How does the book publishing industry function?

I am a founding member of @New York publishers. The book publishing industry is quite diverse, and each type operates somewhat differently. It can be categorized broadly as Traditional Publishing and Self-Publishing. In traditional publishing, the publisher acquires the book's rights from the author and pays a small percentage of profits to the author as royalties. In exchange, they are granted unrestricted rights to publish, distribute, and monetize the author's work.