EXCLUSIVE: Literary lessons from 4 top Canadian literary agents
While we’re on the topic of how contracts, specifically the language in contracts, have had to evolve with the times, I’d like to talk about how literary agents have also had to change their methods while negotiating book contracts.
Here, four top Canadian agents — all of whom have worked in the industry for more than two decades — spill the tea on what rights publishing houses now expect in publishing contracts, how the publishing landscape has rapidly evolved, and what it takes to close a book deal these days.
If there is one thing they can all agree on: Negotiations, like nearly everything in modern-day publishing, have been a learning curve for agents, as well.
Literary Agent Advice #1
In the past, I’ve found I was impatient to turn things around when it came to deals, and reluctant at first to go over standard contract details. I didn't think it would matter — and I certainly didn’t want to risk spoiling a close.
But now? I think about every aspect of a contract with a sort of zeal. Intellectual property (IP) in book form today can turn into something else down the road, and it's of crucial importance for the author and their agent to have as much control over this as possible, and as much ownership as possible inside a publishing deal — especially since disruptive models outside of traditional publishing, such as taking advantage of an unowned IP, will continue to emerge.
You simply don't know what's on the horizon, which is, of course, why publishers throw everything they can think of into their contracts.
Audio rights are now more of a challenge to retain, since publishers have robust programming. The Penguin Random House group is an obvious example, with their own in-house setup. But now the stalwart indies are stepping up. ECW has its own audio program too, servicing their list and other publishers' lists. Audio has been in solid demand for some time now, and publishers would like to make not having audio rights a deal breaker (but usually can't).
Sometimes the language in a publishing contract restricting how the author can use the content of a book can be tricky, especially if that content is closely tied to the author's expertise and career. I'm careful to ask for qualifiers to make sure the author is able to reproduce very similar content for public speeches, workshops, or other kinds of consulting work.
Film/TV rights are always on an agent's radar now. It's rarely a deal breaker, but publishers will try to retain those rights when they can. PRHC has a first-look type partnership with Fremantle, for instance. Content is so fluid now that everything needs to be examined pretty carefully in any book publishing deal.
Literary Agent Advice #2
One of the biggest recent developments for authors has been the rise of audio book sales, and so we're very careful to ask for the publisher to return unsold audio rights after a certain period if they can't exploit them. Regarding audio rights, in certain popular genres, because of growing demand, we've been able to sell audio rights to self-published or digitally published ebooks in order to help move the author into a more traditional publishing world (from self- or hybrid-published.)
As well, publishers seem more keen on keeping translation rights for the length of the contract or full term of copyright rather than returning unsold translation rights after a few years. This was much more common a few years ago, but we are getting pushback on this now more than ever.
Small and medium-sized publishers also seem very keen on doing something with film and TV rights, because like with audio, there's a gold rush for certain types of IP, especially with the growth of streaming networks. Ever since Macadam Cage held onto the film rights to The Time Traveller's Wife and shared rights revenue with the author, this has been a dream of many a small press. Unfortunately, it didn't save Macadam Cage, and I don't expect holding onto these rights will save any other small press.
In some cases, we're pushing back against "net" vs. "list" price royalties for print editions of books — they are standard for ebooks and, in some cases, audio. Net royalties can be 1/2 as much as list, and this means taking twice as long to earn back an advance, or just 1/2 as much money period, once the advance has earned out.
Another disconcerting thing is that publishers are breaking up advances in more and more parts. It used to be 1/2 on signing, then one third, and now it's 1/4 for some of the bigger houses — meaning that 1/4 of the advance comes a year after publication. I guess technically it's still an "advance" against royalties, but....
Finally, one of the biggest things we've seen is the rise of the need for the author to bring a major effort to bear in the sales, marketing, and publicity of the book. Part of this is publishers wanting to reduce risk, yes, but another part is their shifting the burden of promotion to the author, after a brief period where they promote intensely, at least theoretically. This is why folks with huge platforms are getting surprising and often massive advances, and getting into competitive bidding interest from some publishers.
Literary Agent Advice #3
My responses vary widely. The answer is... “it depends.”
In short, everything has changed thanks to ebooks and audio. In some cases, they are blurring the concept of “territory” and borders.
It depends on the book, the publisher, the territory (or territories) they are seeking, and the expectations of the authors. If one of the two big houses in Canada or the big four or five in the US/UK, the author may benefit by bundling the ebook, audio rights, and print. And publishers now wisely insist on having them.
With small companies, it depends on the capacity/ability of their staff. I don’t know enough about the impact of podcasts and “influencers” or ads on websites, especially for books, when so many are amateurish productions. Podcasts and ads seem to work for “lifestyle” topics.
Yet, everyone is still guessing. No one knows anything for certain.
Literary Agent Advice #4
Five years ago, I tried to sell a book on the evils of the residential schools — no one was interested. Last week, Harper Collins acquired a book by Tanya Talaga on the subject with great enthusiasm, recognizing the fact that truth must come before reconciliation. Markets are shifting rapidly.
What do publishers want now? The voices of the previously marginalized!
BIPOC/female/LGBQT etc. These are voices rarely heard in the past. I look for a day when publishers see only excellence, but pendulums do swing.
What do these agents try to keep? Never give up rights where the acquiring party has no real track record of success.
For example, I rarely give publishers audio/visual rights. Even huge conglomerates with multiple platforms rarely cooperate internally, so the book publishers, for example, rarely have much influence, even with their own streaming or broadcast divisions.
Change is constant. Technology, of course, has been a huge factor, as has consolidation. Tech companies first acquired media companies and are now shedding them.
As for royalties, as new platforms are created, arrangements are constantly shifting.
I do see intellectual property slightly differently from those whose careers have been focused entirely on book publishing. I have seen my clients’ books translated into film/broadcast/streaming/theatre/ballet/podcast, etc.
But, in the words of William Goldman, no one knows anything.