Seven figure advances on novels are becoming more common, according to Publishers Weekly, who reports that a number of factors are responsible.
During the run-up to this year’s Frankfurt Book Fair in early October, three seven-figure deals for debut works were closed by Big Five houses. Shortly after the fair, the New York Times ran an article about a waitress who landed a high six-figure advance. The streak continued with news that St. Martin’s Press had paid seven figures for a debut novel by New York Times reporter Stephanie Clifford. And, two weeks ago, word broke that indie author Blake Crouch landed seven figures at Crown for Dark Matter, his science fiction novel. For some in the industry, the flurry of big advances is simply business as usual. Others, however, attribute the run to a dearth of great material, along with the ever-pressing need on the part of the big houses to publish major bestsellers.
George Gibson, an industry veteran who is now publishing director at Bloomsbury USA, warned against reading too much into the latest round of big deals, noting that they happen “fairly regularly during the year.” Nonetheless, Gibson acknowledged that the business has changed. For the Big Five, especially, the highly sought-after projects have become essential. “The game plan to make your budget, or exceed it, relies on having bestsellers. That’s always been the case, but it’s the case now more so than ever.” Because both midlist and backlist titles aren’t selling as well as they once did, Gibson explained, the big books, “are more important.”
The full piece is here.