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Category : The Business of Writing
Ask the Agent: What are the new companies making a mark in publishing?
My recent blog posts on trends shaping the publishing industry has led to a number of people writing to as about other new companies that are doing significant things in the world of books. Several people simply asked, “Who are the new companies I need to know about in publishing?” I can think of several…
BookBub — This is a site that offers a daily deal for certain ebooks, and they have a huge database of readers they market to. Publishers and authors suggest titles and pay a fee to BookBub, and the company has an editorial team that selects the titles they want to offer. The price is usually very low (sometimes free), they send out an email advertisement to a couple million followers, and authors have been raving about the results. Another company, Riffle, is trying to do the same thing, only by offering more choices by letting the readers select the books they want to see discounted.
Oyster — A company that is the ebook version of NetFlix. You pay them a monthly fee, and you can read all the ebooks you want. They’ve recently signed a couple of deals with publishers, and their popularity is growing. (So much that recently Amazon created Kindle Unlimited, which does the same thing, only with a larger number of self-published books.) And, if you’re not familiar, Entitle is another company that does something similar. Right now these two and the company below are leading the way with ebook subscription services.
Scribd — They also offer a monthly subscription service to ebook titles, but they’re best known for document sharing and digital distribution. What you may not know is that Scribd does a nice job of working with authors, offering a bunch of analytics on who is reading what, which ebook device they’re using, which genres are most popular, etc. In my view, this is one of the key companies to
Ask the Agent: What determines a collaborative writer's fee?
A writer I know sent me this note: “I know you represent a number of collaborative writers, who help create books for speakers and celebrities. I have an interest in doing that, since I have a lot of experience with writing, but I’m trying to figure out how I determine what to charge. Can you help?”Sure I can. There are at least seven things a writer will want to consider when trying to set a price to do someone’s book. (And, just so we’re clear, I’m going to refer to the “writer” as the collaborator who creates the text, and the “author” as the celebrity who has the initial idea.)1. The WORK – If the author is a speaker who simply hands you some talks on a CD or MP3 file and asks you to create a book from them, that’s much easier than if she asks you to interview him, or hands you bad sample chapters. This sort of work is really done on a sliding scale — does the author expect you to create this from thin air, or does she have materials to get you going? The more work involved, the more the writer needs to be paid. So the amount of the work itself is a consideration.2. The TIME – How much time is expected of the writer? This could be a function of the size of the book (a 100,000-word book requires more time than a 50,000-word book), or a function of the process (turning speeches into chapters is much easier than doing an interview and generating all new content yourself). The more time it takes, the more the writer is paid.3. The SPEED – A book requiring a quick turnaround needs to pay the writer more money, since he is setting aside other projects to hurry this one through. I’ve had writers who were basically paid double their usual fee
Thursdays with Amanda: I’ve Done Everything to Market My Book and No One is Buying It
Amanda Luedeke is a literary agent with MacGregor Literary. Every Thursday, she posts about growing your author platform. You can follow her on Twitter @amandaluedeke or join her Facebook group to stay current with her wheelings and dealings as an agent. Her author marketing book, The Extroverted Writer, is available from Amazon and Barnes & Noble.
Ever paid for a book ad that did nothing for your sales numbers? Or maybe you scheduled some book signings that saw only a handful of people in attendance. Or you ran a giveaway only to see a few measly entries. Or you got some big-name Tweeter to give your book a shout-out, but it resulted in … crickets.
I wish I could say that marketing, no matter what the strategy, always pays off, but I can’t. Many times, authors find themselves spinning their wheels, frantically trying this or that, hoping that SOMETHING will stick. And you know what? Large companies do the same thing. Sure, they have the money that allows them to have some marketing successes, but for the most part, marketing is a gamble. It’s a risk. It’s time and investment in a strategy that no one can be sure will pay off.
If you’re a self-published author, you have a much better scenario going for you, because you don’t have a publisher breathing down your neck, waiting for those sales to hit.
If you’re a trad-pub author, well… Sure, you get a boost from store distribution and a some other perks the publisher may off you, but if sales are bad you have to deal with the fact that your publisher may not want to do another book with you right away…or they may be talking about putting your book out of print…or they may…just…go… dark…
So what do you do in this time of frustration and panic?
First, remember these things:
Ask the Agent: "If I already have an offer, do I need an agent?"
Someone wrote me to say, “I was just offered a contract on my novel. Since I don’t have an agent, should I seek one at this point? Would it be better to have the agent simply review the contract for a fee?”
