Professional authors’ earnings depend on multiple factors, including marketing volume, revenue per sale, audience size, book publishing deals, and more. Some authors can expect to earn $10,000-$100,000 per book, while others may struggle to make a sustainable living.
Let’s dive into the world of writing, explore the financial side of being an author, and discuss factors affecting the author’s income.
How Can Book Writers Make Money In 2024?
Book writers typically make money by selling their books in two ways: through traditional book publishing companies or through a self-publishing marketplace. In traditional publishing, authors are repaid through royalties, which are 10-15% of the cover price, for example: if a book is sold for $20, the author will get $2-$3 per book.
Ghostwriters mostly earn a flat fee for writing books, and the person who hired them gets all the credit for their work. However, the two methods through which the authors can make money in 2024 are:
Traditional Publishing
An author earns royalties through traditional publishing services for each book sold, and the earnings can be long-term depending on the success of the book.
Self-publishing
With self-publishing, authors can earn by selling their books on various online platforms, such as Amazon Kindle, Kindle Direct Publishing, Apple Books, etc. These online platforms give aspiring authors the opportunity to earn income from their ebooks.
Audiobooks
Authors can sell audiobook versions of their books on different platforms, such as Google Play Audiobooks, Audible, etc.
What are Royal Earnings?
Royal earnings are also known as royalties. Royal earnings are basically the income authors receive from their book sales. Publishers pay the authors 10%-70% of each book sold. These rates depend on several factors, such as, self-publishing, traditional publishing, eBooks, physical copies, etc., and where the books are being sold.
- In traditional publishing, the royalty rate is low (10%-20%), but authors get other benefits from the publishers that are worth the lower royalty rate.
- In self-publishing, the royalty rate is up to 70%, which is quite high, but the author has to cover everything like printing, marketing, editing, and distribution.
What is a Book Advance and How Does It Work?
An amount given by book publishers to the authors before publishing of the book is known as book advance. The book advances are deducted from the future royalties earned by the book.
A good thing about book advances is that no matter if the book an author wrote is a hit or not, they still get to keep the advance.
In the USA, book advancements are divided into three installments.
- First installment upon the book signing contract.
- Second installment upon the completion of the manuscript.
- The third and last installment upon the publishing of the book.
For example, if an author’s book is sold for $60,000, they will get:
- $20,000 upon signing the contract.
- $20,000 when the manuscript is completed.
- $20,000 when the book is launched.
Book advances provide financial support to the authors before the publishing and success of the book. It allows authors to concentrate on writing without worrying about the financial issues.
How Much is the Average Advance in the USA?
The average advance in the US varies depending on the genre and publishers. For example, the average advance in the US for adult fiction is $65,908, memoir is $90,686, young adult is $50,718, and middle grade receives $35,406. These numbers can be much higher if the publisher is a reputable one with a successful track record of marketing strategies, consistent sales, etc.
What is an Author’s Salary?
An author’s salary refers to the total amount of money an author makes in a given year. An author makes money from advances, and royalties based on book sales. Authors are self-employed, so their salaries or incomes vary from year to year, depending on their projects. While a bestseller author can make a handsome amount of money by selling books, an average author who only sells a few books per year can barely make enough money to afford basic living expenses.
Both self-published authors and traditionally published authors must complete projects and write at least three book per year in order to cover living expenses.
Every new writer wants to know how much authors make. Well successful authors usually don’t reveal their incomes, but recently, many have started sharing it with aspiring debut authors to let them know about the financial aspects of being an author and to motivate them to pursue writing careers in this field.
Author Salary vs. Book Earning: Breaking Down the Difference
An author’s salary refers to an income or salary they receive from publishers in the form of an advance, or a fixed salary. This means that authors will receive the amount regardless of the sales, whether it’s one book sold or multiple books.
In book earnings, authors get royalties and profits from book sales. Book earnings are not guaranteed and, as compared to authors salaries, are associated with book sales. In book earnings, the amount authors receive depends on the number of books sold, royalty rates, and a few other factors.
How Much Money Does an Author Earn per Book?
Successful authors like Stephen King or J.K. Rowling makes a very good amount per book, and that level of financial success is rare. Most authors do not earn much per book. Author earning per book depends on many factors, including book genres, publishing cost, printing cost, author’s experience, book formatting, marketing and promotion, publishing methods, etc.
Here is the rough estimate of the earnings an author makes per book:
- Hardback = about 60% per sale
- Paperback = about 60% per sale
- eBook = about 70% per sale
For example, if an author sells a book for $14.99, then he will receive $5.82 after deducting the cost of the wholesale discount and a print charge.
Paperback books are cheaper, but authors can sell more copies. In paperback, if an author sells for $5.95 with a 60% royalty rate, the printing cost is $2.15, and he will receive $1.42 per book sold.
In audiobooks, authors’ earnings depend on the publishing platform, production cost, distribution channels, etc.
How Much Does an Author Make Annually or Monthly?
An author can earn $84,670 per year, but this figure can vary since not all authors work full-time; few only work part-time.
The Authors Guild conducted a survey on 5000+ authors to find out about their earnings. The research found that most authors earn a median income of just $6,080 per year, and full-time authors earn $20,300.
