No? The employees of Random House don't need to be paid as much because the supply of qualified candidates for those roles greatly exceeds the demand. There are lots of causes of that imbalance and most of them have nothing to do with the perceived righteousness of publishing. It's also hard to get a job in the abusive video game development industry!
I don't know if that's what's happening, but it might work towards TFA's point.
With that degree, you're generally pushed toward jobs in journalism, publishing, graphic design, teaching, administrative functions, and so on. Most of these pay relatively little.
Same goes for the basics of statistics. A basic understanding of statistics is a requirement for any college degree in many countries, and for good reasons. Stats comes up all the damn time. From proper A/B testing, to marketing, to understanding public health emergencies, to making informed medical decisions.
It's not much more complicated than that.
I suggest you revisit your hypothesis with a little less bias.
To be blunt, it's much easier for the majority of the population to get an English degree or some other generic liberal arts degree and therefore be qualified for an entry level job in the publishing industry.
I'm sure someone somewhere is giving up a highly lucrative job to roll the dice on the next great American novel, but it's not a meaningful number.
Instead of using Palantir, working at the FSF, the Linux Foundation, etc. It's not that they don't make good money, it's that it's often a fraction of what could be made at a comparable for profit company.
I think the video game industry is an apt comparison. The pay is often not very good with the motivation being, for many people, prestige based, in some form or another. I suspect there are analogies in the game industry and publishing 50-100 years ago.
That perceived associated goodness is what caused the increase in qualified candidates in the first place?
That's hardly the only factor here. In the end it's really about the fact that we appear to have an infinite appetite for blowing people up. ($1.5 trillion, next year, a full 50% increase at a time when we're supposedly needing to cut back.)
But don't discount the thumb on the scale against jobs like these. It's a persistent problem in many industries -- so pervasive that it just looks natural.
Nursing is also a hard job where the paycheck is nowhere near what doctors can earn.
Almost all of the fiction I read comes by personal recommendations. Including from social media like Hacker News. I haven't stood in a bookstore browsing shelves and reading blurbs in many years but I read more than ever.
A publisher provides marketing, editing and distribution. Literary marketing is becoming better in the peer-to-peer form than the old business-to-consumer form. Distribution has become unbundled via self-publishing. Editing is no less important than ever, but it would be so much better if the value from such an individual art can be captured by those talented individuals rather than by corporate.
Long live literature, but may Big Publishing fade away into obsolescence.
Sometimes a book gets picked up purely on its merits. (It helps to appeal to a wealthy target audience.) But on average you'd get richer by getting a minimum wage job and spending it all on lottery tickets.
They've basically figured out how to take half of their job and shove it off on the author while they still take their oversized cut. It's pretty egregious in my opinion.
I've seen this with all types of publishers, btw, from children's books to technical books. Heck, most technical publishers these days are mostly print on demand, so you're barely getting any unique product from the publisher at all.
Elmore Leonard was very familiar with movie producers by that point in his career, and clearly saw a a funny similarly between what a mob does and how Hollywood operates.
At the same time, the book is almost a tender mark of appreciation towards the role a producer plays. It's one of the few stories that spotlights what a producer actually does and shows it's importance in greasing the wheels enough to actually make a movie.
A small group of agents hold most of the power, and the system has confused power for taste. This has also, in my experience, led to the outlets that hold the most power using that power to push agendas instead of seeking out the best literature. I do not believe this can persist indefinitely.
An interesting take, particularly the assertion that "jobs at Random House are much harder to get than jobs at Palantir." I'd be absolutely 100% shocked if that were true.
Generally, the more a job pays, the harder it is to get hired. These are generally correlated with job-obtaining-difficulty:
* high pay
* required certifications / licenses (law, medical, etc.)
* (low) supply of workers with desirable experience
Given the above, it seems that Palantir jobs would be much more difficult to obtain.
That's not axiomatically true, like, at all.
The odds of being hired vary according to the supply of qualified applicants vs available positions. Tech companies with large profit margins will be able to offer higher wages than businesses with lower margins - and do so because they're competing with other tech companies, and (for the most part) not companies in other sectors - so assuming pay is a differentiator across domains can't be assumed. Over the long term, pay differential within a sector will motivate more people to become qualified for jobs within it, but at any particular moment cross-sector compensation isn't really relevant to the question.
This isn't to say the original assertion is true, as they don't offer any evidence, but it wouldn't be shocking to find out that a publishing company has more qualified applicants per job posting than any particular tech company.
They have to have a diverse catalog because they don't know in advance which books will be the big sellers.
Why must they have a diverse catalog?
The second reason is that your diverse catalog exists also as advertising for that subset of readers who will become your next authors, they might be dreaming for years about the day they can be published by Random House, just like their hero, obscure writer X from some years ago who did not earn out, but ended up inspiring the next generation's big thing.
Most published books either have a track record as self-published break outs, and/or they're trend chasers, and/or - as the article noted, but didn't say enough about - they have authors who fit a known demographic with known tastes and can be marketed on the strength of the author's story.
The real reason so many books are published is because it's a volume game. Most books are actually profitable - barely - so they need to keep churning them out to make adequate aggregate profits.
It's true that most of the money is made by a few tens of authors, but that doesn't mean no money is coming from the rest.
The tiny number of high prestige titles are cultural loss leaders which give publishers a cover story that they're really about Serious Literature and aren't just content mills.
This used to be a credible excuse when Serious Authors were still a thing, but it's looking more and more threadbare these days.
Serious Authors used to be household names, but hardly anyone can name a Recent Serious Author now. Critics still criticise, competitions still award prizes, and review editors still review, but most of the money and most of the interest is elsewhere.
well, relatively huge by the article's own admission.
on edit: changed but to by
