Tuesday, February 18, 2014

Hugh Howey: Why the Decision to Not Self-Publish is "Fatal"

Should you self-publish? The answer, according to Hugh Howey, is a resounding YES!! In fact, you'd have to be crazy not to.

A few days ago, Howey published an author earnings report that was eye-popping. After crunching the data on 7,000 bestselling e-books on Amazon, he not only discovered that Amazon was doing better than the Big Five, the authors were earning more as well.

This article contains great information about the financial side of self-publishing (with nice graphs and charts!). But not everyone agrees with the conclusions Howey draws. Digital Book World's survey appears to contradict the claim that self-published authors are earning more than those following the traditional route.
(Read survey results HERE.)

You should keep in mind that the data drawn from this sample was for Amazon books only. Amazon is quite successful at marketing its own books, which means ebooks from other publishers will not receive the same amount of publicity. This is also data taken from the authors themselves. Self-reporting is not the best means of collecting data, and neither are data drawn over a short period of time. (For an excellent critique of the Author Earnings Report by Sunita, click HERE.)

While it would be wonderful to have a clear-cut answer to the question "Should I self-publish?" it still comes down to weighing pros and cons. If you are impatient and want complete control over your book, then self-publish. If you are willing to wait, and want the pedigree and editorial guidance of a publisher's imprint, take the traditional route. 

If you want a lot of money, go to law school.
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Author Earnings Report

Written by: Hugh Howey

It’s no great secret that the world of publishing is changing. What is a secret is how much. Is it changing a lot? Has most of the change already happened? What does the future look like?

The problem with these questions is that we don’t have the data that might give us reliable answers. Distributors like Amazon and Barnes & Noble don’t share their e-book sales figures. At most, they comment on the extreme outliers, which is about as useful as sharing yesterday’s lottery numbers [link]. A few individual authors have made their sales data public, but not enough to paint an accurate picture. We’re left with a game of connect-the-dots where only the prime numbers are revealed. What data we do have often comes in the form of surveys, many of which rely on extremely limited sampling methodologies and also questionable analyses [link].

This lack of data has been frustrating. If writing your first novel is the hardest part of becoming an author, figuring out what to do next runs a close second. Manuscripts in hand, some writers today are deciding to forgo six-figure advances in order to self-publish [link]. Are they crazy? Or is signing away lifetime rights to a work in the digital age crazy? It’s hard to know.

Anecdotal evidence and an ever more open community of self-published authors have caused some to suggest that owning one’s rights is more lucrative in the long run than doing a deal with a major publisher. What used to be an easy decision (please, anyone, take my book!) is now one that keeps many aspiring authors awake at night. As someone who has walked away from incredible offers (after agonizing mightily about doing so), I have longed for greater transparency so that up-and-coming authors can make better-informed decisions. I imagine established writers who are considering their next projects share some of these same concerns.

Other entertainment industries tout the earnings of their practitioners. Sports stars, musicians, actors—their salaries are often discussed as a matter of course. This is less true for authors, and it creates unrealistic expectations for those who pursue writing as a career. Now with every writer needing to choose between self-publishing and submitting to traditional publishers, the decision gets even more difficult. We don’t want to screw up before we even get started.

When I faced these decisions, I had to rely on my own sales data and nothing more. Luckily, I had charted my daily sales reports as my works marched from outside the top one million right up to #1 on Amazon. Using these snapshots, I could plot the correlation between rankings and sales. It wasn’t long before dozens of self-published authors were sharing their sales rates at various positions along the lists in order to make author earnings more transparent to others [link] [link]. Gradually, it became possible to closely estimate how much an author was earning simply by looking at where their works ranked on public lists [link].

This data provided one piece of a complex puzzle. The rest of the puzzle hit my inbox with a mighty thud last week. I received an email from an author with advanced coding skills who had created a software program that can crawl online bestseller lists and grab mountains of data. All of this data is public—it’s online for anyone to see—but until now it’s been extremely difficult to gather, aggregate, and organize. This program, however, is able to do in a day what would take hundreds of volunteers with web browsers and pencils a week to accomplish. The first run grabbed data on nearly 7,000 e-books from several bestselling genre categories on Amazon. Subsequent runs have looked at data for 50,000 titles across all genres. You can ask this data some pretty amazing questions, questions I’ve been asking for well over a year [link]. And now we finally have some answers.

When Amazon reports that self-published books make up 25% of the top 100 list, the reaction from many is that these are merely the outliers. We hear that authors stand no chance if they self-publish and that most won’t sell more than a dozen copies in their lifetime if they do. (The same people rarely point out that all bestsellers are outliers and that the vast majority of those who go the traditional route are never published at all.) Well, now we have a large enough sample of data to help glimpse the truth. What emerges is, to my knowledge, the clearest public picture to date of what’s happening in this publishing revolution. It’s a lot to absorb, but I believe there’s much here to learn.

Read the rest of this report HERE.

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