From author Donna Fasano via Kobo Writing Life:
I spent nearly 20 years writing for a big name publisher. My 32 published romance novels won awards and sold over 3.5 million copies worldwide. I am forever indebted to the editors who helped hone my craft, and the royalties I earned put both my sons through college, paid for an unforgettable family trip to England, and garnered me some bling. With all of that said, working for a publisher wasn’t all sunshine and roses. Although I signed my contracts with eyes wide open, I had no idea just how paltry those 2-6% royalties were, and I didn’t receive a single raise in all the years I wrote for them.
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I read about authors who were acquiring the publishing rights to their backlist titles and self-publishing those books, and, even better news, they were finding readers and making money. I immediately became interested in the idea. I requested the reversion of rights (more on that later) to my first 11 books and my publisher complied, so I have spent the past couple of years updating, editing, and expanding those manuscripts, and I’ve succeeded in self-publishing nine of those backlist titles as well as one never-before-published novel. I’ve become an Independent Author—an ‘indie’—and I haven’t looked back!
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How has the title Indie Author altered my life? There are good changes and not-so-good ones. Some of the best:
Freedom. I can write whatever I want.
Money. I earn 35-70% royalties (compared to 2-6% that I’d been paid before).
Developing new talents. I’ve taken a self-taught crash course in book formatting, marketing, blogging, and social media; and I’ve discovered that I’ve got quite a knack.
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Every publishing contract contains a Reversion of Rights clause, which defines the criteria under which a book is deemed ‘out of print’—in other words, when the licensing term expires and all rights revert to the author. The clause also outlines what actions must be taken in order to have the rights reverted. Years ago, authors rarely requested reversion because the chances of finding a publisher willing to accept a previously published book were slim. However, in this digital age and with the boon of self-publishing growing by the hour, that has drastically changed.
Link to the rest at Kobo Writing Life