At a time when the book is fighting for survival, the value crisis, whether material or moral, has become On the horizon, with another crisis, which is the ability of literary prizes to continue its career and role, it appears that literary awards in the United Kingdom are facing a new crisis in several aspects. At the same time that the world is suffering from an economic crisis, which has ended some literary awards.
Despite the recent emergence of literary awards, the author Dele Fatherla claims in an essay titled “Crisis” on the British Bookseller website that some writers would claim that winning a prize is one of their top priorities while others loathe of them and frequently readers. The best novel they can write is what matters most to them.
The right of writers who remain well-known in the cultural sphere for a long time, however, is negatively impacted by literary awards at a time when the publishing industry is booming and awards serve as a badge of honour for notable works.
In other words, prizes serve as a valuable market signal that is typically more valuable in terms of immediate sales and property rights; however, over the past few decades in the UK, the value of the award portfolio has grown to be more significant than the reputation of the award itself; Or, rather, at the present time it appears that the position of many prizes is measured to a lesser extent in accordance with the value of the material prize.
Money is obviously important; even small gains can mean the difference between continuing to write and retiring, especially in light of the rising cost of living, which has become difficult for everyone. From this point on, we can see whether the prizes are given to celebrate the arrival of new shepherds or to express sadness that their sponsors have chosen to abandon them.
As a way of appreciating the cultural significance of this trade and in an effort to bring about the complete collapse of the awards, as we recently witnessed with the Costa Book Award, writer Dele Fatherla proposes investing in books and awards together.
If there is anything to be learned from the Costa Prize, according to Dele Fatunla, it is that in a competitive cultural market like the UK, where businesses are known for their carelessness, a modest award portfolio is preferable to a big one. Yes, the authors are fighting to keep their careers alive, but this is a bigger structural issue that prevents the prizes from continuing to be sponsored.
Then, he continues, there will inevitably be haggling over the rights that shepherds frequently want, which would lower the award’s cultural standing as well as diminish its impact on readers’ audiences, which is crucial for generating sales.
It appears that the prizes require a serious and thorough reevaluation, and we should consider how their financial models might be established and sponsored to have a stronger impact on the writers’ and readers’ survival and their ability to apply in hard times.
Literary and creative prizes in the UK are in crisis due to the conflict between the rewards’ material and moral value.
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