STATUS: Auction tomorrow. Always fun.
What’s playing on the XM or iPod right now? FADE INTO YOU by Mazzy Star
Here’s a contract tip that is both simple and yet can have a large consequence if not done.
As an agency, it’s been a long-time policy for our deals that publisher must specify initial publication format in the contract. For example, if a publisher wins a book at auction and part of them winning was a commitment to doing the book as a hardcover (for example), then when it comes time for publication, we don’t suddenly want the publisher to do the book as a trade paperback original instead.
One reason for this has to do with the author’s ability to earn out an advance. If a publisher paid a solid six-figures for something, the author is going to need the hardcover sales (with the higher price point) to earn out. Not to mention, with a hardcover initial edition, the author gets two publishing shots toward earn-out as the publisher, as a general rule, will publish the trade pb edition about a year later.
Here’s another reason for specifying format of initial edition. As agents, we want to ensure that a publisher will do both a print AND electronic edition and not just publish a digital-only edition if that was not the original intent for accepting deal/contract. (Sidenote: Obviously, if an agent is selling a title to a digital-only publisher, then ebook only as initial format is understood.)
In this rapidly changing publishing landscape, and the rise of ebook sales, it is conceivable that a publisher buys a book with the intention of doing both formats and then decides later to not do the print edition and publish it only as an ebook.
I have not heard of this happening–yet. But why chance it?
Part of our job is to anticipate possible issues.