There’s quite a debate about this issue. I know several agents who would say, “If you already have an offer — call me!” I mean, they’d be happy to get 15% for a deal they’ve done no work on. But I have some doubts about the value in that type of situation. Let’s say you got a contract offer featuring a $10,000 advance. If the agent steps in, he or she takes $1500. Is the value of their work worth that? You can ask a contract service to review your contract for around $500. (But be careful… there are good and bad authors, good and bad agents, and good and bad contract review services. Make sure to ask questions, so you get someone who knows what they’re doing and has done it before.) A contract service won’t negotiate for you or improve the deal — they simply evaluate and report back to you. So if you have a bunch to negotiate this may not be your best choice.
You can also talk with an intellectual property rights attorney, but be cautious — they’re generally paid by the increment, usually by the six-minute increment for every phone call, email, conversation, or reading you ask them to do. It can add up fast. A good attorney can certainly help, and should be able to strengthen the contract. But in my experience you want to be careful who you’re working with — I’ve had too many situations where the goal of the attorney seemed to be nothing more than to keep the clock moving (though expect some attorney to come onto the comments to claim that never happens). The longer it
Does a beginning writer need an agent? (and other questions from authors)
Someone wrote to ask, “In your opinion, does a beginning writer need an agent?”
In my view, it depends on the writer. There are some authors who are well connected in the industry, don’t mind dealing with contracts and negotiations, understand career direction, and can survive without an agent. But in my experience, it’s rare to do those things well while maintaining a writing career. I used to tell people that I’m not an evangelist for agents, and over the past 15 years or so I’ve tried to maintain a balance — I haven’t always believed that every writer needs an agent in order to succeed. But in light of all the changing issues in publishing today, I’m now changing my tune. Most legacy publishers require you to have an agent or they won’t look at your material. And most traditional publishers have moved toward relying on agents to be the first filter in the system, reviewing proposals and weeding out the chaff. Working with an agent professionalizes the relationship — an agent is not as emotionally tied to a work as an author, so he or she can be more dispassionate about discussing a project, and the agent is going to be more familiar with the business of contracts, so ostensibly things will move along better for both sides.
I recognize that some have said the future is in self-publishing, so that means authors won’t need agents. I think that’s completely wrong-headed. If you’re going to be responsible for your book, you might think about working with someone who knows the industry already and can help you. Think of the way realtors have changed the home buying market: You can still sell your home by owner, but it’s gotten considerably more complex to do so. You’ve got to know the market, understand how to show your home, know how to get the word out, feel comfortable negotiating a price,
What if I'm a part-time writer, part-time something else?
A friend wrote to say, “I have a degree in teaching, and I’ve taken classes in a professional writing program… but I feel stuck between two careers. What do I do?”
If you’re trying to make it as a writer, you’ve got an uphill climb. But so does everybody who wants to make a living with art. Making a living in the arts (ANY art) is hard. Here’s an example I’ve used several times: I’m a pretty good ballroom dancer. (Really. Publishers love it when I come to their publishing balls, since there will be 300 authors and 6 guys who know how to dance.) I took lessons, was in dance classes, and hoofed it in musical theater. If you saw me on the dance floor at the Harlequin ball, you might think I was head and shoulders above most beginners. But I realize there’s a huge gap between being pretty good at the local dance club and asking people to pay $80 to come watch me dance in a show on Broadway. There’s a gap between being “pretty good” and being “a professional.”
My son is a good guitar player, but there’s quite a leap from playing in a garage band and asking people to plunk down $18 for your latest album on iTunes. My daughter Molly could act and was in the plays in school — but there’s a big gap between “being pretty good in the high school comedy” and “asking people to come see me at an equity theater.” All of us who grew up in churches have heard really good singers over the years… but there’s a big gap between the woman who is pretty good with a solo in the Christmas concert and the professional singer who has been granted a record contract.
So just because someone is a pretty fair writer doesn’t mean she can expect a reader to pay $25 for her
As a working writer, how do I create a budget?
Several people read my Monday blog and asked me, “What does a writing budget look like?”
Here’s the basic idea…
1. The author sets a financial goal for the year. It’s got to be something that is livable (if the writer is attempting to make this a full-time job) and reachable (so there’s no setting a goal of “a bazillion dollars”). Let’s say, for someone just moving into full-time writing, the goal is $36,000 per year. Yeah, that’s pretty skinny, but at least it’s a real wage for most writers. So figure out how much you need to earn in a year from your writing.
2. I encourage an author to break that annual figure into monthly chunks — so in our example, the author’s goal is $3000 per month.
3. The next step is to add up what the author expects to earn on the writing they are doing. How much in contracts does she already have? What other writing does she know she’ll be doing and getting paid for? That will help her figure out how much money is coming in, and how much she needs to add. Let’s say an author has a royalty check coming in May, expects to have completion money on a book contract in July, and is expecting to sell a project in October. All you have to do is to figure out the amounts and write them onto your writing calendar. Nothing will give an author more clarity than hard numbers written down on a calendar — it’s a way of saying, “I’m making this… so now I need to work to make that.”
