Revamping Book Publishing: Who's Leading the Change?
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Chapter 1: The Stagnation of Traditional Publishing
The book publishing sector is often described as being "stuck in the mud," a phrase attributed to the renowned poet Conor McGregor. While his context was different, it aptly reflects the state of the industry. Fortunately, Unbound is stepping up to address these issues.
Unbound stands as the pioneering crowdfunding platform tailored specifically for books. It doesn't just help authors secure funding; it also acts as a publisher, creating a viable business model that challenges the status quo.
Section 1.1: Understanding the Flaws of Conventional Publishing
The primary flaw of traditional publishing lies in the exorbitant overhead costs that ultimately burden authors.
When pursuing the conventional route, authors must endure a lengthy pitching process. If their work is accepted, they typically receive an advance, which must eventually be repaid from their book royalties. Unfortunately, this means that after investing significant time—often years—into their writing, authors are left with only 10-12% royalties on each book sold, and that’s after paying back their advances.
It’s a flawed system, to say the least.
Subsection 1.1.1: The Unbound Solution
In response to this broken model, Dan Kieran and his co-founders launched Unbound in 2010, marking the advent of crowdfunding for books. Unlike other platforms such as Kickstarter, which operate on a commission basis (typically taking 5% plus additional processing fees), Unbound offers a comprehensive service that combines crowdfunding with publishing.
While not entirely democratic—authors must still pitch their book concepts to a panel of experts to gain visibility—Unbound's approach has proven effective. Over a decade, they have successfully raised £10,853,651 for 607 book projects, with an average funding target of approximately £17,880 (just under $24,000).
Section 1.2: Innovations and Opportunities in Publishing
The publishing landscape still presents ample opportunities for innovators. Companies like Damn Gravity are pioneering the partner publishing model, blending their marketing skills with publishing expertise.
Scribe Media, founded by Tucker Max, has emerged as a significant player in performance-driven publishing. They provide comprehensive packages that encompass ghostwriting, publishing, and crucially, marketing both before and after a book's launch. Notably, their work with David Goggins' "Can't Hurt Me" exemplifies their successful strategy. Scribe reportedly generates over $1.3 million monthly and continues to expand rapidly.
Chapter 2: The Future of Author-Focused Publishing
With the rise of author-centric companies that offer extensive marketing support, we are witnessing the next wave of influential players in the book publishing domain. Are you ready to identify and seize new opportunities?
The first video titled "How to Repair & Rebind a Damaged Paperback as a Hardcover Book" provides valuable insights on preserving your books, showcasing effective techniques for restoration.
In the second video, "Don't Listen to These Bad Takes on Book Publishing," the discussion centers on navigating common misconceptions in the publishing industry, empowering authors with accurate information.