Jeffrey Trachtenberg

It's really a confluence of economic events all taking place. On one hand, you have three different formats published the same day, the hardcover edition, a much cheaper e-book edition, and an audio book edition. And what publishers have found is that people, if they want to read a nonfiction book right away and they don't want to wait, they can buy the cheaper e-book.

It's really a confluence of economic events all taking place. On one hand, you have three different formats published the same day, the hardcover edition, a much cheaper e-book edition, and an audio book edition. And what publishers have found is that people, if they want to read a nonfiction book right away and they don't want to wait, they can buy the cheaper e-book.

Many nonfiction readers are buying the audiobook. And then, of course, you have your hardcover. So by the time the paperback is issued, nine months, a year later, there's less demand. It used to be publishers believed that when they issued a paperback, they could gin up excitement about it. The feeling is today is that's become very, very difficult.

Many nonfiction readers are buying the audiobook. And then, of course, you have your hardcover. So by the time the paperback is issued, nine months, a year later, there's less demand. It used to be publishers believed that when they issued a paperback, they could gin up excitement about it. The feeling is today is that's become very, very difficult.

One agent said to me, there's no second life anymore.

One agent said to me, there's no second life anymore.

Yes. Economically, they benefit more from a hardcover. They get a higher royalty rate. But at the same time, authors want to be in the bookstore. And when the natural shelf life of their hardcover is over, they count on a paperback appearing a year later to give them a second chance to reach audiences.

Yes. Economically, they benefit more from a hardcover. They get a higher royalty rate. But at the same time, authors want to be in the bookstore. And when the natural shelf life of their hardcover is over, they count on a paperback appearing a year later to give them a second chance to reach audiences.

Readers who may be younger, who maybe can't afford a $30 hardcover, but can afford a $15 paperback. It gives them one more shot to be a star, an extra opportunity to find a readership.

Readers who may be younger, who maybe can't afford a $30 hardcover, but can afford a $15 paperback. It gives them one more shot to be a star, an extra opportunity to find a readership.

It is possible that nonfiction is having a more difficult time right now competing in the marketplace. We don't see as much nonfiction promoted on TikTok by comparison. There are many popular fiction categories such as romanticism and fantasy and other genres where influencers on social media platforms are

It is possible that nonfiction is having a more difficult time right now competing in the marketplace. We don't see as much nonfiction promoted on TikTok by comparison. There are many popular fiction categories such as romanticism and fantasy and other genres where influencers on social media platforms are

hold up copies of a trade paperback and represent those books as a good opportunity for a reading experience to their viewers.

hold up copies of a trade paperback and represent those books as a good opportunity for a reading experience to their viewers.

Thank you.

Thank you.

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