There Were More Six-Figure Book Deals in 2024
Every quarter Publishers Marketplace — the primary source of news within the traditional publishing industry — shares important data based on the book deals that have been announced.
And the third quarter report was a doozy.
For context, the general consensus at the beginning of 2024 was that publishers were trying to slash as many costs as possible.
The main reason for that was inflation, but also: pressure from shareholders.
That’s right. Even though traditional publishers are purveyors of art and culture and creativity, they are also multinational public corporations that behave . . . well, like multinational public corporations.
Hence the focus on profitability.
However, that seems to have turned around the collective ships a bit.
According to an email sent out October 15, Publishers Marketplace showed that:
U.S. deals were up 7.5 percent over last year.
Adult nonfiction rebounded fully, up 16 percent, to set a new record for the period
And most notably —
Six-figure deals and what they call “major” deals (over $500,000) were at all-time highs
So what does this mean for you?
Unfortunately not all that much.
By the time you get this email, it will be December — when the majority of literary agents have paused sending projects to editors at big houses because everyone is preoccupied with the holidays.
However what this is a reminder of is an essential truth in publishing: Everything is cyclical.
Sure, spending might go down for a bit.
But publishers need to acquire new books to function, so the money always starts flowing again.
What you need to know as an author is that the best way to get a book deal is always the same, regardless of broader economic conditions or whatever trend is happening within publishing.
Have a proven idea for a book (what I call potential)
And a way to sell that book to a defined audience (known as author platform)
That you can articulate in a book proposal (hopefully written by me and my team)
