Everyone starts out very enthusiastic. For some it remains a good experience, but many peopl in the industry become burned out. At a television affiliate, you would make more money pumping gas. What makes the money crunch even tighter is that of the media and entertainment companies are located in New York City and Los Angeles, which are expensive places to live. Part of the reason that pay is so low is simple supply and demand.
Pay is average because so many people want to work here.
Still, many feel that the thrill of the job makes up for the lack of compensation. It's not uncommon to hear conversations in French, Spanish, Japanese, or Chinese while walking through the office. This diversity of people makes it a very interesting place to work. The culture is interesting with many talented people attempting to add as much value as possible to the books and the publishing process. Still, the range of people attracted to this industry are just like the people you know in school.