Authors Abuzz About New HarperCollins Plan
The literary blogosphere erupted last week after HarperCollins announced that it is creating a new publishing start-up venture with a strategy to minimize some of the business risks trade publishers now face. Specifically, the plan envisions a new publishing model in which authors would receive little or no advances and booksellers would no longer be able to return unsold books as has long been the practice. In place of advances, authors would receive 50 percent of the royalties earned.
Not surprisingly, some authors viewed the plan as heretical. Others, however, noted that in view of the challenges facing the trade publishing industry, fresh thinking is long overdue.
By nearly eliminating author advances, HarperCollins’ new publishing unit aims to attract authors who might otherwise be considered too risky. Those include new authors who are yet unproven and successful authors interested in writing different kinds of a books than what they’re known for. The publisher plans to release about 25 books a year in multiple formats.
It is unclear how retailers ultimately will react to the prospect of getting stuck with unsold books. These aren’t good times for most booksellers, as was evidenced by reports that the second largest book retailer, Borders, is strapped for cash and may sell the business. Conceivably booksellers might demand a larger cut of the sale if they can no longer send returns back to the publisher.
