STATUS: I spent four hours on the phone doing a variety of phone conferences. Maybe I should rethink a headset.
What’s playing on the iPod right now? IF YOU’RE GONE by Matchbox Twenty
In this year alone, my agency has done over 20 foreign rights deals. That’s a lot for an agency of our size. After all, we only have about 30 clients.
And here’s an important facet I’m noticing. Foreign publishers are now asking for electronic rights to be included in the translation deal. No surprise given all the recent developments in the electronic field but until this year, almost no foreign publisher asked for eBook rights for a work in translation.
That’s all changing and fairly rapidly. In fact, some foreign publishers are preemptively sending addendums to add the e-rights to their agreements. Which cracks me up enormously. I don’t mind accepting but only after a significant revision of the “addendum” and a negotiation of the rate.
But here’s what you need to make note of. The royalty rates being offered by foreign publishers for eBooks is all over the place. On the higher end, it’s 25% of net receipts. The emerging standard that I don’t agree with and fight it every time seems to be 20% of net receipts. I’ve also seen as low as 10% of net offered (heck no that ain’t happening) and I’ve also seen 15% of net which is way low as well.
So you published authors need to review those foreign rights deal memos you receive (if World wasn’t granted to the Publisher because than the Publisher subrights department negotiates the foreign deals and you probably won’t see the deal memo until after the fact).
Check if eRights are included and if you’re not sure, ask your agent. And if they are included and the rate seems low, you might also want to have that convo with your agent.