Author advances cut by as much as 50%
Authors taking pay cuts of up to 50% | theBookseller.com
Except for the hugest authors. Dan Brown, JK Rowling, Patterson, etc. can expect to see their advances increase in size.
Authors have seen their advances drop over the past year, with some facing cuts of as much as 50% on new book deals. But deals for bestselling authors are "bigger than ever".
Earlier this week Little, Brown author Iain Banks spoke publicly about taking a pay cut, telling the Guardian: "I'm getting less money for my next book contract. But I've heard of writers having their advances cut by 80%, and others getting nothing." Agent Mic Cheetham, who represents Banks, said: "The climate has changed. I think it's called 'a haircut'—a little trim. You have to look to keep the haircut to an absolute minimum."
Clare Alexander of Aitken Alexander said: "For an established author who is not a bestseller, the advance may be down by as much as 50%, or books may not be being bought at all. The decline has been very steep since the end of last year." Mark Le Fanu, general secretary of the Society of Authors, also estimated the drop in general author advances at 30% to 50%.
I am, right this second,