Bill McCoy comments about the recent Wired article describing the success of a self published novel Daemon. Bill points out that ultimately Daemon only sold about 1200 copies and that in the publishing trade, sales of less than 5000 copies would be considered “misery”. Further, a typical successful mid-list novel would sell 3500-7500 copies in hard cover and another 10,000 or so in paperback. Bill draws the conclusion that this suggests the rumors of the death of the trade publishing industry are greatly exaggerated.
Now, as it happens, I don’t think the trade publishing houses are likely to die anytime soon, but I do think Bill is a little too certain that the disparity in sales provides as much comfort to the industry as he thinks.
Consider the situation from the author’s perspective. He’s written a book that he’d like to get into the hands of readers and he’d like to make some money for his trouble. He has roughly two options:
He can go the traditional route. If he can find and agent, and if that agent can sell his book, he can expect roughly $5000 as an advance against royalties. Given the typical mid-list numbers above, and a simple royalty formula of 10% of the the wholesale cost of the book, our author will either just earn out his advance or maybe see a few more dollars. In any event, his book is likely to earn him about $5-6000. And there’s always the possibility that the book won’t sell — either because it’s not a very good book or because the publisher didn’t market it very well (something completely out of the author’s control). In that case, it becomes significantly less likely that our author will be able to interest a publisher in another book.
Or, our author can self-publish as did the author of Daemon. If he can market it he might sell 1200 copies (today that’d probably be considered quite a success) It’s not clear how the finances break down for Daemon, but let’s assume that the author is making $3-4 per copy. With POD that’s not out of line for a $15.95+SH book. At 1200 copies, he’s seeing reasonably similar dollars in his pocket. Now, he’s had to put significant effort into marketing (though these days it seems that the successful traditionally published authors are also doing so). On the other hand, his downside risk of harming his ability to sell future books is negligible. And he’s gotten his book out there. Even if he only sells 500 copies, that’s 500 more than he would have sold if he couldn’t interest an an agent or a traditional publishing house as the author of Daemon couldn’t.
So, what does our author do? Well, it depends. If he’s got a novel that lends it self to a targetable audience (say a mystery novel that focuses on quilters and quilting) and some marketing skills, going it alone might make sense. Especially if he’s got ways to leverage his book (say partnering with a quilter to sell quilt patterns based on the MacGuffin in the book). It’s not for everybody, but it is an alternative. It’s also an alternative that may leave him in a better position to respond to a changing market. And it gives him somewhat more control over his book.
The point is, the author of Daemon probably made as much money self publishing as he would have if he’d been published by a traditional publishing house.
Now you might say that this is no skin off the traditional publisher’s nose. They’ll just keep looking for the next King or Rowling and keep on keeping on. That might work. The question is, do these alternative means of distribution shrink their available pool of talent over time? And, is the woman who just bought the latest novel from that author who posts on her favorite quilting forum going to spend more money on the latest Oprah Book Club wannabe?