Is the book business beginning to feel like the movie business? An article by the New York Times‘s Michael Cieply might reinforce the similarities.

Cieply reports that, unlike filmmakers like Steven Soderbergh and Quentin Tarantino who landed huge studio deals at the Sundance Film Festival, today’s aspiring young movie makers have got to finance everything, investing in themselves on the speculation that lightning will strike in the form of financing and distribution by a major studio. As more and more authors throw in the towel in despair of landing a book deal with a big publisher, they are publishing their own books and underwriting every step from editorial to publicity.

Are there other ways to compare Cieply’s description of the film industry with the current state of publishing? Let us count them, and to help you, I’ve taken the liberty of extracting some of Cieply’s descriptions and substituting language that might reinforce the idea that New York is a lot closer to L. A. than a five hour flight on the red-eye.

The glory days of independent film [first novels], when hot young directors [authors] like Steven Soderbergh and Mr. Tarantino had studio [publishing] executives tangled in fierce bidding wars at Sundance [Book Expo, Frankfurt] and other celebrity-studded festivals, are now barely a speck in the rearview mirror. And something new, something much odder, has taken their place.

Here is how it used to work: aspiring filmmakers [authors] playing the cool auteur [literary lion] in hopes of attracting the eye of a Hollywood power broker [major New York literary agent].

Here is the new way: filmmakers [authors] doing it themselves — paying for their own distribution [self-publication], marketing films [books] through social networking sites and Twitter blasts [social networking sites and Twitter blasts], putting their work up free on the Web to build a reputation, cozying up to concierges [maitre d's] at luxury hotels [chic publishing watering spots] in film festival cities [New York] to get them to whisper into the right ears.

The economic slowdown and tight credit have squeezed the entertainment [book] industry along with everybody else, resulting in significantly fewer big-studio [Big Publishing] films [bestsellers] in the pipeline and an even tougher road for smaller-budget independent [midlist books]. Independent distribution [Independent publishing] companies are much less likely to pull out the checkbook while many of the big studios [publishing houses] have all but gotten out of the indie film [midlist book] business.

Had enough? Oh, come on, how about one more for the road! This time, you fill in the right words:

“Everyone still dreams there’s going to be a conventional sale to a major studio,” said Kevin Iwashina, once an independent-film specialist with the Creative Artists Agency and now a partner at IP Advisors, a film sales and finance consulting company. But, he said, smart producers and directors are figuring out how to tap the value in projects on their own.

Richard Curtis

Every Blogger owes a debt of gratitude to newspapers and magazines. This posting relies on original research and reporting performed by the New York Times.