4. The obvious thing to do next is to match up dates and amounts. If you know you’re going to be working on a book in March/April/May, you can write down how much you’re making on that project. By looking at your calendar, you’ll see where
How can a writer create a career plan?
I have a background in organizational development — my graduate degree focused on how an organization grows and changes over time. In my job as a literary agent, I’ve found it’s proven helpful when talking to writers about their careers. You see, my contention is that some agents pay lip service to “helping authors with career planning,” but many don’t really have a method for doing that. (Actually, from the look of it, some don’t even know what it means. I think “career planning” to some people is defined as “having a book contract.”) During my doctoral program at the University of Oregon (Go Ducks!), I served as a Graduate Teaching Fellow in the Career Planning and Placement Office. The focus was on helping people graduating in the arts figure out how to create a career plan, and that experience allowed me the opportunity to apply the principles of organizational theory to the real-world setting of those trying to make a living with words. In other words, I figured out how to walk an author through a real-world career map. So here are a few things I like to consider when talking with a writer…
First, I want to get to know the author. Who is he (or she)? What’s the platform he brings to the process? Does she speak? If so, where, how often, to whom, to how many, and on what topics? Does he have experience with other media? What kind? What’s her message? What books has she done in the past? What other writing is the author doing that could boost the platform? If I can get to know an author, I can better help him or her to make wise career decisions that fit their own personal vision.
Second, I want to find out about the author’s past. What were the significant events and accomplishments? What experiences did the author have that she liked or hated?
Ask the Agent: "How am I paid on my book contract?"
Someone wrote me to ask, “Can you explain how money is paid on a traditional publishing contract? I’ve got a contract in front of me, and I don’t understand it.”
Happy to explain it. First, when you sign to do a book with a legacy publisher, most authors are paid an advance against royalties upon signing the contract. There’s a long tradition of publishers paying advances to authors, since it allows the author to survive while he or she is working on the book. This isn’t free money — it’s sort of a no-interest loan that will be earned back after your book releases.
Let’s say the contract calls for a total advance of $20,000. Typically you’d get one-third of this on signing, another third upon turning in the completed work, and the last third upon publication. (That said, there are a million ways to divide the advance. Some pay half on signing, some pay a percentage when the author completes the bio and marketing forms, Random House wants to pay a portion when the book flips from hardcover to trade paper, etc.) So when your book releases, you’re now in the red $20,000 with the publisher. You’ve been paid that amount, but you haven’t earned anything back yet. Again, that’s not a loan that needs to be paid back, but it’s advance that needs to be worked off — or, in the parlance of the industry, it needs to be “earned out.”
Second, as your book sells you are credited with money for each sale. That’s your royalty money, and with each sale it slowly reduces that $20,000 debt. Most trade publishers in the general market (that would include Random House, HarperCollins, Penguin, Simon & Schuster, Hachette, etc.) pay a standard royalty on hardcover books: 10% of the book’s retail price on the first 5000 copies sold, 12.5% on the next 5000 copies sold, and 15% thereafter. Royalties for
The Biggest News at BEA?
Just got back from a week in New York, seeing all the books and publishers and figuring out what direction the industry is moving. There was a great spirit at Book Expo this year — none of the angst and worry that has dogged the show the past few years. They tried something new this time at the Javits Center — opened up the floor to the public on Saturday, sold tickets at $20 a pop, publicized a ton of author signings, and watched 10,000 people buy their way into the show. (For the record, it was apparently all teen girls, looking to get their YA and romance novels signed, or to catch a glimpse of a celebrity like Cary Elwes signing copies of his latest tome.) But the biggest topic of conversation? The dispute between Amazon and Hachette. No question.
You may or may not be familiar with the issues, so let me offer an outsiders perspective…
1. There is some bad blood between Amazon and Big Six publishers. On the one hand, the publishers know that Amazon is their biggest account, so they want to keep the relationship healthy. On the other hand, the publishers know that Amazon is predatory, and is on record as having said that they could live in a world without publishers. So while they’d like things to continue, the relationship is not without some problems.
2. If you’re an author who doesn’t pay much attention to the news, the Big Six publishers were all taken to court last year for using an agency model (and, in essence, for looking suspiciously like they were colluding to keep ebook prices high). The Department of Justice sided with Amazon, the publishers all paid big fines, and agreed to modify the way they do business.
3. Each of the Big Six publishers have some sort of term contract with Amazon, that clarifies things like discount rates, returns,