Hey Authors and Playwrights,
If you’re goal is to be traditionally published, here is something to keep in mind: many standard publishing contracts give the publisher the right to sell subsidiary rights. With opportunities like translations, audiobooks, or film/TV adaptations. In most cases, the money from these sales goes straight to the publisher. Then the author... sometimes. This could be something to mention when you receive your first contract.That doesn’t mean you can’t benefit from these rights. It’s just something to be aware of early. If it’s important to you, you can:
Negotiate a percentage of subsidiary rights revenue (sometimes called a sub-rights split)
Retain certain rights to sell independently
Work with a literary agent, who can help ensure these clauses are favourable
Consider this a heads-up so you can plan and negotiate wisely before signing a contract.
Wishing everyone participating in November Write Club all the very best and keep writing!
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I would ask my IP lawyer to insist that subrights terms for all subsidiary works be added to the contract. Thx for the head's up!
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Good to know.
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Wise advice, thank you. I am writing the last chapter of my second book. I have a lit agent and publisher from my first book. Even though I have felt many of my TV producing skills were transferable to book publishing, it has still been a steep and expensive learning curve. Good luck out there.
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Never talk to publishers directly. Use an agent.
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Actually, when it comes time for the CONTRACT, you don't want to work with a literary agent that you don't already have, unless you have more books for them and they want to submit them to publishers.
But to a literary agent, you are small beans, and they value their relationships with editors at publishing houses. That might mean they have you settle for terms that aren't the best for you, but keep their working relationship with the editor smooth.
At the contract stage, even if you have an agent, you want a literary attorney to vet the contract. The you are able to go back to the editor who is buying your book and negotiate for better terms. Paying the lawyer to do the negotiating is usually not worth the investment. But he/she will give you the wording to ask for what you want. If you have an agent, he or she can negotiate for the terms you want.
But definitely do your own research. It's not just about the money. For example, cover approval, or if they publisher has first right of refusal of your next book. I even negotiated who my developmental editor and cover artist would be. (But that's rare.)