outrageous money is being wasted on mediocre books; and Amazon.com, which many publishers look upon as a power-hungry monster bent on cornering the whole business.
In New York Magazine Boris Kachka writes of the end of publishing as we know it.