Posts Tagged: money
If a weasel can shut down the Large Hadron Collider, we can finish that novel.
And barring any more weasel problems, the future of physics is very exciting.
Did you celebrate email debt forgiveness day?...more
In a powerful and anecdotal essay at The Toast, Nicole Chung discusses how money-related anxiety has stayed with her into adulthood, and how disparity between her and her husband’s attitudes toward money influences the dynamic of their marriage:
It makes it sound as though my money-related anxiety is nothing more than an unfortunate personality quirk, when in fact there’s an excellent reason why my husband generally believes things will work out, while I tend to imagine we are just one crisis away from financial ruin: he comes from a family for whom things do work out, and I do not.
Digital media companies are suddenly worried about declining ad revenue, and the venture capitalists funding these companies have also turned off the faucet of cash as they realize that success stories like BuzzFeed and Mashable are not the unicorns everyone thought they were....more
What happens when writers suddenly face a windfall? Bad things. That’s why the Whiting Awards include a financial planning workshop for winners. Winners of the 2016 Whiting Awards each received $50,000. For authors who are struggling as freelancers or adjunct professors, that is a huge influx of cash....more
Publishers are offering big paydays to debut authors—that’s the good news. The bad news is that the books earning big money aren’t particularly literary. Tom Leclair at The Daily Beast takes to task Cynthia D’Aprix Sweeney’s novel The Nest as too middlebrow to be considered great literature:
I understand the economic strategy: a novelist with no history (of mediocre sales) can be publicized as the Big New Find because the author has been given a Big Old Advance.
A new study has revealed why academic adjuncts are paid so little: living wages would cost universities a lot more money. A new study says that converting adjunct faculty to tenure track positions would cost $27 billion dollars. The study also suggested that as more faculty became full time, as many as 450,000 adjuncts could lose their jobs....more
…I can eat hip, wear it, and hang out with people who do the same. I do like artisanal food and vintage clothes. But I’d trade their proliferation in a heartbeat for the chance to eliminate my high-five-figure student debt or buy an apartment.
The row between authors and the literary festivals that don’t pay escalated last week when Philip Pullman resigned from the Oxford Literary Festival. Pullman also serves as the president to the British Society of Authors, a group that has been lobbying to earn authors money for making appearances....more
The British Society of Authors has called on literary festival organizers to pay authors who make appearances at events. The organization is asking that any literary festivals that charge entrance fees pay authors a minimum fee. At present, few events pay, and those that offer an appearance fee typically pay as little as £150, or about $227, while celebrity speakers are often paid significantly more....more
Wil Wheaton created quite a fuss last month with an essay about Huffington Post’s request to republish an essay from his blog sans payment. When we called attention to a Salon article discussing paid versus unpaid creative work, Gawker had a “got you” moment, pointing out that The Rumpus doesn’t pay its writers....more
Amazon just turned twenty years old. Even though the company might be too young to celebrate with champagne, competitors have begun to levy charges that the online retailer is becoming a monopoly. While Amazon’s tentacles spread across many retail sectors, the store’s dominance in books represents a major monopolistic threat....more
At Hyperallergic, Claire Voon breaks down a report from New York’s Center for an Urban Future. The report’s findings include evidence that New York City has outpaced Los Angeles for sheer number of workers in the creative sector, while higher rents and lower grants and wages make it increasingly difficult for workers in that sector to actually live....more
From small presses to literary journals, crowdfunding has grown into a major source of money for publishing. Authors are even turning to services like Kickstarter to fund their booktours, like Sarah Gerard, author of Binary Star. Her successful campaign raised more than $9,000 for her book tour....more
For most writers, income may be falling, but not for everyone. A new study shows that just as in other industries, income disparity is a growing problem between the writing elite and the rest of us. BBC News reports that just 5% of writers are earning 42% of all writing-related income, while the bottom half of professional writers accounted for just 7% of that income....more
A not-too-surprising result of a new poll shows that authors’ annual wages continue to fall and are now below $5,000, reports the Guardian. Authors who split their writing between traditional and self-published methods seemed to fare best, on average.
Overall, half of the writers – traditional and independent – surveyed this year earned $1,000– $2,999 or less.
Writing books has become a hobby for the wealthy, writes Toby Young over at the Telegraph. Writers’ incomes have dropped 29% since 2005, he points out, and even when writers are getting paid, it’s never enough:
I wrote another book last year (What Every Parent Needs to Know), and this time I actually received a small advance.
The arts don’t pay very well, and working as a professional in a creative field like writing, music, or film has grown more precarious. High student debt doesn’t help, but it might explain why almost a quarter of arts graduates end up in business management....more
Scott Cheshire explains that he started flirting with the woman who became his wife by telling her he had a novel coming out. Twelve years later, it did. Today, he is a published novelist with a graduate degree, but back then, Cheshire hadn’t even been to college....more
Writers have been getting poorer, and it turns out publishers are partly to blame. The Guardian reports that while authors are expected to do more when it comes to marketing and promotion, and though electronic books have lowered costs for publishers, the beneficiaries of these savings tend to be the publishers rather than the authors:
Nicola Solomon, who heads the 9,000-member strong Society of Authors, said that publishers, retailers and agents are all now taking a larger slice of the profit when a book is sold, and that while “authors’ earnings are going down generally, those of publishers are increasing”
The standoff between Amazon and Hachette has harmed authors more than either corporation. The corporations are surviving on massive war chests and alternate revenue streams. Authors, however, are far more adversely affected by reduced book pre-sales and the sale of electronic books (available immediately) versus physical books (artificially delayed by Amazon)....more
A British study has confirmed that professional writers aren’t making very much money, and worse, that earnings for writers have fallen 29% since 2005. A survey of 2,500 British authors found median annual income at just £11,000 ($18,800) and only 11.5% of authors were earning a living solely through writing....more