The New Statesman has a piece on “The slow death of the literary novel,” and how lower advances and royalties are making it harder for authors to make a living.
a dramatic report published by Arts Council England (ACE) in December has raised the spectre of the highbrow novelist as an endangered species – and started a combative debate about how, if at all, writers should be funded.The study claims falling book prices, sales and advances mean that literary authors are struggling more than ever to make a living from their fiction. In today’s market, selling 3,000 copies of your novel is not unrespectable – but factor in the average hardback price of £10.12 and the retailer’s 50 per cent cut, and just £15,000 remains to share between publisher, agent and author. No wonder that the percentage of authors earning a full-time living solely from writing dropped from 40 per cent in 2005 to 11.5 per cent in 2013….It is the “midlist” authors – once supported by publishers despite modest sales – who are most vulnerable, especially when it comes to advances. Nicola Solomon, chief executive of the Society of Authors, tells me of a writer who had an advance of £60,000 for her last book and is being offered £6,000 for her new one – a not unrepresentative slump.