In an article in today's Wall Street Journal by Anita Elberse, Blockbuster or Bust - Why struggling publishers will keep placing outrageous bids on new books, Ms. Elberse describes how publishers continue to fall back on their old business model of paying large advances for blockbusters, even in these difficult economic times.
It brought to mind the cliché about generals that are always preparing to fight the last war. That is exactly what the publishing industry seems to be doing now.
Go the complete article on Huffington Post
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