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But now they say they are in trouble. Should we care? According to a story in the Bookseller: "Literary agents have seen their profits tumble, with the recession, dwindling advances and publishers' focus on celebrity cited as contributing factors."
Yes, but how do middlemen lose money? It is one thing it you make less money or don't make money because there is no business, but how do you lose it? Publishers put up the capital for the printing, the (sometimes absurd) advances and have to pay for warehousing, shipping, and deal with returns. There is real risk here if a book doesn't sell. What risks do literary agents face?
There was a time when the publisher made all publishing decisions including talent scouting. Now they leave most of the latter to the "professionals", the literary agents, the self appointed arbiters of "good taste". Some are of the opinion that the industry will be better off without them. There are no literary agents in Malaysia, so we do all the work ourselves (as do the other publishers). Perhaps, we could use editors who provide good editing and critiquing services (paid for by authors) to make manuscripts publishable.
The Bookseller
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