Erin Morgenstern, an elfin painter with ink-black hair and a fondness for bowler hats, Tarot cards and antique clocks, has never published so much as a short story before. Now, with her first novel coming out in September, she's at the center of the most high-stakes competition in the entertainment industry: the race to discover the next Harry Potter.
Ms. Morgenstern's novel, set at the turn of the 19th century, tells the story of two young, love-struck magicians who compete in a magical circus. Doubleday won the novel with a high-six-figure advance. Rights have sold to 30 foreign publishers; some countries paid six figures, a sum typically reserved for established blockbuster authors.
Hollywood studios, eager to anoint the next fantasy blockbuster following the end of the $7 billion Harry Potter movie franchise, began circling immediately after the book sold. Summit Entertainment, the production company behind the "Twilight" films, snapped up film rights in January and has been pitching the novel to "Twilight" fans in hopes of shoring up a fan base. The producer of the Harry Potter movies, David Heyman, is in negotiations to produce the adaptation.
Booksellers that have been hard hit by the recession and the digital revolution have seized on "The Night Circus" as a potential cure for lackluster sales in a post-Harry Potter world. To nurture a new fan base, bookstores across the country are planning publication-day parties that resemble big-budget film premieres. Some are bringing in magicians, jugglers and stilt walkers and serving popcorn, cider, candied apples and other carnival fare to re-create the atmosphere of the book.
"It's perfect timing because the last Harry Potter movie's just come out, and vampires are a little done," says Christin Evans, owner of Booksmith in San Francisco, who has recruited a contortionist, a clown and a juggling magician to perform when Ms. Morgenstern signs copies there on Sept. 16.
Ms. Morgenstern and her publisher face fierce competition in the industry's ongoing search for the next big crossover fantasy book. "The Night Circus" has elements of Harry Potter (magic), "Twilight" (forbidden romance) and the postapocalyptic young-adult trilogy "The Hunger Games" (a high-stakes competition). But it lacks key features that helped make those books major franchises. Ms. Morgenstern wrote it as a stand-alone novel rather than the start of a series. And while publishers and booksellers are pitching it to fans of young-adult fiction, it's an adult title that will be stocked in the general fiction section, which could limit its exposure among younger readers.
It's landing in a crowded marketplace. Publishers are shelling out big advances for debut novels that promise to lure young adults and adults alike and reach fans of literary and commercial fiction. Online game artist Marie Lu's dystopian trilogy, set in 2130 Los Angeles and due out this fall, sold to Putnam for a six-figure sum and has been optioned by CBS Films. Debut novelist Karen Thompson Walker got a seven-figure deal from Random House for her 2012 novel "The Age of Miracles," about a California girl whose adolescent angst is compounded by a cosmic disaster when Earth's rotation slows.
The frenzied search comes at a tumultuous moment in publishing, with Borders bookstores closing around the country. In the digital era, splashy book releases have become crucial to publishers' and bookstores' bottom lines—so much so that Barnes & Noble executives regularly referred to Harry Potter releases in quarterly earnings calls to explain dips and spikes in sales. With the massive success of the series—more than 450 million copies have sold globally—publishers and booksellers began to treat books more like movies, with viral marketing campaigns that begin months in advance, and elaborate themed events.
"Harry Potter taught publishers how to make event publishing resemble event-film releases," says literary agent Eric Simonoff....
continued here....