This article in the Wall Street Journal has shown up in a couple of places, so I thought I would put it up here:
http://online.wsj.com/article/SB10001424052748703414504575001271351446274.html
From the article, it looks like book publishers, at least in the U.S. are no longer reading their slush piles and pushing that responsibility off on agents. While this article focuses on U.S. publishing, any more U.S. publisher are simply parts of larger international conglomerates, so I don’t see why this wouldn’t take place in other countries, too.
Unfortunately, it will only create further bottlenecks and a further push to find the next blockbuster. After all, agents only make money on commissions, and if they have to spend more time doing what publishing house used to do at least some of, it only means the agents are going to focus on making up for lost time/money by taking on those things they think are “sure bets” with an emphasis to be blockbusters, otherwise the publishers won’t bite on the manuscripts and the agents will have lost even more time/money. Much of this comes from too much vertical integration, i.e. one conglomerate buying another conglomerate buying another conglomerate buying another, and so on. It’s the larger cow syndrome, whereby a cow twice the mass of its ancestor needs a neck three times the size just to hold its head up.