What's New in Publishing for 2024: Part 2 by Maggie Lynch

DID YOU MISS PART 1?
What are the challenges facing both big traditional publishers and independent publishers?

We highly recommend reading Part 1, published last week, first. Please click on the link above.

PART 2

How to Face These Challenges

In a 2023 an Alliance of Independent Authors survey, 30% of traditional publishers reported experimenting with new business models, indicating a shift towards more flexible and diverse revenue streams. Some of these are Publishers are including models for reader subscription services, hybrid publishing models, and direct-to-consumer sales. 

I know a number of self-published authors who are already on board with subscription services for readers. These services vary from getting new books before the general public release—sometimes at a discount, getting more access to the author, getting free reading materials (like a short story or images related to the book). Many self-published authors are now building their direct-to-consumer pipeline. I’ve had a “buy direct” option for most of my books for the past five years. There is a steady income from about 30% of my readers. I will be working on more incentives for people to choose to buy direct rather than going to a big retailer like Amazon.

Independent authors, self-publishers, can learn lessons from traditional publishing. If you aren’t already ahead of the game—like many independent authors are—it is time to get onboard. Traditional publishers are slow to change, but they now see they must to remain profitable. Once they invest the money and time it will definitely impact self-publishers in the marketplace. It is time to get ahead of them and get your reader base established before the onslaught of big publishing pushing into the innovations we’ve all made.

What About Technology? 

I’ve always been an early adopter. Technology generally comes easy for me, but it is now moving so quickly with so many competitors and new adaptations that I can’t keep up with it. It is more than a full-time job to even try. And it is the same for readers. Yes, there is a youthful group who gravitates to the next shiny thing, and there are those who love TikTok and other video-based options. But is that where my readers are? It ends up, not so much for the specific types of books and stories I write. What you write, the answer might be different.

Am I going to leave social media all together? No, I think it is important to have a presence. I’m keeping Facebook and Instagram. I’ll still do my book-related podcast featuring authors and their books. Outside of that, I’m not so sure. I’m definitely not going to do advertising on those platforms. I’m definitely not going to do a lot of “buy my book” promotion. Instead, I’m going to just be “social” and see what happens.

It has taken me some time to get to the point of not having FOMO (fear of missing out) for social media platforms or rushing to learn the next great thing. Instead, I’m convinced that technology investment is 100% based on what you enjoy doing and what time you are willing to spend learning how to use it. That includes social media, various writing (partial AI) platforms that help you plot, keep organized, format, etc.  For example, though there are many wonderful platforms to help you write, format, and keep all kinds of information about your character within a specific application, I still use Microsoft Word. I started there. I have a process I’ve been using since the beginning. TO change that slows me down. To change that interferes with my process.

No one technology is going to make the big difference between success and failure to sell books. There is not even a tried-and-true combination that will make you a success—no matter what the hype machines and a variety of author consultants might say. If you hate social media don’t do it. If you hate blogging don’t do it. If you get hives thinking about doing a podcast don’t do it. Do what feels good, maybe even fun, to you. Pick YOUR way to connect with your readers and do the best version of that you can.

A writer’s number one job is to write books. That is a hard enough job in itself. Concentrate on that first. If you have no book to sell, what good is it to spend all your time learning everything about social media, or blogging, or email list distribution.

But What About Artificial Intelligence? FOMO around AI is huge.

Yes, Artificial Intelligence (AI) and how authors can benefit from it is very hyped right now. I’ve heard a lot of people complain that “everyone will be using it and producing 5, 10 15 (name the magic number) of books every year and it will be even harder to compete.

That may be true, but I doubt it. The reality is that using AI well to make that happen is not easy. Also, the hype machine is geared to our fears of missing out, of being the person to finally try it and it’s too late to make a difference. For me, what AI does to help writing doesn’t help me because my process for creating stories is very bound to my personal experiences in my past and in the present world. It bound to my personal needs/desires to create stories that find a way to resolve the hard parts and triumph. AI can’t generate that for me because it doesn’t know me, it doesn’t understand my context (hey, even I’m not sure of the context sometimes). It doesn’t know the changes I want to see. Again, sometimes I don’t know that consciously either.

This is a huge topic and too long for this post. I did do a blog post on it at POV Author Services. I provided some history of AI development (hint: it’s not new). How we got here, the problems many people see, and offer one person’s way of dealing with AI according to her ethics. Check it out if you have AI FOMO and then decide for yourself if it is something you want to spend time learning and mastering, instead of writing.

Consider These Three Goals for 2024

Given the constantly changing world of publishing, here are my goals for 2024 in order of importance as a writer and entrepreneur. See if they resonate with you.

 

Reinforce my WHY for becoming a writer. During the pandemic, the political upheaval in our country, and numerous family challenges, I lost my ability to write consistently over the past three to four years. In the process, I questioned whether I should return. After all, there are so many things in life I’d like to do.

I re-learned that not writing is like cutting out a part of my soul. I didn’t start writing because I expected riches or fame. Yes, I’d like to make more money, but it was never the driving force for me. I need to remember and nourish the  person who wrote because I had a story that wouldn’t leave me alone. Writing the story is a way for me to work out what’s going on in the world and my place in it.

Publishing a story is important to me because I want my voice to be documented in a medium that has long-term staying power. Even if only a thousand people read my books now, I know the books will still be around after I’m gone from this earth. There are many books I love that were written 50 years or even 100 years ago. I want my words to still be around when I’m gone for whoever might enjoy them or find meaning in them. 

As I’ve progressed in my writing career, I’ve also come to love the shape of words and sentences and paragraphs. I do strive for descriptions, themes, and metaphors that add to the overall experience of the book. I’m concentrating on returning to my core reason for writing. That will come first, long before all the other things on my writer’s life to do list. 

Continue to embrace change. We are nowhere near stability or even heading toward equilibrium in the publishing game. I’ve always been pretty good about embracing change, even though it can seem exhausting. Authors who can find a way to continue to write great stories while being buffeted by change will be the ones to succeed in the long term. When change seems overwhelming, step back and take only a small bite. Try one new thing and see how it sits after a while. Not every change needs to be taken on board. However, not changing at all leads to stagnation and you will be left behind.

I’m sure 2024 will continue to challenge, surprise, and sometimes intimidate all of us. I’m going to face it as it comes, try not to obsess over the latest hype, and most important to return to writing my books. That is what brings me joy and nourishes my soul.

About Maggie Lynch

Maggie Lynch is the author of 30+ published books, as well as numerous short stories and non-fiction articles.  Her fiction tells stories of men and women making heroic choices one messy moment at a time. You can learn more about her in these venues. Website | Facebook | Pinterest | BookBub Fiction | Goodreads |