We’ve been reading about authors leaving Bantam, a subdivision of RandomHouse, and now it appears the belt is tightening further. At Doubleday, another subdivision of Random, 16 people or 10% of the workforce have been let go from every area of publishing: editorial, publicity, advertising, marketing and administrative staffs.
I’ve read other places that agents expect advances to decrease and I’ve heard rumors that orders are declining or are flat from retailers. With the GDP down from July to September and most analysts projecting declines in the 4th quarter as well as the first quarter of 2009, the shrinking economy isn’t likely to lead to positives in the publishing market.
Via New York Times.