Last year the Department of Justice won the anti-trust lawsuit against Penguin Random House when it had tried to acquire Simon & Schuster. The financial penalties led PRH to eliminate a good number of people from top executive positions. Not surprisingly, some of those great minds decided there might be a different business model for book publishing worth investing in and have started Authors Equity. Madeline McIntosh (former chief executive of PRH) Don Weisberg (former chief executive of Macmillan) and Nina von Moltke (former president of strategic development at PRH) provide executive leadership for Authors Equity with investments from some big name authors including Louise Penny and Tim Ferriss. Their business model signals an inflection point in publishing. Authors Equity won’t offer a contract with money upfront or guarantee payment, but it promises to provide authors with 70% of the profits in return for an initial investment. Successful authors recognize a better deal than 5% net profit on their books with traditional publishers. Subsidy publishing has gone mainstream. Advances on copyright royalties have dropped so low in recent years that it is untenable for authors to spend a year or two writing a manuscript for a few thousand dollars. Increasingly, agents are unable to sell manuscripts to the top trade publishers who are only acquiring new projects from authors who have previously had blockbuster sales. I now hear traditional publishers referred to as “legacy” publishers. There is a fundamental shift of financial risk from the publisher to the author underway.…
Taking a girl’s voice is the same as taking her power. Petals of Rain: A Mother’s Memoir by Rica Keenum is a memoir about love and loss, secrets and lies. When a young girl from a broken family meets a charming man, she attempts to build a new life. But after a whirlwind marriage and the birth of two sons, their love story rips apart… [Read More]
January begins a new fiscal year. It’s also the best time to organize your tax information for last year. Whether your book has been out for more than a year, or you’re more than a year out before you finish writing your book, this is the best time of year to gather the information together for tax purposes. On the income side, identify the sources… [Read More]
As gift-giving season draws closer, publishers look to retailers to stock up for the holidays, but this season, one of the largest retailers, Amazon, decided to drastically cut book orders to publishers. The cuts are due to space issues in Amazon’s warehouses as they make room for “bigger-ticket items for Black Friday and Cyber Monday,” Publisher’s Weekly suggests. This choice to cut orders has a… [Read More]
Know someone who loves a suspenseful page-turner? From fast-paced action to stories that will make the hair on the back of your neck stand up, thrillers can encompass a wide variety of subjects, themes, and plotlines. With book buying season upon us, these selections are sure to make great gifts for the thriller lover in your life. Recursion by Blake Crouch From the best-selling author… [Read More]
After the unexpected loss of a loved one, it is difficult to know where to turn for help and what to do next, and healing can feel like something out of reach. The Sudden Loss Survival Guide: Seven Essential Practices for Healing Grief by Chelsea Hanson provides an indispensable road map to aid those who’ve experienced a life-changing loss. While you cannot control losing a… [Read More]