Hey! Quick clarification. "If you get an advance of a thousand dollars, the publisher needs to make a thousand dollars on the book before you get back any money." This is a little misleading, since it assumes those things are related, whereas a company could not make back their money and still owe royalties (unlikely) or make a very high profit on your book but not have your portion of it be enough to pay off your advance and net you royalties. I heard one author mention that her (Big 5) publisher gave her 6 cents royalty on a $9.99 ebook deal, which means they'd make about $6.94 per sale. So if her advance was $5k, the publisher made that after 720 sales. But only $43.20 counted towards her advance. In fact, it would be 83,334 sales (at 6 cents going towards her) until she earned back her $5k advance from ebook sales along, during which time her publisher would have made $578,333.34. Sorry for the long reply! I just know that a lot of authors feel like failures if they don't earn out their advance specifically because they think that means their publisher lost money on them, when that could very well not be the case.
As an advanced reader of "150 Self-Publishing Questions Answered" I am happy to share that it is informative and helpful. Well worth it, and should be read by all up and coming authors. (And, no, Micheal didn't ask me to do this, I just think it is a very good source of information.)
You've got me convinced! I'm a control freak. Thus: self-publishing. Also, I didn't know about the non-compete clause. That's important to consider. Thanks for this useful video, Michael!
I REALLY appreciate this video. May you please provide of video that goes more in depth on the law side of things? Honestly, after looking at so many videos on self- publishing, I think yours is the only one I've seen that provides information on the legalities of everything. I am interested in the copywrite info and who takes over after. Also, interested in getting information on how one would get started with creating an audio book for one's book that is self- published.
Wow! This is by no happenstance, you have no idea how much this information means to me. This is my first project/experience as a new author. I am finalizing my book now, it has taken me nine (9) years to complete the writing process along with my book of poetry. I have been so frustrated trying to subjugate this dilemma, long and behold, God has led me to the nature, experience, theory and philosophical components of you advice/suggestions. Thank you so so much. May your journey continue to be Rich & Successful as your Heart Spirit and Soul! I am sure that you are Truly A Blessing to Many!!!!
That was far from boring. I found it engaging and informative. I've been struggling for years to get published, with little progress. I was recently connected with a vanity press, but was worried I was being conned. This video provided information I need to feel more assured as I venture further. Thank You.
Thank you soo much for this. It was truly helpful, especially for an aspiring novelist such as myself who up until now only thought that Traditional Publishing was the route to go. Thank you again so very much, God bless you.
I'm listening brother thank you so much! Great food for thought. When I'm closer I'll be looking into that organisation and thanks for sharing the legal side. This definately was the typing point thank you so much!!
Hey! I wish I found your channel earlier! Very comprehensive and insightful. And simple enough for me to understand (english is not my first language). Subscribed and binge watching right now :-)
This was excellent, especially the legal stuff. It seems that unless you are a silver-tongued devil or some sort of already succesful writer, wrestling for control is near impossible.
Absolutely excellent and spot on, Michael! Happy to watch this thru the bitter end! LOL One question- if the copyright lasts your lifetime + 70 years, does the author's estate/next of kin have the rights to the royalties? Always wondered this.
I just subscribed last week! Your content is really helpful and great. Also you have a really nice personality and I like the way you talk, it just makes me feel happy 😆
I have a question about the "do not compete" clause. I have multiple WIPs and honestly none of them fit into the same subgenre of SFF. Would signing with one publisher prevent me from selling a book in a different subgenre to a second publisher?
Possibly. The wording in the clauses is usually so vague that anything could be considered “competing” with the publisher. That’s why a lot of writers have to write under different pen names to get around the clause.
