From The Miami Herald:
The publishing world is being upended, and reinvented, by people like Hugh Howey, Ily Goyanes and Kristy Montee.
They are part of a movement using the power of e-books and the Internet to lead publishing into a new frontier, and through the biggest upheaval of the industry since Guttenberg’s press.
“It’s the Wild West,” Montee said. “It is literally changing at the speed of light.”
. . . .
Montee is a Fort Lauderdale-based writer better known to her readers — along with her sister and writing partner, Kelly Nichols — as P.J. Parrish, the pseudonymous author of the Louis Kincaid and Joe Frye thriller series. She’s among the new “hybrid authors,” with a foot in both traditional and the self-published worlds.
“For a long, long, long time in our business anything that you published yourself just had a stench of amateurism about it,” she said. “That was just for desperate people who couldn’t make their way through the labyrinth of the New York system, so they resorted to paying pretty much scam artists to publish their books for them at great expense. And then, Amazon came out with the Kindle, which pretty much changed everything.”
. . . .
As a “mid-list author” with 13 moderately successful books to her name, Montee felt the pressure when her publisher began trimming its author list to reduce costs.
. . . .
She and her sister regained rights to two of their early books to re-publish and have a novella in the works they plan to self-publish.
The advantages, and the profits, can be huge. The downside, of course, would make a Vegas gambler sweat.
. . . .
Self-publishing, however, is a double-edged sword for most authors. It offers freedom and control over the product from beginning to end, and heftier royalty rates.
But it also strips away any possibility of an “advance” against royalties. Those too, though, are shrinking at most traditional publishers.
“The trend for bestselling authors is higher than ever,” said Salkind Literary Agency agent Greg Aunapu. “But for new authors, mid-list authors, the advances are going lower and lower.”
A book that netted a $50,000 advance just a few years ago would be fortunate to snag a $10,000 one now. “They say that 50 is the new 40,” Aunapu added. “Well, in publishing, $10,000 is the new $50,000.”
Link to the rest at The Miami Herald