I don’t usually reblog, but this kind of thing just pisses me off. As the title says, this is not self-publishing. This is vanity press publishing, and they exist to take your hard-earned money and a large percentage of your royalties. Avoid at all costs!
Penguin’s New Business Model: Exploiting Writers
Penguin’s parent company, Pearson, has announced the purchase of Author Solutions for $116m – news which has shocked writers, especially given Author Solutions’ long history of providing questionable services at staggering prices.
Author Solutions are the dominant player in the self-publishing services market – via their subsidiaries Author House, Xlibris, Trafford, andiUniverse – and had been looking for a buyer for several months. According to the press release, Author Solutions will be folded into Penguin, but will continue to operate as a separate company. Penguin’s CEO John Makinson stated:
“This acquisition will allow Penguin to participate fully in perhaps the fastest-growing area of the publishing economy and gain skills in customer acquisition and data analytics that will be vital to our future.”
What does Author Solutions bring to the table? Well, for starters, around $100m in annual revenue. Roughly two-thirds of that money comes from the sale of services to writers, and only one-third from the royalties generated by the sale of their books.
Pause for a moment and consider that statistic. Penguin isn’t purchasing a company which provides real value to writers. They are purchasing an operation skilled at milking writers.
Read the rest of this timely post here.
If you want to self-publish, do it on Amazon, Smashwords, or Lulu. Self-publishing these days means the writer controls their creative work and keeps more of the sale money. Vanity presses are a plague created only to fleece you.