Publishers Weekly reported that seven-figure book deals seem to be on the rise. Indeed, several new writers have received book deals with major publishing houses, including 30-year-old waitress Stephanie Danler with Penguin Random House, 25-year-old debut novelist Emma Cline, also with Random House, and 36-year-old New York Times reporter Stephanie Clifford, with St. Martin’s Press.

Some attribute the race for new material to a dearth in sales of midlist and backlist titles. George Gibson, publishing director at Bloomsbury USA, said that although big deals happen “fairly regularly,” bestsellers are especially crucial for major publishing houses these days. “The game plan to make your budget, or exceed it, relies on bestsellers,” he said. “That’s always been the case, but it’s the case now more so than ever.”

Others have described the new competition as symptomatic of a shift in the bidding war for book contracts; that is, editors are buying titles faster than ever in order to increase sales. Alison Callahan, an editor at Simon & Schuster, explained, “These days, [a big book] is either preempted in 24 hours for an exorbitant sum of money, or you get a best-bid situation.”

There may be a downside to big deals, said Stacey Glick, a vice president at Dystel & Goderich. “It’s great for the industry…[but] the bigger issue is setting up an expectation level for an author that often can’t be met…[which] can make it challenging for the author’s future books.”