Simon & Schuster just signed a deal with John Locke, the first self published author to ever sell a million eBooks. I have been reading more and more about self published authors who are being signed to publishing houses. What makes the deal with John Locke so unique is that he gets to retain all of his eRights. That is unheard of. Simon & Schuster wont get one cent for any sale of his eBooks. John Locke gets to keep it all for himself.
When an author publishes an eBook and sells it through and online service like Amazon.com they normally get to keep 70% of each sale. When an author sells an eBook through a normal publishing house like Simon & Schuster it is considerably less. I am just floored that any publishing house would sign and author and not retain the eRights like that.
I can’t help but wonder what these means to the Publishing industry. Is this the first nail in the coffin for publishing houses? Will big name authors start demanding eRights to their own content? It is going to be really interesting to watch what unfolds.