From the course: Sell Your Novel to a Major Publisher
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Key publishing terms
From the course: Sell Your Novel to a Major Publisher
Key publishing terms
- [Instructor] Before we go any further, there are a few key terms that I'd like to take a moment to define as they will appear regularly in the next few lectures. These are terms that you will hear quite often in the publishing industry. In fact, you may already be familiar with some of them but let's break them down here so we're all on the same page moving forward. You can also find a list of these terms and their definitions in the publishing glossary handout. Royalties. In the book world, a royalty is a percentage of each book sold that is paid to the author. We'll get into more specific numbers when we talk about publishing contracts but traditionally, royalties range from six to 15% depending on the contract. To make the math easy, let's say the price of your book in the store is $10 and you're receiving a 10% royalty then you get $1 for every book sold. If a million copies of your book are sold, congratulations, you are a millionaire which brings us to our next term which is…
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