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Thursday, September 10, 2009

Books Paycut!

Posted by Paul Constant on Thu, Sep 10, 2009 at 4:39 PM

Bookninja brings news that authors are earning less for their books:

Earlier this week Little, Brown author Iain Banks spoke publicly about taking a pay cut, telling the Guardian: “I’m getting less money for my next book contract. But I’ve heard of writers having their advances cut by 80%, and others getting nothing.” Agent Mic Cheetham, who represents Banks, said: “The climate has changed. I think it’s called ‘a haircut’—a little trim. You have to look to keep the haircut to an absolute minimum.”

(If you have not read the great Iain Banks, I recommend The Business. It's a fun, fast conspiracy/sci-fi novel about a secret corporation that runs the world.)

The story goes on from there, suggesting that some authors are cutting their salaries by half for fear that they won't get anything at all. The problem, of course, is that the authors who are getting cuts are generally the middle-class authors, who already have to stretch their advance money to get by. I bet we'll lose some good, middle-tier talent in this money shuffle, but the big league authors (as well as the publishing CEOs, obviously) will still do quite well.

Comments (6) RSS

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at least James Patterson got his nut

Posted by there goes my Plan B to become an author on September 10, 2009 at 4:47 PM

Wasp Factory! Everyone in England read it when they were 20 circa 1990. It's excellent.

Posted by Eric F on September 10, 2009 at 5:35 PM

This is how markets work in a recession. The big dogs always get their paychecks because they always bring in money through name recognition, but the middle of the pack suffers because there's less of a remaining market to make money from.

Posted by Gomez

on September 10, 2009 at 5:44 PM

Actually, the top feeders like CEOs have been suffering massive paycuts while the middle tier has finally be starting to get some raises...and hiring has begun again in the 80K-100K range for tech.

Posted by Supreme Ruler Of The Universe

on September 10, 2009 at 7:14 PM

Well, I was referring to the market on a macro level rather than a business' internal hierarchy. Obviously, within the ranks, how employees are getting paid will vary.

Posted by Gomez

on September 10, 2009 at 10:34 PM

@4, 80K-100K is "middle range" in tech? I thought I was "middle range" at 51K

Posted by hope i die soon on September 11, 2009 at 10:03 AM