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From The Bookseller:
Last Sunday, I shared an article from my personal website about the difficulties of progressing in the publishing industry. Since then, I have been inundated with messages from people in the business sharing similar experiences with me. I’ve spent the past week reading these messages and speaking to chief executives, union organisers, HR people and many, many, many publishing workers to try and understand what is going on in our business, and I have come to the following conclusion: it is impossible for publishing to fulfil its own diversity agenda while continuing to pay low wages to most workers and to maintain its decades-long secrecy over pay and progression.
. . . .
According to a survey by bookcareers.com, the average overall salary in publishing in 2017 was £32,228. The average starting salary was £20,740. This data is partial—it relies on participants in a survey, rather than data from the industry itself and the participants were younger than average—so it’s likely the actual average salary is a little higher than this.
So, let’s be generous to the industry and assume that the average worker in publishing might be earning around £38,000. In my experience, unless you are an exception, it can take about ten years of work to get to that level—which is the age at which many people start to have children, so I am including childcare costs in the below calculations.
£38,000 p.a. is around £2,456 take home pay per month according to the jobs website reed.co.uk
Costs (all are per calendar month, approximate and arguably on the low side)
Rent for a one-bed flat: £1,200
Fulltime childcare costs for one child: £1,000
Transport from Zone 3: £140
Bills, including phone, council tax, gas & electric: £300
This worker would be in the red before they had even bought food.
For a new starter on £24,000 (probably the highest starting salary in the business) with no children, their monthly take-home pay is around £1,600. This person’s costs might look something like this:
Rent for a room in a shared house: £700
Bills including council tax, gas and electric, phone: £200
Travel from Zone 2: £120
This leaves around £500 or £125 per week for food, socialising, loan repayments, saving for a deposit, taking a holiday, whatever. Many new starters earn less than this (anecdotally, it can still be as low as £18,000).
. . . .
As you can see, for the average publishing worker, it is quite simply impossible to build a financially independent life around this business. It works for those who are in it because they are in relationships (often with people who earn a lot more) or they have family living in London, or family money, or they do not have children.
. . . .
While getting the facts straight about money is important, let us avoid recriminations of any sort because it just distracts us all from the fundamental fact, which is: for most of us, publishing does not pay. Another argument is that plenty of jobs pay around £38,000, even after ten years. That is true, but it is more likely you can do those jobs outside the capital, where rent, childcare and transport are much cheaper. Also the fierce competition for entry-level jobs in publishing means that new starters are often highly qualified graduates who could expect to earn a lot more after ten years in other industries.
Link to the rest at The Bookseller
The author of the OP described the pay problem at traditional publishers, small and large, more eloquently and in more detail than PG could.
His only added observation is that, given what PG suspects will occur in the traditional publishing and physical bookstore businesses until well after the onset of a vigorous financial recovery, he suspects that things will become significantly worse in those businesses before they become better, if they ever do.
He will also add that the Wall Street hedge fund that owns controlling interest in Barnes & Noble, Elliot Management, is unlikely to have the slightest emotional connection to the bookstore business and will be willing to cut expenses by huge margins, close stores and lay off headquarters staff or even take BN through bankruptcy court if the fund believes that is the best way to generate the most money from an investment that, in retrospect, may appear to have been poorly-timed.