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.…
Today is the release date for All In Her Head: A Novel by Sunny Mera from She Writes Press. I look forward to celebrating the book launch in Brooklyn later this week. To be honest, I wasn’t sure this day would ever come. Not because Sunny Mera couldn’t write, but because of the enormous risks she would need to take in sharing her story with… [Read More]
How are readers going to find you? When agents and publishers consider a book project, especially nonfiction, they ask questions about your discoverability. There are two basic ways authors and their books get found by readers: search or referral. The first method requires you master search engine optimization and the second requires you master social networking. The marriage of the two in social media marketing… [Read More]
Interested in a writing residency or retreat but worried your application to MacDowell will end up in the slush pile? If what you’re after is quality writing time and connections with other writers, go for function rather than prestige. Plenty of writing retreats and residencies offer quiet space in idyllic settings, sometimes with reduced or subsidized costs based on need. Some require engagement with the… [Read More]
Agents and publishers in their submission guidelines often ask for a list of comparable titles. By identifying these books, they can estimate the size of the print run and a P&L (profit-and-loss statement). Identifying the current books on the market which serve the needs of your readers helps you with the business of being an author and your bottom-line, too. The comparative title analysis identifies the authors… [Read More]
Book festivals are celebrations of reading and writing and they bring authors face to face with their audiences. Don’t overlook them in your marketing plan as you will find they are a wonderful way to meet your readers and market your books. Like rock concerts and music festivals to recording artists, book festivals are the performance highlights to any author’s book tour. Autumn and book… [Read More]