Authors like Rachel Cusk, Karl Ove Knausgård and Maggie Nelson are introduced to wider audiences first through these smaller niche literary publications.
The truth is that there has never been a viable business model for a literary magazine, as they’re often required to make do through a combination of philanthropy, patronage and sacrifice by those who produce the issues. Bookforum managed to last much longer than most similar attempts. Unfortunately, in the world we live in today, if you don’t have a viable business model, it seems as if you don’t matter. Can’t manage to both print your magazine and pay your staff based on subscription revenue? Them’s the breaks, kid. There’s no place in our world for you.
Thing is, all kinds of entities seem to be able to continue operating without a viable business model. I’ve already mentioned Twitter, but how about Uber, a company that has not only lost tens of billions of dollars during its existence, but one that many believe has no viable long-term profitable business model? And yet, many continue to invest in Uber because we can cling to the likely fictional hope that someday it will return money on that investment.