The majority of authors earn much less than a few top authors for various reasons, like reader choice, book marketing and promotion strategies, etc. However, this should not demotivate those who are interested in becoming aspiring authors in 2024.
- Top Authors: Bestselling authors like J.K. Rowling and Stephen King earn millions of dollars for their books per year.
- Author’s Majority: Author’s majority earn very little, like $7000 per year.
- The middle class of authors earns $10,000-$20,000 per year.
Traditional Authors vs. Self-published Authors
Authors who partner with publishers or publishing companies to publish, produce, and distribute their books are known as traditional authors. In self-publishing, authors own the rights and royalties, and are responsible for everything, including formatting, marketing, publishing, and distribution.
What’s the difference in income between traditional and self-published authors?
Before pursuing this career, one should know about the significant differences between traditional author earnings and self-published authors earnings. Here are the average earnings for each:
Traditional Author Earnings
- Book Advance: A traditional author will get $10,000-$15,000 as an advance from the publisher that will later be deducted from the book royalties.
- Royalties: 10%-12% royalties for each book sold will be paid by the publisher to the author.
- Time: It may take 2-3 years for the publishing of the book in traditional publishing.
- Earnings: $4,000-$9,000 per book.
Self-published Author Earnings
- Time: In self-publishing, an author is responsible for everything, including formatting, marketing, editing, etc., so they can easily publish 2-3 books a year.
- Earnings: $5,000-$10,000 per book.
- Royalties: 60%-80% of each book sold will be paid by the retailer or other platforms to the author.
What are the Factors Affecting Authors’ Income?
Many factors affect the income of an author, let’s explore these factors that determine an author’s earnings:
Revenue per Sale
An author’s income is directly impacted by the revenue per sale they generate. It means that with higher revenue per sale, an author will gain more profit on each book sold, and lower revenue per sale means low earnings.
Prepaid (traditional publications only)
Authors receive book advances or a prepaid payment from traditional publishers before publishing a book, helping them cover their living expenses. However, this advance or prepaid payment is later deducted from their future royalties, hence affecting overall income.
Marketing Volume
Increased marketing campaigns can overall improve the author’s income as they will drive more sales, opportunities, and royalties. Lowering the marketing volume will lead to lower sales, opportunities, and royalties.
Audience Size
Lower audience size greatly impacts an author’s earnings, so to maximize their income, they must consistently engage with their audience. Authors can use various strategies to connect with their audience, such as book signings, social media platforms, influencer collaborations, and more.
Number of Books Published
Writing multiple books and numbers of books published can significantly increase an author’s income and help them become bestselling authors.
Consistency of Bookselling
If an author’s books are consistently selling, then they can earn a very good amount, while low or irregular book sales can lead to financial uncertainty.
Book Genre
In popular genres like romance, thriller, and science fiction, authors can earn much more than in less popular ones like poetry, action, etc.
Author’s Experience
An author’s experience also plays a crucial role in their incomes. Authors with more experience are likely to write high-quality content, leading to more book sales and a larger audience. Less experienced writers may face various challenges in their writing career, including low sales, smaller audience, but with hard work and dedication, they can attract more readers and increase their income.
Examples of a Few Top-Earning Authors
- J.K. Rowling earned more than $1 billion from the “Harry Potter series” and continues to earn even after years since publishing the last book from the series.
- Stephen King has earned over $500 million from his bestselling books.
- Roxane Gay earned $100k for “Hunger.”
- Gillian Flynn earned $400k for “Gone Girl.”
- Kristen Roupenian earned $1,200k for her first short fiction book, “You Know You Want This.”
What is the secret to becoming an author who earns 100k or more?
Being an author is a rewarding experience, and that’s why more and more people want to become authors in 2024 who can earn 100k or more. To earn more than $100,000 as an author, one should focus on a few things, including improving book writing, writing regularly, engaging with the audience, investing in publishing and marketing, etc.
How much do authors make per book sale in the US?
An average salary an author makes per book sold in the US depends on several factors, including book genre, author’s experience, book formatting, marketing and promotion, and publishing methods. However, the revenue range is:
- Average Revenue: Traditionally published authors can earn $1.79-$3, whereas self-published authors can earn $2-$5 per book depending on the royalty rate and the price of the book.
- Maximum Revenue: Experienced and bestselling authors can earn thousands of dollars per book and continue to earn for years from the book.
- Minimum Revenue: Many authors don’t earn any money or very little if the book doesn’t sell.
How much profit does an author make per book in the US?
Authors can earn $50,000 to $0 per book in the US. Many factors influence how much profit an author makes per book, like royalties, the number of books sold, printing and publishing costs, etc. The earning and profit will also be different for traditional publishing and self-publishing authors.
Traditional authors typically receive a lower royalty rate of 10%, resulting in an average income of $1.79 per book sold at a retail price of $14.99 and earning $10,740 in total. While self-published authors receive a high royalty rate of 60%, resulting in a higher income of $5.74 per book at a retail price of $14.99, and the earning will be $34,440 in total.
Endnote
Becoming an author in 2024 is rewarding but requires a lot of hard work, consistency, and patience. An author can earn a very good amount per year, depending on various factors, including book genres, the author’s experience, marketing volume, etc. If you are thinking about making money through writing in 2024, then remember that dedication is a key to unlocking success.
