In books, it is the best of times, it is the worst of times

[Commentary] The global book industry is changing beyond all recognition. Writers are having to quickly adapt to the new economics of publishing.

There are more opportunities for authors than ever before but fewer commercial reasons to indulge them. Across the world, more people are reading: print sales may be slightly down but those of e-books are growing strongly. This is the fundamental context in the books business. In any discussion about publishing, the names Amazon, Google, Apple and increasingly Samsung occur just as regularly as Penguin, HarperCollins and Hachette. The technology companies are the new entrants with the muscle, money and easy distribution.

[Michel is chief executive officer of Peters Fraser & Dunlop, a literary and talent agency]