This Writer Doesn't Care About Making Money Writing

A Literal Literary Loser Learns Lots

This is my Substack. I am the Literal Literary Loser of the subtitle. But you must periodically get tired of listening to me. I know that I periodically get tired of listening to me.

So to ameliorate that problem, I periodically feature other writers instead of me. I talked to Rebecca Hanover about her novel, “The Last Applicant.” I hosted Alina Rubin on the topic of “Does Self-Publishing Make Money?”

This week, I am featuring an intriguing conversation about hybrid publishing that I had with Stanislas Yassukovich. He introduced himself and his published work to me, and I followed up by asking if he would like to introduce himself to my readers. He agreed.

The conversation did not go at all like I expected it would. But that’s the fun of meeting new people with different perspectives! Rather than summarizing and risking misquoting his position on the benefits of hybrid publishing, please find a transcript of our exchange below, edited only slightly for length and clarity.

Alina Adams: Hi, Stanislas -

Thanks for writing! I’m curious, as a financial expert and as someone who wrote about self-published books only selling a few copies to friends and family, why did you choose a hybrid publisher for your book, knowing that, as you said about fewer and fewer people buying books these days, that you had very little chance of earning your investment back?

I’m wondering if you’d like to write a guest post about it on my Substack to promote yours, as many of my posts deal with the financial side of publishing.

Let me know!

Stanislas Yassukovich: Hello Alina,

Thank you for coming back to me. I rather thought I had explained why I wrote in my piece om (sic) Substack. I had to go hybrid to get a new independent publisher in America, having decided to leave Austin Macauley in London, with whom I had suffered for ten years and six books on the terrible principle of “the devil you know”! Return on investment has really nothing to do with it. By the way, I am known as a celebrated City of London investment banker who ended a thirty-year career without a fortune. I should be in the Guinness book of records.

I would be happy to write a piece for you describing my unfortunate lack of financial motivation in publishing - and life in general.

AA: I guess my question was more why, from a financial perspective, you would do hybrid, when you could get more for less money with self-publishing, and just getting your services piecemeal?

But I would be delighted to hear your perspective on all of the above and more!

SY: The Economics of Writing

There was a time – many years ago, when reviews sold books. Every newspaper and magazine of any merit had book review sections. Reviewers were almost as famous as authors and were actively courted and lobbied. With the decline of print media these days are gone. No one pays much attention to reader reviews on Amazon as these are not provided by professionals. Remaining reviewers are with marketing specialists rather than widely read periodicals.

When I started submitting my work to a publisher, I had already grasped this simple truth because I studied the history of published fiction in England and France in the 19^th century, and America in the early 20^th. I grew up with the Doubleday family as friends and neighbours. I was on the board of Brentano’s, with a flagship store on New York’s Fifth Avenue and branches throughout the States – and even Paris. I learned all about “sale and return” distribution systems. The business was absorbed by MacMillan in the 1970s.

I was aware that only a tiny fraction of published authors can actually live on their royalty income. And that happy little band is comprised of authors who have become celebrities. Even when reviews were a main driver of book sales, the notoriety of the author was also vital. Never has the reputation of an author outweighed the quality of the content to the extent it does presently. In the non-fiction category it is paramount. The major best sellers are by non-literary celebrities, actors, sports stars, TV commentators and politicians – the more notorious the better. The heavy presence of ghost writers guaranties a reasonable, average quality of the writing.

I had been writing short stories for friends for some time when I was encouraged to submit a work to a publisher in England advertising for MS submissions. It did not occur to me for one moment that I would clear anything more than loose pocket change were I lucky enough to earn any royalties. I did investigate self-publishing. A famous economist who was a friend had self-published a turgid but brilliant book on monetary theory – printed in India. He told me the experience had been expensive and time consuming. But I wanted that copyright page with the ISBN numbers, professional editing and the name of a recognised publishing house. That way I could be sure at least one stranger – the publisher’s reader, liked it. With six books with the same London based publisher, and now my latest with a new publisher, Koehler Books – Summertime & Short Stories, I have had, and still have, one financial goal, that my publisher at least breaks even.

I write because I am in love with the English language; because I have unusually rich and detailed long-term memories of a hyper active and cosmopolitan life, and because I find it the most satisfying retirement occupation. I do have an agent in BookTrib, a member of the Meryl Moss Media group, which services both the book trade with reviews and categorisation, and authors with bespoke marketing systems. A classical agent would take a percentage of any royalties. I pay for services case by case. In moving to an American publisher, I had to choose one with a hybrid option because I am an unknown quantity- as I was when I started in England. Of course, my writing involves a cost which is unrecoverable – except in intellectual satisfaction, and that has no value in cash terms.

AA: Thank you, Stas. Do you think you could provide actual numbers of how much you spent versus how much you earned, so that aspiring writers can get a sense of how much such a process would cost them versus potential revenue?

SY: To be honest, I have absolutely no idea. I already have trouble collating the six monthly reports from Austin Macauly showing pitiful royalty sums per book - for my tax man who files my annual 1040. It’s peanuts - but I dare not report it. My contract details first with Austin Macauly and now with Koehler are confidential. Please spare me!

Here’s an amusing financial anecdote. My book “A Family of the Old Russian Empire” has been picked up for translation and publication in Russia by Alpina - a major Russian publisher. Hot and heavy negotiations began with the foreign rights department of Austin Macauley (a very sweet Armenian lady in charge). Suddenly, I get a call “Oops! legal dept in a big sweat about sanctions! And we were about to sign”. She says “We will be happy to sign our rights over to you - and you can negotiate” I’m resident in South Africa. We have no sanctions. South Africa is the “S” in BRICS! I say to Alpina “The rights are yours with my compliments!” A good example of how the sanctions have saved money for the presumed victims. Alpina is expecting big circulation. Big promotional campaign. If my royalties amount to anything, you will be the first to know!

AA: Understood what you said about your contract terms being confidential. In that case, can you clarify some points below:

<<<Remaining reviewers are with marketing specialists rather than widely read periodicals.>>>

I’m not sure what you mean by this.

<<<But I wanted that copyright page with the ISBN numbers, professional editing and the name of a recognised publishing house.>>

The main criticism against hybrid publishers is that they do little editing, and are not respected in the field, especially A-M. Can you address that point and explain why you think that’s not the case?

<<<That way I could be sure at least one stranger – the publisher’s reader, liked it.>>>

Again, the criticism is that A-M and other hybrids will publish anything, as long as you pay. So can you expand on this point?

<<<With six books with the same London based publisher, and now my latest with a new publisher, Koehler Books – Summertime & Short Stories, I have had, and still have, one financial goal, that my publisher at least breaks even.>>

A hybrid publisher breaks even the moment you pay them for your services, anything on top is just bonus. What did you mean by this?

<<< I do have an agent in BookTrib, a member of the Meryl Moss Media group, which services both the book trade with reviews and categorisation, and authors with bespoke marketing systems. A classical agent would take a percentage of any royalties. I pay for services case by case. >>>

I’m not sure what this means at all. An agent makes money when they sell your book. They take a percentage of the advance and then of the royalties. What does your agent do, if not that?

SY: I think i have been very clear. I'm sorry you don't like it. I have nothing more to say. I am no longer at school.

AA: Would you like me to publish our exchange as is, and link to your Substack in order to drive traffic there?

SY: By all means. I do think it is absolutely clear and useful for any beginning author. I bounced it off my editor and she agrees.

Interested in reading more from this author? As promised, you can find him at: www.stanislasmyassukovich.com