5 ms·
"When her literary agent, Douglas Stewart, sent out the manuscript in January 2021, he felt in some ways as if he were introducing her for the first time. “Desp
by Paul_S 3y ago
"When her literary agent, Douglas Stewart, sent out the manuscript in January 2021, he felt in some ways as if he were introducing her for the first time. “Despite the fact that Gabrielle had several big successes before, there are people who had never heard of her before this,” he said.
A frenzied bidding war with 10 publishers broke out, and Knopf won, paying a seven-figure advance. Shortly after, an auction for screen rights drew 25 bidders, and Paramount Pictures bought them for $2 million."
How does this work? An unknown author suddenly gets bid on for loads of money before anyone bought the book?
"Knopf, which initially printed 60,000 copies, has reprinted the book 21 times to keep up with runaway sales. "
Company paid more than a million and prints only 60000 copies? How do they intend to make the money back?
This makes no sense to me.
Also, nowadays I don't believe in grass roots anything, what I believe in is clever marketing on social media.
- pavlov 3y agoAccording to the article, the book has sold almost a million copies since last year. So Knopf has definitely made their money back. The size of the initial print run only tells you that they were still working out the marketing campaign. Doing smaller runs first lets you experiment with parameters like cover and format and media campaign timing. It only makes sense to do a massive initial print run if the demand is both guaranteed and transient, e.g. a book that’s part of the national discourse right now but will be forgotten in six months.
- Paul_S 3y agoThanks. Now it makes sense to me to make a small run first before printing more. Doesn't explain why they immediately paid the author so much money. Are best sellers made by publishers by investing money in marketing it (like what this article is doing)?
- scandox 3y agoThis is how the industry works. People make bets based on their estimation of how a book is going to fly...and nobody really knows for sure. Andew Wiley (a well known literary agent) also makes the observation that the bigger the advance the more assiduously the publisher will work to justify it.
- hgsgm 3y agoIn Hollywood this is called "buying your gross". Marketing costs are a major portion of revenue for a blockbuster.
- CydeWeys 3y agoThis is how the publishing industry works. Authors get a guaranteed up-front advance and then also a backend residual dependent on performance. In fact this is how many industries work; as an engineer I get an up-front guaranteed salary, but then I also get bonuses and stock refreshers in arrears as reward for good performance. As for why the industry works like this, this is the income that professional writers live off of. Most of them aren't coming out with even one book a year, and they need some form of guaranteed income to live off of. The publishing company is fulfilling a role here not too dissimilar from VCs, potentially losing money on most bets that don't win big but then hitting the jackpot on something like this novel. It's risk aggregation; what works for a profile of many bets is not good when you're the author with one bet.
- sidewndr46 3y agoDoes that explain why every surplus store winds up with so many copies of politician's autobiographies right after they leave office for good? I'll never forget as a kid seeing aisles & aisles of nothing but Bill Clinton's "My life" for $2 per copy or something like that.
- kraussvonespy 3y agoPolitical books are a different animal than other books. You'll find political donors buying a huge number of copies to propel the book to the top of the charts to make a political statement. (my ideas can't be crazy if 50K people bought my book on the first day!) Politicians use the books for fundraising and can end up with a lot of surplus books. I suspect that the donors that purchased Clinton's book needed to free up some garage / warehouse space and dumped them when they were no long a useful political tool.
- soneca 3y agoShe might be initially unknown to some publishers, but her introduction by her agent is really effective: ”She is a published author, who sold hundreds of thousands of copies and won some awards with her previous books” That’s a lot different from a real unknown that had never published a book.
- tough 3y agoYeah like -she wasnt' famous and now we made her so or whatever
- CydeWeys 3y agoRead the entire article. This is her ninth published novel, and some of her previous novels have sold hundreds of thousands of copies. And I've heard of at least one of them, Elsewhere. She's not unknown in literary circles.