Random Surprises in Publishing

As a new author, there has been a lot to learn, and my journey is only beginning. Here are some of the things I’ve learned in the last year since joining Pitch Wars, signing with an agent, and getting a book deal.

Disclaimer: Most of this is based on my experience with a Big 5 publisher. Some of it is from talking to other debuts. As with everything in publishing: everyone does things differently. This is what I have experienced, but it is not representative of all experiences.

All Caps Titles

If you’re online, you’ll know this one, but using all caps on titles isn’t just for queries, and it’s not just because Twitter won’t let you italicize. Even in emails, the industry people write the title in all caps. Or maybe it’s just because everyone is screaming about the book.

The Contract

I remember signing my agency agreement. I don’t deal much with contracts in my job as a teacher, so I wasn’t sure what to expect of a publishing contract. I guess I was expecting it to be similar to my agency agreement, which was a few pages long. Pretty standard. I opened up contract from Penguin Random House, however, and it was over twenty pages. On legal paper! I was not prepared. 

My UK contract was slightly shorter and easier to read through, but it was still longer than I anticipated.

Those of you who deal with contracts regularly are probably laughing, but I was surprised.

PM Codes

Publisher’s Marketplace is the industry’s way of announcing deals. I used to see the announcements on social media all the time, but before Pitch Wars, I didn’t know how to decode them. In case you don’t know their coded language either, here it is:

“Nice deal” $1-$49,000

“Very nice deal” $50,000-$99,000

“Good deal” $100,000-$250,000

“Significant deal” $251,000-$499,000

“Major deal” $500,000 and up

Why is a “good deal” more than a “very nice deal”? I can’t answer that! But I can tell you that if someone gets a multi-book deal, it’s all reported in one deal. So if someone has a two-book deal for $50,000 for the first book and $50,000 for the second book, it would not be a “very nice deal,” but instead a “good deal,” because together the deal equals $100,000.

Money, Money, Money

I’ve seen a few authors talk about money, and it has been very enlightening. So I’ll share some things I know, too. First, any given advance an author makes can look like a big chunk of change, especially depending on your area’s cost of living or life experience. But regardless, what an author makes is less than what the sticker price shows. Many books will boast a “six figure deal” but how does that translate for the author? Let’s take that example of $100,000 because it makes the math easy, and I’m a big proponent of easy math.

First, an agent gets 15% right off the bat, and in my case, the publisher pays my agency directly that percentage. Then there are the good ol’ taxes for the US of A. It’s advisable to hold back 30% for Uncle Sam, but we did 35% just to be safe, and I’m glad we did. Between taxes and agent payment, that’s 50% of the payment right there.

Still, the author gets $50,000, right? Well, yes…eventually. Many payments are divided up to give the author half upon signing and half when the book is published. For bigger deals, like six figure ones, the payment is usually divided further. Sometimes it is 25% upon signing the contract, 25% upon delivering a completed manuscript, 25% upon finishing the edits on the manuscript, and then 25% on publication day. 

And remember: publication day can be two or three years out from when a contract is signed. Some contracts don’t make the last payment until a year after publication day. And that assumes everything goes according to plan. I have heard of books being delayed years because of edits, and there is no next payment until edits are done. Sometimes books are delayed because of the publisher, not the author, and that also delays a payment.

One other piece I did not realize, is that at least with a first book, you usually have the manuscript completed. That’s what the editor read and made an offer on. As a result, when you sign the contract, you can get your portion for signing the contract and for delivering a completed manuscript. Have a multi-book deal? If those are all in the contract, you are signing for all of them. This is why most author’s first payment is the biggest one they will receive from a deal.

And royalties? An author won’t see those until the publisher has made back their investment. That means they have to earn back what they paid you before you get any royalties, and a very small percentage of books ever “earn out.” The bigger an author’s advance, the harder it will likely be to reach this status.

Foreign Deals

I remember when I was on my first call with Molly, she told me the Bent Agency is known for the foreign rights deals. At the time, I was like, “Okay, sure. Like I’d ever get my book sold in other countries. I’m just hoping for one in the US right now.” 

I had no idea what to expect from foreign deals, but have already had so much fun learning.

First, a publisher can buy world rights, which means your agent no longer does any work selling that book in foreign markets. It’s now up to the publisher to sell it to publishers in other countries. The good news is that if a publisher sells your book in the foreign market, that money goes toward the book’s earn out status, which gets an author closer to earning royalties. The bad news is, you don’t get much say who they try to sell it to or how hard they push it.

My agent made sure to keep world rights and only sell North American rights to my US publisher. She then personally sold the book to a UK publisher within weeks. Because she sold this deal, she earned 15%. Then, working with some co-agents, the book was sold to Italy. Since a co-agent made the sale, my agent got 10% and the co-agent got 10%, which is why foreign deals are usually 20% deducted for agent fees. 

Here’s the fun part: I never have any idea when a foreign deal is going to pop up in my inbox. Molly will just send me an email out of the blue (Friday seems to be a busy day, for whatever reason), and tell me there’s an offer from another country and asks if I want to accept it! So far, besides the UK, she and her coagents have sold to four other countries. This has been a fun way to pass the time while waiting to announce the first deal and publication. 10/10 recommend.

There are three big book fairs that take place (Frankfurt, Germany in October; Bologna, Italy in March; and London, England in April). Many foreign deals are sold at the fairs. However, offers can come in at any time. Each country has their own unique tastes too. Not all countries have a big young adult market. Some are less likely to buy thriller. It all depends, and there’s still a lot of luck and chance involved.

I have also learned that some foreign contracts can take a little longer, and remember: money follows signatures, not offers.

One thing to note is that the US has some of the biggest publishing houses and markets in the world. As a result, they pay differently. Foreign deals are often fractions (sometimes itty bitty fractions) of a US deal.

Comforting Social Media News

Before Pitch Wars, I really thought my social media platform might play a role in getting an agent, but I have since been enlightened! While having five and six digit followers can help, a platform matters more if you’re selling non-fiction. In the fiction world, I have seen people with practically non-existent social media get an agent and a book deal. Likewise, many people have more followers than I do, yet don’t have representation yet. Agents aren’t lying when they say the book matters most.

Similarly, I have listened to several well-established authors discuss social media (including the dreaded TikTok), and while it’s clear going viral can help sales (looking at you, CoHo), those viral books go viral because of readers’ posts, not the author. And in many cases, the author’s social media presence has been harmful. The advice I’m hearing over and over is: participate in the platforms that work best for you and that you enjoy. Skip the rest.

Internal Launch

I had never even heard about this until months after I got my book deal. First of all, many publishers want a books’ revisions to be done a full year in advance of publication (mine are due April 1, 2023). This gives the marketing team plenty of time to market the book and build buzz leading up to its release. When does that all start? At launch.

A launch meeting is held once a year for each season. Since my book is scheduled to come out in Summer 2024, it will go to Delacorte Press’ summer launch meeting in 2023. Prior to the meeting, SILENT SISTER and the other Summer 2024 books will be passed around and read by the team. Then they create a marketing plan for each title, including how much of the budget might be spent where. 

This is why a lot of an author’s sales can be out of their hands. A lot is decided a year before the book comes out at a meeting we’re not present for. Of course, plans can always change!