Novelists write fictional books in paperback, hardback, and e-book formats. Because the sale of novels depends on the market, there is no traditional salary for a novelist. The novelist will earn money in a variety of ways, including advances during the writing process and royalties from book sales. Where and how the novelist decides to publish his work will also influence earnings.
Writing has never been a lucrative career choice, but a recent study by the Authors Guild, a professional organization for book writers, shows that it may not even be a livable one anymore.
According to the survey results, the median pay for full-time writers was $20,300 in 2017, and that number decreased to $6,080 when part-time writers were considered. The latter figure reflects a 42 percent drop since 2009, when the median was $10,500. These findings are the result of an expansive 2018 study of more than 5,000 published book authors, across genres and including both traditional and self-published writers.
Further, the way that some authors overcome this discouragement is fascinating — almost to the point of willful insanity.
If you’re hoping to find an agent and go traditional, the typical advances right now are between $5000 and $10000, and most don’t earn out, which means, that’s all you’ll get (plus, an agent will take 15% of that). Let’s say the average is $8000. Not bad, but not so great either for all the work you’ve put into writing a book. But, you get $8000 plus you don’t need to pay for cover design, editing and marketing (at least that’s what most authors assume, anyway, which is a mistake).
The averages actually swing higher in favor of self-published authors.
You can see a real breakdown of each with our self-publishing vs traditional publishing analysis to see for yourself.
Here are the main differences in income for self-published authors versus traditionally published authors:
Self-Published Authors
- 40% — 60% royalties per book
- Can publish 2–3 high-quality books a year
- No advance, but you make money right away
Traditionally Published Authors
- 10% — 12% royalties per book
- Can take 2–3 years to publish one book
- Up-front advance (but you don’t make royalties until that advance is “paid back” to the publisher)
