Well, then, you might want to read this article.
Once minuscule, some advances have escalated into the millions, like the $5 million Scribner paid last month for Audrey Niffenegger’s second novel, “Her Fearful Symmetry.”But before you start smiling at the “good” news, here’s some other quotes from the article:
Yet despite the economic downturn, and the fact that 7 out of 10 titles do not earn back their advance, the system doesn’t seem to be going away anytime soon. In recent interviews, a dozen New York-based publishers and agents told me, more or less, “Publishers have to keep buying books,” and “They have to bid for the best books” — which in large part means those that will sell.
In exchange for low-five-figure advances, the boutique press McSweeney’s, founded by Eggers, shares profits with its authors 50-50, as does the new imprint Harper Studio, which offers sub-six-figure advances.
Take a reported six-figure advance, Roy Blount Jr., the president of the Authors Guild, said in an e-mail message. “That may mean $100,000, minus 15 percent agent’s commission and self-employment tax, and if we’re comparing it to a salary let us recall (a) that it does not include any fringes like a desk, let alone health insurance, and (b) that the book might take two years to write and three years to get published. . . . So a six-figure advance, while in my experience gratefully received, is not necessarily enough, in itself, for most adults to live on.”The article is quite interesting. Zip over and read it. But, first, what do you think about the changes taking place in the world of publishing?
In the preface to “A Heartbreaking Work of Staggering Genius,” Dave Eggers broke form by telling the reader he received $100,000 for the manuscript, which — after his detailed expenses — netted him $39,567.68.