The substantial increase in e-book sales in the first half of 2011 made up for some but certainly not all of this, and then e-book sales generally declined in the second half of the year. It became really apparent as well that e-book sales were adversely affecting mass market paperback sales, even more than in 2010. The disparity in money was profound. One publishing newsletter pointed out that the bestselling e-book original of 2011 made about $500,000.00, while the bestselling hardcover book made between 40 and 50 million dollars. Physical books are still where the money is, and in the e-book industry the real profit is still in the sale of devices, which are replaced by newer devices, not in the sale of books. And it appears that e-book rental is being encouraged. As this is written it is not possible to predict what will happen in 2012. All we know is that nearly everyone is making less profit. The squeeze is on.

Science fiction, of the genre variety, was a bit harder to find in 2011 than in 2010. Certainly it continued to appear in Analog and Asimov’s, in F&SF and in Interzone, and in a lot of original anthologies. But it seemed to us to be a bit scarcer, and a lot more often grading off into fantasy and mixed genres, while fantasy fiction (not in any way SF) quite obviously increased.

Short fiction venues remained about the same in 2011, and a pale shadow of what they were a decade ago. Science fiction magazines once again lost some circulation. Online venues, which might pay contributors but make little money, grew or failed again last year. Non-profit Strange Horizons and Tor.com appeared most stable of the online bunch. Clarkesworld and Lightspeed did distinguished work too. Lots of small presses—or perhaps small publishers is now the proper apellation for these few—carried the ball for innovation in 2011, again especially the Bay Area cluster of Night Shade, Tachyon, and Subterranean.