Wednesday, September 25, 2024

The event of the season is a book party

Sally Rooney fans unite!

Tuesday was a big day in the literary world, and Leonor Mamanna, the deputy photo director at Businessweek and Bloomberg Pursuits, is here to explain why Sally Rooney's new novel inspired so much celebration. Plus: the battles that shaped Activision Blizzard, and the Fujifilm camera that's so popular no one can get one.

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First, there were the bucket hats. Now, the book parties.

In 2021, for the release of Sally Rooney's novel Beautiful World Where Are You?, a number of embroidered bucket hats were sent, gratis, to influencers, editors and booksellers, many of whom could be seen sporting them on their Instagram grids. It went so viral that it was parodied. For millennials, that's the ultimate endorsement, and for book publishers, competing for marketing attention in the digital era, the ultimate win. The novel quickly became a bestseller.

How, then, could Rooney's publisher Farrar, Straus & Giroux top those yellow hats while promoting her fourth novel, Intermezzo? For Tuesday's release, FSG and bookstores went with a kind of throwback publishing trick: the live event model, which is a nice way of saying they're throwing parties. Lots and lots of parties.

The sheer volume of Intermezzo events is unusual for the literary fiction genre. (The Harry Potter books, in a category of their own, were feted on a much grander scale, of course.) There were more than 140 scheduled across the US, according to Esquire.

Source: Farrar, Straus and Giroux

A quick search for "Sally Rooney events" brought up eight different functions in New York City alone. Last week, FSG and Emma Roberts' celebrity book club Belletrist co-hosted a "premiere event." This party had everything: a step and repeat, a DJ, cookies that looked like the cover, thematically colored chess sets, a station to make friendship bracelets and a photo booth. On Tuesday, McNally Jackson Books in Manhattan hosted a party that included chess lessons—the game plays a key role in the book—and "Sal Roon trivia."

From a certain standpoint, it feels a little limited: Why market a book to only people who can physically attend an event? But it makes sense when we return to the bucket hat phenomenon. At a time when most authors don't sell more than 5,000 copies, Rooney has sold millions of novels and become a sort of brand in herself. The merch was a signifier that the reader-fan is part of a like-minded club. And what's a club without a meetup? (Rooney will attend events in the UK, closer to Ireland, where she is based.) It doesn't appear that Rooney fans were deterred as, by many accounts, the parties were well attended and the vibes celebratory.

In book publishing, it's notoriously difficult to get a sense of how books are selling; the numbers are all over the place. At an event this year, publishing insiders named marketing as the single hardest part of their jobs. "It is the function of publishing to marry those books we're publishing to the readers," Abrams Chief Executive Officer Mary McAveney said at a panel of fellow CEOs, worrying that publishers had abdicated that responsibility to other customers, such as librarians.

When my colleague James Tarmy handed me an advance copy of the novel in late July, I was surprised to see it was both personalized with his name as well as numbered. Such copies regularly go out to the news media, so they can plan their coverage and write reviews, but they're typically not so carefully controlled. I was under strict orders to read it discreetly and return it safely.

If I hadn't already suspected that the frenzy around Rooney's book was going to reach new heights, I knew it then. Personally, I am happy to see so many people out partying for a novel; the more people buying and reading books, the better. But a high-end chess set would've been cool, too. I certainly would have posted a picture of it.

Related: The Five Books to Put on Your Reading List This Fall (including Intermezzo!)

In Brief

Video Game Executives Do Battle

Illustration: Ariel Davis for Bloomberg Businessweek

Bobby Kotick and Mike Morhaime couldn't have been more opposite if they'd been grown in a laboratory. Perhaps the only things they had in common were that they both ran video game companies and they both were very rich as a result.

Before he became the charming and boisterous chief executive officer of Activision, which produces the war shooter franchise Call of Duty, Kotick skipped classes so he could focus on moneymaking endeavors and eventually dropped out of college. Morhaime, who co-founded and ran Blizzard Entertainment, was the nerdy, introverted student who sat in the front row and cracked open VCRs after school for fun. When they were fully grown, Kotick went to celebrity parties in the Hamptons. Meanwhile, Morhaime called up his programmers to ask about changes he'd noticed during late-night sessions playing StarCraft II. Kotick maintained a private art collection worth millions of dollars. Morhaime's house tiles were inscribed with insignias from World of Warcraft.

For many years, the two formed an unlikely yet harmonious pair. In 2007, Activision merged with Blizzard's parent company, Vivendi Games, to create Activision Blizzard Inc. It was the perfect partnership: Activision was a leader on consoles, while Blizzard dominated on computers. The combined entity would become the most valuable dedicated video game company on Earth, with a future market capitalization of $74 billion.

Six years after the merger, the problems started.

In an excerpt from his new book, Play NiceJason Schreier writes about how Kotick and Morhaime were an unstoppable pair, until they fought each other: Inside Activision and Blizzard's Corporate Warcraft

Say Cheese for TikTok's Favorite Camera

Illustration: Shira Inbar for Bloomberg Businessweek

In September 2022 the photographer and TikTok influencer Kylie Katich posted a video showing off her Fujifilm X100V. "I just found a camera that will change your life," she told her hundreds of thousands of followers at the time as photos of her infant flashed by.

With their warm, yellowish glow, the images looked like they could have been pulled out of a photo album from a generation ago. The camera itself, with its jacket pocket-size aluminum body, had distinctly vintage features and came programmed with simulations that mimic the look of photographic film without any editing. "It looks like a film camera. It has settings like a film camera," Katich said in the video, holding up the $1,400 point-and-shoot. "It's digital." Within a day her post had racked up dozens of comments. "Consider me influenced I am def getting," one person replied. "This is the coolest thing ever," said another.

The endorsement, and others like it, reverberated through TikTok's subcommunities. Auto enthusiasts brought their X100Vs to sports car meetups. Musicians took theirs around the world to document the touring lifestyle. Tech geeks, travel junkies and fashion influencers all wanted an X100V, and once they got one, they let their own followers know. The effect on the company's inventory—already strained by a global chip shortage—was drastic. By November 2022, Fujifilm stopped accepting online orders for the camera, citing its inability to keep up with demand. Buyers turned to resale platforms such as EBay, where X100Vs were selling for twice their retail value.

In the latest Going Viral column, Curtis Heinzl writes about the power of the point-and-shoot: This Camera Went Viral Two Years Ago. You Still Can't Buy One

Football Fortune

$11 billion
That's American billionaire Dan Friedkin's net worth, which grew by $2.5 billion just this year. He might need that kind of money to face the challenge of his latest European football adventure, buying English Premier League club Everton FC.

Austerity Bites

"Things were already bad here. So I suppose people got tired. People who were used to a different kind of lifestyle saw a solution in this man who came to root out the political class. They just didn't know he would start with them."
Maria Elizabeth Leyes, 51
Cooks in a soup kitchen in Tierra del Fuego
The island province of Tierra del Fuego is Argentina's electronics base thanks to a quirk of history. Islanders' natural resilience is being severely tested by the president's economic policies. Read the full story here.

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