eBook –v- Hardbook? What if you want to do both?
The newest model of publishing to have emerged is hybrid publishing, a combination of self-publishing and traditional publishing that empowers both authors and publishers.
Hybrid publishing is dynamic. While there are clear steps, benefits, and drawbacks to the distinctly separate models of self-publishing and traditional publishing, hybrid publishing allows authors and publishers to take what they want from each model in order to create a tailored, innovative approach to publishing, which offers mutual benefits to all parties involved.
How Hybrid Publishing Works
Hybrid publishing is difficult to define because there are so many possible variations. It’s safe to that say that it is neither self-publishing nor traditional publishing but any combination of the two, and this approach can be applied not just to a single project but to an entire career.
Here are some examples of hybrid publishing:
• An author whose career started with traditionally published books decides to try self-publishing. From there, the author publishes some books traditionally and self-publishes others.
• An author who has self-published several books is picked up by a traditional publisher.
• An author might get a traditional book deal for print publishing but continue to self-publish e-books, retaining all digital rights and royalties.
These new hybrid models are changing the face of publishing. So what are the benefits?
Benefits of Hybrid Publishing:
Publishers benefit from hybrid publishing because they can sign authors who have already self-published and established an audience. That is a lower-risk investment for the publisher because they know the books will sell to existing readers and fans. Currently, every new author is a risk for a publishing house. There’s no way to tell which books will make the best-seller lists and which ones will bomb. Under this model, it’s less likely that a book or author will suffer low sales because there’s already an audience ready, willing, and able to buy.
When authors self-publish, they earn a larger percentage of royalties as long as they price their books accordingly. With Amazon Kindle, for example, if you price your book between £2.99 and £9.99, your royalties are 70%. That’s an awful lot compared to traditionally published authors, whose royalties are about 7-10% for a paperback and 25% for an e-book. Authors who have already published traditionally can leverage their existing audience by self-publishing a few books and enjoying larger royalties on their self-published titles.
It is not without precedent. A breakout author has been known to get a print publishing deal and keep digital rights, which means continuing to collect larger royalties on his e-books (up to 70% for Kindle sales) than most traditionally published authors receive. The expense of printing, distribution, and storage is non-existent for e-books, so it makes sense for authors to keep a larger share of the royalties.
Is Hybrid Publishing the Future?
Think about the process of publishing a book by a new author from the publisher’s perspective: they have to hire a staff to read query letters, book excerpts, and full texts. They pay editors to review selected texts and decide whether they’re worth publishing.
They pay a team of editors, cover designers, book layout designers, printers, and distributors, all with absolutely no way of knowing if the book will find its audience. From a business perspective, that’s a pretty risky model, especially when you consider the fact that most agents and editors admit they have no idea why some books make a splash while others sink to the bottom of the bargain bin.
There must be tremendous savings in paying someone to peruse self-published books online instead of using the traditional query process. Recruiters can sift through ratings and reviews, look at samples of texts, and determine the likely success they will enjoy with certain authors. Meanwhile, authors who self-publish are honing both their writing and marketing skills on a smaller stage, so if and when they’re picked up by a publisher, they have the proper experience to reach out to the broader audience that the publisher will expose them to. It is a win-win.
Any experiences out there to share and provide a tangible illustration or better matrix to measure ROI!!??