Crazy, huh? Who's got an extra $60K stashed away to get a book printed? Even so, I can tell you mainstream publishers are taking note of these kinds of successes. Why? Let's consider a few things:
- Nowdays, many publishers are (as a writer friend put it) "bleeding red ink" financially. No way around it: the tough economy has hit publishers. Hard.
- Advances for authors have already fallen. But then, there are those who say they needed to do so, that advances had gotten out of control and were based more on getting an author than on the belief said author's books would ever earn out. Which could explain some of the bleeding taking place now...
- Publishers' willingness to take risks, especially on unknowns, has taken a dive. Some say it's never been harder for a new author to be published--or for a midlist author to get a new contract.
- Readers' discretionary funds are dwindling, and while fiction readers in particular are still spending, book buyers on the whole aren't buying near as much as they did a few years ago.
Enquiring minds want to know. :)