Humour and human warmth notwithstanding, it's a saddening article - and not the sort of thing to read when you're looking over publishing contracts.
('We're all doomed - quick, take any offer!')
I don't know how accurate his predictions are, or how they apply to Australia (often seen as a vassal state of UK publishing). But it's a sobering story.
The great fear is that it'll sink the bottom line lower; that fine, rare, brilliant works won't see the light of day; that scum will float, and weighty works sink.
If this is true, I've only one obvious consolation: it might help some authors speak more powerfully and persuasively to a mass audience.
And, in my fantasy, they won't do it by appealing to what's vulgar or hackneyed.
Instead, they'll marry high-minded, mature experience, to lively, alluring or clear prose. This is what might be called an 'Orwellian' fantasy - in the best sense of the word.