Traditional publishing isn't dying. It's CHANGING.

I didn't have "former big 5 CEOs start hybrid house" on my 2024 trad pub bingo card, but here we are. What do you guys think about Authors Equity?
Publisher's Weekly article: www.publishersweekly.com/pw/b...
Authors Equity: authorsequity.com
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[@TXVETJEB]

From your description, this doesn't solve or improve the major failing in the traditional publishing business model. That prblem is two fold. 1. How do they intend to improve the win % of the books they bring to market? And 2. What level of marketing are they committed to bring to each book they produce. If authors buy into a higher rate per sale with no guarentee that the publisher will do the needed marketing then they are buying a pipe dream. This is a partnership. Authors bring the product, and the publisher MUST bring the marketing. If they don't, this will do nothing good for must authors.

[@MichelleSchustermanAuthor]

Well, it may just be lip service but it sounds as if they are addressing that issue with their statement about "long term collaboration and "bespoke teams" for each author (those teams including marketing/publicity).

[@h.a.s.7336]

@@MichelleSchustermanAuthor @TXVETJEB I would have a hard time trusting the marketing efforts of Authors Equity when the brand name sounds very B2B. Though I am familiar with the age old debate on whether buyers of books even pay attention to publisher names, I am one who believes publisher names have always added to the author's brand. However, I think the future of publishing will probably be much more micro, indie-oriented. Beatrix Potter, Jane Austen, L. Frank Baum and many more timeless names self-published. Many book buyers do not realize that it's a very old biz model.

[@FaintImpression]

@@MichelleSchustermanAuthor Those two things seem to contradict each other though. If you build a fabulous team but they're all freelance how can you gurantee they'll even be availlable for your next book? I'm not sure how you can build anything long term on precarious staff employment

[@DaisyXMachina]

Book View Cafe is an author publishing cooperative that's pretty interesting (the authors help each other with editing and other duties). They've been around since 2008 and are still publishing, so it hasn't crashed and burned. Some of the authors are familiar to me (Sherwood Smith Katherine Kerr), not to mention one of the founders was Ursula K. Leguin.

[@MichelleSchustermanAuthor]

Holy crap! That's amazing, and I can't believe I hadn't heard about it. Very cool!

[@shebreathesingold8043]

Do you think you could do a video on Book View Cafe, Michelle? I love your thoughts on groups like this.@@MichelleSchustermanAuthor

[@kevindenelsbeck7444]

More good news to check on -- Brandon Sanderson's little arm-twist of Audible. Daniel Greene has a video on it.

[@wordsofstarlight]

There's nothing like a Michelle video to make me happy. I have to admit, i had to pause, google and hope this doesn't sound too good to be true. It would be amazing, if for once, authors got the support they deserve with a team fully incentivised to promote every book. I will definitely be following this for more details! 🤞🏾🤞🏾🤞🏾 Thanks Michelle!! ❤

[@MichelleSchustermanAuthor]

I totally agree - and thanks so much for watching!! :)

[@XSaraJeanX]

This sounds like the same articles that came out in 2011 when Entangled Publishing started and they are thriving at least from the publisher side. And with their launch and massive success of the Red Tower imprint the last couple years, it wouldn't surprise me that others want to capitalize.

[@MichelleSchustermanAuthor]

Interesting...it's been so long, I kind of forgot how 'new' Entangled's model/approach was back then...

[@MeredithSchorr]

This concerns me because as someone who initially published with a small press with higher royalties but no advance, my experience was that the publisher had nothing vested in the success of the book without paying for it upfront. It didn't really matter how well the book sold because they barely paid anything for it other than editing and cover art. I've since sold three books to a big five with an advance which gives them incentive to actually push the books. And even if they don't, at least I've already been paid. Then again, my small presses were digital only, so the overhead was low. If this new publisher will have actual print distribution and act like a big 5/major traditional publisher, it will be more costly and they will have actually invested in the book. But I'm still not sure I ever want to publish without an advance again.

[@oldguyinstanton]

As a first-time novelist, I am dreading the search for a publisher, after I finish the novel. So, this is a fascinating subject for me. Thank you for covering it. Also thank you for reporting it in such a clear, precise, logical, and balanced manner. In a sea of mediocre YT writer advice videos, your presentation stands out. Subscribed and upvoted! And site bookmarked.

[@momo_genX]

I am about to look for an agent and submit my debut novel, and I am glad that I found your channel while learning about traditional publishing. I think this may fix some things. As long as this new publihing house isn't pushing crap books in trends just for money this could be one of the best things for publishing. I believe a lot of great art is being dismissed today to push trends.

[@MichelleSchustermanAuthor]

Yep, I agree. And good luck on your query journey! :)

[@alwaysapirateroninace443]

Another good author channel is Alexa Donne. She's how I found Michelle! Also, Jane Friedman's blog.

[@momo_genX]

@@alwaysapirateroninace443 thank you. Satire!

[@hunterhatfield7157]

I need to know more as well. Right now it sounds like a company that will strip its ongoing costs to the minimum (lower salaries for freelance staff, no need to pay for medical insurance or unemployment, no advances to authors) that will function by selling works by already famous authors who can sell with more dependable marketing costs. For established authors, this could be promising: They already have funds to write the next work and they get to keep more of what they sell. The execs keep more too due to lower ongoing costs. I don't yet know how this would work for new authors, and I don't know if it will work for marginalised authors who often need the advance to have the time to write the next work. So... highly skeptical but I'll listen!

[@MichelleSchustermanAuthor]

Fantastic points. Heck, straight up self-pubbing would be more lucrative for Big authors. So what's the value here for the midlister?

[@hunterhatfield7157]

@@MichelleSchustermanAuthor This is an honest question I've had, too. I've been VERY interested in authors who sold very well self-published who then still went for the traditional publisher when an offer came (for example Travis Baldree of Legends and Lattes). They must still see strong value in the publisher even after selling tens of thousands self-published.

[@manestreambeauty]

@@hunterhatfield7157 It seems like strategic partnership for established authors specifically (distribution, fulfillment and publishing expertise). Authors get to focus on writing and the publisher handles logistics and marketing.

[@manestreambeauty]

@@hunterhatfield7157 It seems like strategic partnership for established authors specifically (distribution, fulfillment and publishing expertise). Authors get to focus on writing and the publisher handles logistics and marketing.

[@FaintImpression]

@@hunterhatfield7157 Travis Baldree got a huge deal (seven figures) to go Trad. So that's one benefit, money up front and a guranteed income. Also a lot of self pub authors have talked about the things agents or publishers can do that they can't like managing subsidary rights (translations and movie/TV etc) as well getting better distribution in physical book stores (travis didn't really have this problem but some others do)

[@thefilipinojoe]

Sounds great. I prefer help with the publishing process. The next thing that needs to happen to drive positive changes is competition. Let’s see who’s going to be coming out of the woodwork to compete for the profits. I will be watching for this idea to grow.

[@Writer_Ash]

Hi Michelle, I watched the video and I don't think that's good news 😢, specifically for the team made of freelancers. What you describe, sound a lot like a project Organizational structure where the staff is divided by different projects AKA Books that's going to get published by the company. Once the project is done, what happens is the group project is disbanded and the members are generally relocated on the company's other projects. Companies who work with this structure are compagnies who have projects as their entire business model, the staff is permanent and receives their salaries no matter what projects they are working on. What make me frown upon this, is the fact that, they said that the staff that's going to work on one project is "going to be choosen by the agent and the author". This statement suggests they going to gather a list of talents, put them on call and present their works to the author. The author is going to pick and choose based on portfolios, Samples pages and probably what it said about them on the internet, the company will only pay the chosen ones that are working on the book, after the group will disbanded and they will be back on the list until the members get pick again by someone else. This allow for different teams with unique perspectives and combinations of skills but If they proceed this way, the freelancers staff will not be able to make a living at all, unless they keep the list small and put strong policies in place, to make sure they alway have some kind of work to do, but if that happens, it's exploitation because they are not willing to hired them and give them a stable salary when they make them work close to full time for less money. No matter how I think about it, all I see is talents wasted, is people walking away from the industry for good and possible lawsuits. They are also many questions when it's comes to the authors treatment regarding "the marketing aspects and help building the audience part" such as : What % of the marketing work are they willing to do? Does Marketing means they taking over everything, including the authors' social accounts? If so, what happens if they want to released a statement on the author's behalf that doesn't reflect who the author is as a person, but they think it will make fans more appreciative of the author? Can the author preview the materials they are going to used to promote their books and ask for modifications if something bother them? In case of conflicts, Who take the final decision: The authors or the publisher? What happens if the book, despise the marketing they provide, is not successful? Does that mean the author doesn't make any money on this release? I'm not saying that can't work, All I'm saying is they have a lot to plan to make this new venture something outstanding and incredible for the Employees, the Freelancers and the authors.

[@manestreambeauty]

I'm curious about the non-compete clauses in the founders' contracts. Given their previous roles, it sounds like Authors Equity is combining the best elements of traditional and indie publishing, without the overhead of a big five publisher. "...offering no advances but paying authors a high percentage of a book's profits" which is a percentage of money AFTER expenses are deducted. High percentage compared to what? The author investors are likely part of the "fiction and non-fiction" roll-out.

[@MichelleSchustermanAuthor]

I'm really curious about this too. And actually, the investors aren't part of the roll-out - only Clear said he'd publish with them in the future, the others have contracts with their current publishers.

[@manestreambeauty]

@@MichelleSchustermanAuthor Maybe they are waiting for their contractual obligations to expire and plan to use Author Equity for future books. If they believe in it enough to invest, chances are it's part of a long-term plan.

[@randybrutsche3458]

I just attended, February 2024, a big writer’s conference in San Miguel de Allende, Mexico. Non official, about 100 - 200 attendees or so from what I think I saw. I sat down with the three attending agents for a half-hour each, one-on-one. I asked one of them about this very business model. Could I skip an advance for a bigger “back-end”? She said no, because the agent depends on 15 percent of the advance. I didn't argue then and thanked her and moved on. But clearly, if the agent looked at the entire deal and saw a bigger writer’s profit in the long run, to determine their standard 15 percent fee, that would spur them to be an advocate for this deal as much as a writer.

[@MichelleSchustermanAuthor]

Excellent point! I'm very curious to learn how the agent fits in with this model.

[@alwaysapirateroninace443]

The agent could take a percentage from each royalty check instead?

[@randybrutsche3458]

Exactly!! They can and do get 15 percent of everything, advances and royalties after the advance is earned back. I think I was either being gaslighted by the agent into believing in the old way of "traditional" publishing, or she didn't see the new business model coming. The agent I was asking this question to seemed very smart. Too smart to not see it. I have to think I was being gaslighted. But that's a cynical way to think, so who knows. One way she admitted that traditional publishing is no longer traditional is book signing tours. She wasted no time telling me publishers don't do that anymore unless you're already a superstar. And there is plenty of chatter about the lack of marketing in general. So the split of the profits deserves to be adjusted. @@alwaysapirateroninace443

[@JoeyPaulOnline]

This was interesting but it concerns me a little that it sounds a tad similar to vanity press,which is not where trad pub should go, but that could just be me. 😅

[@t0dd000]

I'm just happy to see an attempt to shake things up. Hopefully good things comes from it.

[@snapcrrracklepop]

So, there is no incentive to do trad if they all go this model. The entire point is to get an advance. This is companies trying to be CHEAP. Self-publishing already gives you more profit than trad. So at this point, self-publish and have 100% control of your work. This will fail.

[@mattie1478]

No advance and higher (typically fifty fifty) split on royalties is the business model of some small publishing houses and authors typically make way less money that way than from a big five advance. There are perks to going with a small indie publisher (I picked one over querying more agents after being rejected 50+ times) but money is not one of them. I think the main benefit of a big publisher is their distribution network and marketing capabilities and if they aren't willing to use those, authors will lose no matter the revenue sharing model.

[@brendanmcnally9145]

Yes, very exciting and intriguing!

[@nocturnus009]

Thank you so much for opening up the discourse on this. I saw the news & my reflex response was to hold my thoughts until after the weekend. Considering the Nikon acquisition of Red there is some FASCINATING overlap. The way all the photography KZbin channels have one take [🫠&🤦‍♂️] with Video channels have a take at the other end where of the spectrum [🥳& 👷‍♂️]. In business stories I imagine this is a Pronoia vs Paranoia problem. Both the Pronoia, Byzantine economic & the belief that everything is working FOR you.

[@EmmaBennetAuthor]

Thanks for sharing about this. Interested to hear what happens.

[@FaintImpression]

I just don't think any publisher that doesn't pay an advance or any kind of upfront fee can really be author centric. Author earnings or lack there of are one of the biggest issues in the industry. There are established authors who still rely on advance payments to be able to live and keep writing. How fast can they get these books out, how long after the deal will authors be working for free? Things need to change but this model is worse not better

[@rofernk4837]

Amazing Video. Please keep us updated.

[@MichelleSchustermanAuthor]

Thank you! Will do!

[@floragraves5167]

I don’t see this as good news and predicted they would and wanted to eventually switch to a vanity model

[@alwaysapirateroninace443]

I'm excited by this. It will be fascinating to see what happens in the next 5 + years. I hope the model helps support authors better than the traditional one, but also that the marketing will be as good as it claims it will be. We shall see!

[@kanashiiookami6537]

At face value it sounds great. But I wonder what will happen with the freelancer model they're choosing to do. Will they be cutting costs and not caring, or even preferring if the editors, cover artists and all that rely on AI? Will they guarantee legit services and pay what the editors/artists/etc are worth? This raises some questions. And I definitely need more info because it feels too good to be true. But if it is true, and if it is legit and no scams or shortcuts are happening and everyone involved gets paid fairly, and authors receive the proper marketing help and all that, this could be awesome. Here's hoping. 🤞 Anyway, best of luck with your work and travels. ❤

[@MichelleSchustermanAuthor]

Great questions! I'm also wondering how it works with agents. I'm assuming (maybe wrongly) that they'll only accept agented submissions. Is the agent involved in the investment? I'm sure there's a lot more to their motivation than lifting authors up. A friend of mine pointed out the big houses probably see the enormous success authors like Sanderson have self-dubbing and worry their big authors will do the same, so this is the first step toward 'keeping' them, if that makes sense. But that doesn't mean it can't help other not "big" authors too. I really hope it does!

[@cassie_hart]

It's so interesting and I'll be watching to see how it goes! I love that there are some serious players behind it, and have hope that this might mean better situations for trad authors. Maybe they were talking about... hmm, what was it called. Pronoun! That wasn't the same as this, but it was one of the bigger book producers distributing digital books for indie authors, it worked really well for a while, but then I think when they'd gathered whatever information they were looking for, they closed it down.

[@Avionne_Parris]

Wow. I've never heard anybody of that calibre and ilk joining forces to create a super trad pub house where the author > gasp < pauses for dramatic effect and to collect myself - is the top of the pyramid because we matter? WHAT?!? I'm curious to see what's gonna cpme out of this so I'll stay hopefully optimistic and keep my ears peeled for updates. Don't know how I feel about this yet and, heck no I'm not gonna rejoin Twitter X to find out :) We'll see what happens... Have a great week, Michelle! Hi Rosa :)

[@MichelleSchustermanAuthor]

Wild, right?? It really caught me off guard (and I definitely kept thinking, "what's the catch?") Very curious to see what comes of this, and yeah, I'll find discussions off ~X~ lol

[@afjkernow1808]

The author only top of the pyramid if they self publish, however for industry people to attempt this will only work if publisher works with the authors to restore trusted partnership model with freelancers being paid fairly for work done

[@katendress6142]

So many questions. I'm going to wait and see if this is truly the next phase of evolution for tradpub or the next entry on Author Beware.

[@MichelleSchustermanAuthor]

SAME

[@millerfamilytrees]

If they hire full-time project managers and only outsource editors to do the book editing and not the project management, this might work.

[@sebastianblack6552]

I have to admit I'm quite skeptical. To me this sounds like indie/big indie publishers pursuing a digital first model. The authors get bigger royalty, the publisher only salaries the core execs, and everyone else is a freelance or intern. There's no guarantee you'll get the same team for your next book, if it worked well. As for select titles getting distribution, I think it will be important to know what's meant there, if that means print distribution or ebook distribution only by going wide as indie authors can do. I have a hard time believing in the altruism of publishing, because at the end of the day it's a for-profit business. I wonder how much of this will be on-spec/IP work. And will only leads/superleads get the print distribution? Like you said, a lot more questions right now. I think they are trying to compete with the digital first publishers / indie authors in a way that reduces their financial overhead and risk (no staff, no print runs maybe). The thing is, as someone who has done digital first, it's still just as likely to get your pub date bumped and with zero advance, that's a very long time potentially working for free.

[@mariangriffin5197]

Pessimistically, it sounds like the author will get the proverbial short end of the stick. Optimistically, it's about time someone started upgrading traditional publishing. If you can call Author's Equity traditional publishing. Really need some percentages before committing.

[@akossiwak]

I'm skeptical but you're right it's not all doom and gloom and I'm curious to see where it goes.

[@MichelleSchustermanAuthor]

A little ray of hope :)

[@shebreathesingold8043]

Yeah, this is exciting. It's basically the model of doing any business. You have business partners. The traditional model, on the other hand, buys books and treats writers like they are less than the publishing company.

[@richardkeenan3079]

If traditional publishing has any hope of surviving their contracts are going to have to shift into being WAY WAY more favorable for the author. For 95% of new authors, Trad publishing currently is a very BAD deal! For those not like Brandon Sanderson and even he forced better contracts for his rights to his own kickstarter publications etc. and rights. I am going Indie and wont even consider the terrible Trad publishing contracts. I do believe Trad publishing is dead until they shift contracts and their fucntions to be WAY WAY more favorable to authors not themselves. Not just with the profit of royaltess. But also real time sales tracking, and daily ability to see results, sales and marketing tactics to shift. Way more transparency on a weekly basis for authors, the Trad system is comleteply flawed. But Trad also need to shift how the contracts try to claim the rights for the different formats of the authors IP and rights. Authors would be crazy to sign away all the rights that many trad publishers are tying up in their contracts. If Trad publishers have any chance of continuing their contracts and weekly business functions and transparency with the authors have to completely change IMO. Authors in Trad publishing even Brandon Sanderson are making WAY more money from the stuff they do independently INDIE efforts rather then the cuts they get through their trad sales. All in all, Trad publishing is a LOSE LOSE for Authors. Even Brandon Sandersons Indie Kickstarter CRUSHED what he makes through Tor. Rachel Aaron left her trad publishing for how much her Indie author friends. The Indie authors I know that were trad, now crush was they were making trad with what they are now making Indie. I do think Trad is going away unless their entire business model, and trasparency sales and marketing tracking with authors on a daily weekly ability, as well as rights and contracts have to completely change and sift. If this doesn't people need to just Indie publish.

[@HeatherSalterPurvesauthor]

This is an exciting change in traditional publishing, but if money flows from the author, I’d be worried go down that slippery slope, vanity presses

[@user-xx6vj7uf2n]

Speaking of new models for how publishing could work - I would be very curious to hear your thought on Bindery.

[@MichelleSchustermanAuthor]

I've not looked into that, but I will!

[@mattkingsbury9459]

A question. Pretty much every Google search result tells me that--as a would-be beginning author with no real foot in the door--it's always best to seek out an agent for representation first, someone who actually knows the market, the people, etc. Let's be real: finding representation at a literary agency is an uphill struggle in itself. I have the rejection letters to prove it. And no, that's not me raging at, "Oh, why doesn't anyone think I'm good enough" or anything. I get that you have to roll with the punches. But my question is: Does it matter, ultimately, whether or not the publishing world is "changing"--or even to what extent--if the most ideal "process" still involves going through a literary agency as the first step? There is a difference, after all, between a literary agency and a publishing house. They're two separate entities. At the end of the day, it still feels like you're always going to have gatekeepers every step of the way. Isn't that still the biggest roadblock to authors getting their works out there?

[@richardford1283]

Looks like they're aiming at a similar business model to Boldwood Books. No advances paid, but then the money that would have gone towards an advance is funneled into marketing. If they are going to ask authors to contribute financially then they can get in the sea.

[@chesterdavis27]

Sounds like they'll just grab some people from Reedsy and Upwork and present them as a "bespoke" freelance team.

[@jeffrey3498]

It looks like publishers are trying to mitigate their risk, placing it on the shoulders of the authors. It's kind of like going to a Dairy Queen, eating an ice cream, then paying for it later, or not.

[@b.t.3406]

Another New York company using words like ‘bespoke’ and ‘equity’? I’ll judge them on their results.

[@tomgrant3893]

Yeah, you find hybrids who aren't as transparent as they claim, they expect perfection and are intolerant of any mistakes no matter the reason, now I'm hearing there are likewise problems occuring that until now, I wasn't supposed to know about until I trry to publish a book. can someone tell me what they are so I cab beware. ,

[@coneil72]

I'm surprised the big name authors who invested aren't having their books published there. Not exactly a sign of confidence? Also, whatever happened to that influencer-driven publishing company where fans were going to vote on the books?

[@StingyGeek]

It will be interesting to see where they go with this, because right now I feel people are just going the e-route with the thought that trad publishing isn't delivering enough value to the author. That is, without value, why put up with their bullshit. If trad publishing is changing, it is probably a case of too little, too late.

[@justinelombardi5697]

IDK, call me a cynic, but I can't see CEOs from the big five actually shaking up the industry in favor of authors. I figure this will be yet another example of established high-end authors doing well and everyone else getting screwed.

[@iker7377]

'promosm' 🎶

[@JonathanRossignol]

All of this sounds like pipedream BS. People are just lazy, and would rather spend their time relegating tasks to other individuals than just rolling up their sleeves and getting stuff done. The more administrative positions a company has, the higher the cost of doing business and the lower the profits (this is business basics 101), not to mention "too many hands in the pot spoils the sauce". What superstar author (capable of generating cash flow with their intellectual property) is going to allow themselves to be used as a cash cow for this cockamamie business model?