Publishers have long been a source of content for mainstream media. In recent times, Hollywood and streaming services have looked to investigative reports and books for intellectually stimulating content.
Today, as revenue sources dry up, publishers are waking up to the gold mine they are sitting on. Earlier, publishers made money through subscriptions and advertisements. But with the advent of streaming services and OTT platforms, they have seen revenues dwindling. Taking note of the success giants like Netflix have had converting books and true crime reports for consumption on the screen, publishers have decided to enter the arena with their own projects.
From publishers to movie-makers
One way publishers are making money is by selling off their backlog to Hollywood. Between 2020 and 2021, Texas Monthly made over one million dollars after striking more than 21 deals. On the other hand, The Atlantic decided to pursue another route and announced that it will release two film and television projects on Peacock.
Texas Monthly president Scott Brown is of the opinion that credits in the main title will intrigue viewers and drive them back to the publishers. This makes the deal lucrative for both parties, and is a brilliant way to market their wares to a new generation. The entertainment industry has always sought stories with strong fan bases.
In the sci-fi thriller Sipderhead on Netflix, The New Yorker logo appears in the opening credits. The story was developed by George Saunders for the The Yorker in 2010, under the title Escape from Spiderhead. The film adaptation has been produced by Condé Nast under the leadership of Agnes Chu, an industry veteran who previously worked with Disney+. Spiderhead’s screen debut marks a new way forward for publishers as they struggle to stay relevant in this economy.
“We’re showing writers that we have their backs, and that we’re not just brokering the rights,” says Chu. “We’re actually adding creative value.” With publishers stepping in to produce their own content, it will definitely change how things go from page-to-screen.
It is also easier to preserve authenticity as authors have greater say in how their content is produced, which is much needed by devoted literary fans who look for everything from easter eggs to hints about upcoming ventures.
The creative revolution
In the past, book agents would keep an eye out for interesting titles and pitch them to their Hollywood counterparts. Once they got them interested, they relied on Hollywood to figure their way out. But the new model is extremely beneficial for the publishing world. It gives them time to work on scripts — adapting them well for the big screen — and also supports authors with additional pay. With dwindling royalties and paychecks, big screen adaptations translate into a living wage for most. Giving writers more control is better to preserve the integrity of the works.
“The future is multihyphenate,” told Liz Parker, head of Verve Talent Agency’s publishing arm to Hollywood Reporter.
Parker’s department looks for books with the potential to be adapted to the screen and collaborates with authors to help them become full-fledged creators.
Verve represents author Akwaeke Emezi for the adaptations of their novels You Made a Fool of Death With Your Beauty and Freshwater.
On the other hand, publishers like Condé Nast and Vox Media which owns New York magazine are building their own production houses. Netflix’s Inventing Anna was partly adapted from the investigative articles published by the magazine. Condé Nast Entertainment, their production wing, eventually hopes to drum up better sales and consolidate all forms of media. The year 2022 is set for many book-to-screen adaptations including the likes of Bullet Train, Conversations with Friends, Where the Crawdads Sing, and Leave the World Behind.
