Wednesday, 26 February 2014

Crowdfunding a book

Today (OK- in my lunchbreak) I have been looking into crowdfunding. Recently there has been a surge in self- publishing and this can be an expensive business. Here is where crowdfunding can help. A UK company, Unbound, offer a service where authors can submit an idea for a book, set a funding target and then try to raise funding for the project. Once the target is raised the book is published by Unbound and 50% of the profits go to the author. This compares well with the 5-10% profits offered to authors by traditional publishing companies. It takes a lot of hassle out of the self-publishing process. Other companies such as the US based Crowdpublishr have taken up the mantle and are offering similar services. You can read more here. see also Crowdscribed.
This concept is similar to the model, familiar to publishers from Regency period onwards, of publishing by subscription.
Nevertheless, 50% of your profits is a large amount. If you are a control freak and are happy to build your own publicity website you could just use a normal microfunding site such as Kickstarter.

Marketing, of course is the key question here. A big company might or might not be far more effective in publicising your book than a lone author. Is it worth paying someone to publish your book and if so, who and how much? It might be that companies like Crowdpublishr could be a great help in this area.

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