Trad woes these days are the result of not adjusting to the 20th century properly, let alone noticing the 21st is here.
Lots of you young whippersnappers make this comment but I don't know what it means. What is this 21st century publishing on which I am missing out? Not just lots more silly electrons, I hope.
I'm old--or am I chronologically challenged? I'm not sure what the politically correct way to express my age is.
Nonetheless, I have some clue about 21st Century publishing.
Earlier publishing models relied on gatekeepers much more--agents first, then acquisition editors and similar. The process guaranteed a certain minimum quality level but took a long time. Books that made it through the gauntlet might then wait a year or more before actual publication. (I heard of delays as long as three.)
21st Century publishing is more about being able to respond to breaking events, especially in nonfiction. Of course, the indie part of publishing is also about being one's own gatekeeper and letting the masses (or the Amazon algorithms, as the case may be) decide what sells and what doesn't, rather than pre-filtering what people get to see. That means there will be poorly written books in circulation, but it also gives people a chance to find an audience without going through the gauntlet. Some people have even found a large one that way.
Occasionally, publishers have tried to find ways of opening the gates (contents that take unagented submissions and offer publication to the winners, for example). Those initiatives never seem to last very long. Even Amazon's Kindle Scout bit the dust, though I'd argue it could have been successful with more vision behind it.
21st Century publishing is also about more rapid release. Remember when Stephen King's publisher wouldn't take more than one King book per year, and he resorted to writing as Richard Bachman because he was producing far more than his publisher would take? Well, 21st Century publishing is more like, "The more, the better." Some trads, seeing the success of rapid-release indies, are now allowing certain authors to publish more often. This approach could hypothetically lead to saturation, but for really popular authors, I doubt that would be the case. (But don't get me started on "minimum viable product," which I think can be a problem.)
21st Century publishing has also changed the life cycle of books. It used to be that books succeeded, if at all, at initial release. Hardcover first, then paperback, then mass market paperback, each format being introduced only when the market for the previous one was exhausted. Once sales slowed to a trickle, the book could go out of print. Only titles for really popular authors, titles in ongoing series that were at least popular enough, and books that became established classics were immune to this trend. Most others vanished, in most cases never to be seen again outside used bookstores or maybe the occasional bargain table if there was leftover inventory. (There was a time when it was less common for bookstores to be able to return unsold books. Hence, the bargain table. In later days Barnes and Noble's publishing arm printed titles specifically for the bargain table. What used to be bargain books got returned and pulped.)
In contrast, an indie book can live forever, not only because of ebooks, but because judicious promotion can keep it alive. My very first book grew in profitability rather than diminishing. The fact that it became the lead book in a series helped, but that process started even before the series got off the ground. Indies demonstrated that good books need not die, even if they aren't runaway bestseller. I've also heard stories from people who recovered their rights on out-of-print books, republished them as indie titles, and immediately started making money on them. The trads are a little more conscious of this now, but there is still a strong tendency to promote the new and let the old fall by the wayside. Trads presumably make most of their money on new releases. Indies certainly make money on new releases, but for a lot of us, it's the backlist from which we draw the bulk of our profits. In the past, only bestselling authors got very much from their backlists.
Even trads have started dropping the life cycle notion, at least to the extent of releasing all the formats more or less at the same time, though this isn't universal. The idea of promoting backlists hasn't caught on as much as far as I can tell.
Those are some of the differences that come to mind. So really, you already knew about 21st Century publishing. You just didn't realize it.