Are Book Publishers Blockbustering Themselves Into Oblivion?

Publishers Weekly, the U.S. trade magazine, recently ran an article confirming that the number of seven-figure advances for novels is actually on the rise. It lists several recent acquisitions by big American publishing houses, mostly for debut novels, that involved payouts of more than $1-million. That's right - debut novels. You might be wondering if you read that right, given what else you have heard recently about the demise of book publishing and the alleged poverty of respected authors.