I keep going back and forth on whether to self publish my next book or seek traditional publishing. It does seem like a gamble either way. Headed to a writers conference this weekend so maybe I’ll get some clarity there. Thanks for always sharing valuable info!
A very interesting article, Joel. What I find astonishing is that most people (non-writers) seem to think that having a book published opens the door to untold riches (I wrote about this as part of an article about ultracrepidarians: https://terryfreedman.substack.com/p/beware-the-ultracrepidarians) As far as I am aware, every piece of research, no matter what the source, comes out with similar figures, or at least a similar picture, which is that most books don't sell much.
Thanks, Terry. As an author, it’s a humbling realization. Some of my books have done better than others, but none have knocked it out of the park.
Another angle on low sales is what Virginia talks about above—the advance. Publishers are gambling on buyer taste, and the size of their gamble is reflected in the advance. The number I heard most often at Thomas Nelson was that about 75% of books lose money for the publisher. The big wins are when a publisher bets small but the sales are massive.
Your guess is pretty accurate. That’s pretty close to the thousand figure above: “66% of those books from the top 10 publishers sold less than 1,000 copies over 52 weeks.”
I keep going back and forth on whether to self publish my next book or seek traditional publishing. It does seem like a gamble either way. Headed to a writers conference this weekend so maybe I’ll get some clarity there. Thanks for always sharing valuable info!
Me too, actually. I’m shopping a new proposal right now and getting nibbles but no bites. Keeping my options open.
Well good to know the expert is in the same boat! What’s your book about?
It’s a book about—believe it or not—books.
I’m in! 📚
Also, do you do any freelance work? I’m looking for someone to edit my book proposal.
A very interesting article, Joel. What I find astonishing is that most people (non-writers) seem to think that having a book published opens the door to untold riches (I wrote about this as part of an article about ultracrepidarians: https://terryfreedman.substack.com/p/beware-the-ultracrepidarians) As far as I am aware, every piece of research, no matter what the source, comes out with similar figures, or at least a similar picture, which is that most books don't sell much.
Thanks, Terry. As an author, it’s a humbling realization. Some of my books have done better than others, but none have knocked it out of the park.
Another angle on low sales is what Virginia talks about above—the advance. Publishers are gambling on buyer taste, and the size of their gamble is reflected in the advance. The number I heard most often at Thomas Nelson was that about 75% of books lose money for the publisher. The big wins are when a publisher bets small but the sales are massive.
Yes, definitely. I think for most of us the main reason for writing a book is not necessarily financial.
That figure didn’t seem right. I’d guess more like 750. Ha ha.
Your guess is pretty accurate. That’s pretty close to the thousand figure above: “66% of those books from the top 10 publishers sold less than 1,000 copies over 52 weeks.”