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EPISODE 21: Money, Money, Money (In Publishing)
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In this episode of Wayward Writers, hosts Heather Cashman, Stephanie Bearce, and Nikki Jacobsmeyer delve into the often avoided topic of money within the publishing industry. They emphasize that this conversation is not legal or financial advice, but rather an authentic discussion about the financial struggles authors face. They explore the differences in income between traditionally published and indie authors, with traditionally published authors earning a median income of $10,000 and self-published authors earning around $24,000. The episode also covers advance payments, the complexities of earning royalties, ways authors can supplement their income, and the challenges of becoming a bestseller. The hosts stress the importance of realistic expectations, knowledge, and continual hustle in the publishing journey.
00:00 Introduction and Disclaimer
01:41 The Reality of Author Incomes
05:24 Understanding Advances in Publishing
07:16 The Evolution of the Advance System
12:46 Earning Beyond Book Sales
18:08 Royalties and Earnings Breakdown
23:51 Becoming a Bestseller
27:54 Foreign Rights and Film Rights
32 episodes
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