Social Media Means
Social Media Means
Photo: Yusuke Furuya
Most publishers pay royalties based on the retail price of the book. That means if the book retails at $20, and the royalties rate is 5%, you will earn $1 per book sold. These kinds of royalties are often called “list royalties” or “retail royalties.”
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Read More »An advance is a negotiable up-front payment that a publisher pays an Author. You may have heard about million-dollar advances for hot-topic or in-demand books from major publishers. Most advances are much more modest. There is no average advance, but six-figure advances are fairly rare outside of the large houses, and 5 figure advances are far more common. And there are even very small advances. Some academic presses might only offer $1,000 for an advance. That discrepancy exists because an advance is based on the number of books a publisher thinks they can sell. Trendy topics from established authors can sell a lot of books, which means the Author gets a higher advance. Niche topics can sell only a limited amount of books, so there’s not as much money at stake. There isn’t an average advance amount, but most major publishers don’t offer small ones. If they don’t think a book will sell well enough to earn back six figures, they usually won’t put the effort and resources into publishing it. Advances aren’t charitable gifts. They are payments against future royalties. That means if a publisher gives you a $100,000 advance, they expect to make more than $100,000 off book sales. Once an Author gets an advance, they won’t see another cent until their book has sold enough copies to pay the advance back. In other words, if your book is earning royalties at a rate of $1 per copy, and you got a $100k advance, you’d have to sell more than 100,000 copies before you’d receive royalty payments. Advances are great if you can get them, but they’re hard to get. Publishers want to know that a book is going to be a sure success before they give an Author an advance. (Thankfully, if you don’t earn back your advance, the money is still yours to keep. But publishers might be wary of taking on your next book.) Unless you already have thousands of followers on social media or a highly visible personal brand, it’s hard to break into the world of traditional publishing. Publishers don’t want to take risks, and most Authors don’t have the platform to guarantee 25,000 sales. If you are lucky enough to score an advance, there are still trade-offs to consider. You will no longer own the print license for your book, which means you can’t do anything else with the content. If you wanted to break it into smaller chunks and sell it on your website, you couldn’t. If you wanted to turn it into a magazine article, you’d have to get the publisher’s permission. Then, if the book is a major hit, you’re only going to get a small fraction of the profits. Let’s say you earn back that $100k advance and sell another 200,000 copies. With royalties, you’d earn another $100k. But if you had self-published that same book, you’d earn 100% on each sale after recouping your production costs. That’s a lot more than 5%.
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