A thread on advance payouts!
Say you have a $60k advance per book for 2 books ($120k total). You don’t receive all upfront. It’s broken into pieces, paid over years. So for this advance, let’s say it’s paid in thirds... #PublishingPaidMe
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What does this mean? Well say you sign this book deal in 2020 for a book that’ll publish in 2022. So let’s say the contract is finalized in 2020 that means you get $40k in 2020 for the signing of the contract (and again the contract is for both books hence the double amount)
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This means the revised first book, based on notes from an editor, will likely be due in 2021 which means you’ll be paid delivery and acceptance (d&a) in 2021. Okay so that happens and you get $20k for turning in the full final manuscript of book 1
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Then publication is in 2022 so if it’s a March publication you’ll get paid then and these payments are often automatically sent ... so you get paid $20k for book 1 publication AS WELL AS $20k for book 2 d&a IF book #2 is supposed to publish in 2023. Yay $40k in 2022.
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In 2023 you’re back to getting $20k for book 2 publication. And then hopefully you’re working another job or have something else on the side or a rich spouse/trust fund etc bc this really isn’t enough to live off
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If you have an agent the agent takes 15% which means you only get $105,000 total. But agents are worth it bc we usually get you a better overall deal and we manage your entire career and help you strategize long term
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And then don’t forget about taxes, be safe and put aside 30% and so yeah... as you can tell... this ain’t a lot. And that’s why people are having this convo bc it does matter
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And the payout changes based on advance size. Sometimes it’s 1/2 usually if it’s a larger six figure deal it’s 1/4s I’ve even seen 1/5s which I abhor bc omg come on but it happens
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If you want to read more about this highly recommend this from
@stdennard and@JoSVolpe breaking down advance and subrights etchttps://twitter.com/whimsicallyours/status/1173756053827325952?s=20 …Show this thread
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There's no 0s on advances in Aus and NZ either!
You gotta have a day job.
End of conversation
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(fall ‘23). she/her.