BOOKER PRIZE VICTORY FOR SMALL PUBLISHER

October 24th 2002 Times Online UK http://timesonline.co.uk/tol/comment/columnists/magnus_linklater/article816965.ece

A BOOKER VICTORY FOR THE LITTLE MAN HAS MADE THE BIG PUBLISHERS EAT THEIR WORDS

There is, after all, a God of small publishers. By awarding the Man Booker Prize to Yann Martel for his delightful novel Life of Pi, the jury also gave a massive boost to the tiny Edinburgh publishing house of Canongate, the only independent company on the list.

At a time when media empires are expanding farther and faster than ever before, when booksellers are setting increasingly ferocious terms, and proud names such as John Murray, Harvill Press and Fourth Estate have fallen victim to the conglomerates, it is reassuring to learn that there is still room for the small enterprise armed with passion, enthusiasm and a devotion to good writing.

Not that these alone will do. The lesson of Canongate’s success is that passion and enthusiasm are no longer a nourishing enough diet in the harsh world of modernpublishing. The days of the gentleman publisher, armed with nothing more than an elegant back-list and a promising young writer, will never return. On the contrary, with nearly 120,000 new titles being published in Britain every year, the market has never been more crowded, nor the competition so bitter. Unless you have a commercial sense which is every bit as keen as that of your larger rivals, you will not make it for long. As the hero of Life of Pi says at one stage: “I had a plan and it was a good one. I only needed to survive to put it into effect.”

Surviving means facing daunting odds. With the ending, in 1995, of the Net Book Agreement which protected the publisher’s cover-price, the booksellers have grown increasingly powerful, devouring their smaller rivals and imposing tough conditions on publishers. Chains such as Waterstone’s, Ottakar’s and Borders demand a discount of 50 per cent and sometimes as much as 65 per cent if they are to put books on sale. In order to guarantee a decent display in the front window a publisher will have to pay even more. It is known in the trade as a “marketing contribution”. The less charitable might call it a bribe.
The bigger companies, like Random House, Transworld, or HarperCollins, have far greater resources than Canongate could ever muster to ensure that their potential bestsellers are given the prominence and publicity they need. One recent report estimated that Time Warner in the United States has to allocate $100,000 (£65,000) to each book it publishes to cover the cost of promoting it. With overheads such as this, it is not surprising that the big players are looking for sure-fire successes in the form of proven writers, and that if their latest book fails to cover its costs, it will be rapidly remaindered.

Against this kind of background the chances of a small publisher surviving at all, let alone putting its long-term plan into effect, might seem remote. What Canongate has spotted, however, is that this apparently ruthless climate offers an opportunity to the independent firm. Authors who feel themselves squeezed out by the system, or underrated by a larger publisher, may be on the lookout for someone who can offer them the personal commitment they lack elsewhere. It is no coincidence that Mr Martel, whose previous two books were published by Faber, was drawn to Canongate’s owner, Jamie Byng, because he had heard about his drive and enthusiasm.

Although Faber was offering five times more than Canongate, “their warmth felt a little stale”, according to the author. What Byng had instead was tireless ambition, a determination to see the book succeed, and the marketing skills to match. Since he had already demonstrated his ability to pick winners, and, unlike many small publishers, was able to match his book production to the retailing schedules of the big sellers, doors that might have been closed sprang open.

By winning the Booker, Canongate stands to sell an extra 100,000 hardback copies and, by the time the paperback goes on sale, will have made at least £2 million net profit from this book alone. Its challenge now is to stay small enough to retain that personal touch, while growing sufficiently to take on the authors who will increasingly beat a path to its door. Other independent publishers have gone to the wall or been taken over because growing sales have led to unsustainable overheads.

Canongate has to avoid this if it is to survive. Its plan, surprisingly, is to publish less rather than more. In 2000 it published 125 books. This year it brought out 85. Next year it plans to reduce that total to only 75. Along the way, however, it has managed to increase its revenue and its profits. By choosing only those books in which it believes, and to which it can devote personal attention, it believes it will be in a better position to nurture and promote its authors.
Small, it seems, can indeed be beautiful.

Mangus Linklater