Today’s episode airs on New Years Day, 2019.
I’ll be talking about the publishing world, as I see it, as we enter a new year.
I realize for many of you this information is not new, but for others it is, so bear with me.
The publishing world functions as a big monopoly game. The writer leaves home with her freshly polished manuscript under her arm—her head and heart filled with hope. As she meanders through the streets, she discovers many publishing options, but the roll of the dice is not always kind.
The object of the game is connecting her story with an audience that will appreciate it, but that’s not as easy as it sounds. There are more opportunities out there than ever before, but the question is, which one is best for her stories.
Forget Monopoly. It’s a crap shoot.
There are three main publishing choices:
Traditional Publishing
Small Presses
And/or Self-Publishing
Each option has advantages and disadvantages.
Traditional Publishing
Traditional Publishing, sometimes called Legacy Publishing, is dominated by “The Big Five.”. That’s right, just five.
Penguin Random House
Simon Schuster
Harper Collins
MacMillan
Hachette
Once upon a time, there were more publishers, but the bigger ones ate the little ones until we are left with the “Big Five.” Each of them owns many imprints. If you check in my show notes, you will find a link to a fascinating diagram that details which imprints are held by each of them.
To get a contract for your book with one of “the five,” you need an agent who will “shop” your book around the editors that represent the big publishers.
When you get a contract, your story will go through several edits and be given a cover. The process can take a year and a half or longer. These books are featured in brick and mortar bookstores.
What are the advantages of being published by one of the Big Five?
You get an advance when you sign your contract.
You don’t have to pay for your editing or cover design.
You can proudly say that you are published by one of the big guys.
What are the disadvantages?
You only make between 5 to 15 % on gross royalties and 25% on ebooks.
You have little say over the title or cover of your book, and its distribution.
It takes a long time to get your book to the market.
Small Presses
The definition of a small press is a publisher with annual sales below a certain level. In the U.S. that level is fifty million dollars.
The advantage of a small press is they have more flexible contract terms, and the author can negotiate a higher percentage of the royalties.
…the disadvantages? The editors and cover designers are assigned by the press.
Self-Publishing or Indie Publishing
There are many ways to self-publish. I prefer to call it “Indie Publishing,” by the way, because it’s all about independence. The writer is the author, publisher, and entrepreneur.
The advantages of “going Indie” are:
You retain all your publishing rights.
On ebooks, you make 70 % of the royalties unless you price your book below $2.99.
You have control over how much you make on print books by adjusting the price.
You have full control over the title, editing, cover design, marketing, and distribution.
The disadvantage: All parts of the writing and publishing of your book rests on your shoulders.
The Changing Landscape
As 2018 comes to a close, the world of publishing is changing at breath-taking speed. I’ve noticed five pivotal changes of late:
