Again, that’s not a loan that needs to be paid back, but it’s advance that needs to be worked off - or, in the parlance of the industry, it needs to be “earned out.” You’ve been paid that amount, but you haven’t earned anything back yet. Some pay half on signing, some pay a percentage when the author completes the bio and marketing forms, Random House wants to pay a portion when the book flips from hardcover to trade paper, etc.) So when your book releases, you’re now in the red $15,000 with the publisher. (That said, there are a million ways to divide the advance. Typically you’d get one-third of this on signing, another third upon turning in the completed work, and the last third upon publication. Let’s say the contract calls for a total advance of $15,000. This isn’t free money - it’s sort of a no-interest loan that will be earned back after your book releases. There’s a long tradition of publishers paying advances to authors, since it allows the author to survive while he or she is working on the book. First, when you sign to do a book with a legacy publisher, most authors are paid an advance against royalties upon signing the contract. Someone wrote me to ask, “What does an average first book deal pay? And can you explain how money is paid on a traditional publishing contract?”
We’re doing “Ask the Agent” this month - your chance to ask that question you’ve always wanted to discuss with a literary agent.
ApAsk the Agent: What does an average first book pay?
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