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Crowdpublishing platforms are revolutionising the way that books are published.
Through their visibility and reach, crowdpublishing sites let debut authors find financial backers for their writing projects and build communities of loyal readers along the way. Some even allow supporters to collaborate in the creative process.
Today we’re looking at what crowdpublishing is, the model’s pros and cons, and the main platforms writers can use to fund and publish their books.
How crowdpublishing works
Crowdpublishing is a collaborative model that enables authors to finance the publication of their work through direct support from readers. Platforms such as Unbound and Inkshares allow writers to pitch an idea for a book to the public and raise funds from people interested in pre-ordering a copy. Once the pre-set fundraising target is reached, the book is published. It’s a simple mechanism with four main stages:
1.Proposal
The author makes a pitch, including synopsis and chapter outlines. In some cases, an internal assessment team may decide whether a project is suitable for crowdfunding; in others, the author can present their idea directly to the public.
2.Campaign launch
The author promotes the crowdfunding campaign via word of mouth and social media, inviting friends and followers to pre-order the book.
3.Target reached
If the minimum pre-order threshold is reached, the funds raised are used to cover the cost of printing, distributing and promoting the book. Sometimes, the crowdpublishing platform will even handle the entire publishing process: editing, graphic design, printing, distribution and marketing.
4.Publication and shipping
The book is published and sent to supporters, usually before it hits bookshops. In exchange for their support, backers may get exclusive content or benefits, like invitations to events with authors. Their names are often printed at the back of the book, too, to say thanks.
But what are the advantages and disadvantages of crowdpublishing for authors and readers?
Pros and cons of crowdpublishing for authors
This system breaks down barriers between authors and readers, creating a direct channel of communication between them. A writer who has been ignored by traditional publishers and doesn’t have the money to self-publish their book can seek backing for their project on these platforms.
Financial sustainability
Crowdpublishing mitigates financial risks associated with publishing a book, because the funds required are secured beforehand. This way, neither authors nor publishers have to spend money upfront to put out a book that might turn out to be a flop. If a crowdpublishing campaign reaches its pre-set target, it means there’s a group of readers willing to buy it, guaranteeing returns for authors and publishers.
The quality of the product
Unlike self-publishing, where the author typically manages everything from editing to graphic design themselves, crowdpublishing sites handle the entire process involved in turning a manuscript into a successful book.
Creative freedom
Unbound by the rules and restrictions of traditional publishing houses, authors are free to follow their inspiration and imagination.
Immediate feedback
Crowdpublishing platforms create a direct connection between authors and readers, cutting out the middlemen. This means writers can see if there’s genuine interest in a book before writing it. They can also involve readers in plot and character development, thereby improving the manuscript and tailoring it their audience’s tastes.
Creating a community
Every project helps to foster a community of passionate backers eager to promote the book after publication through word of mouth and social media. This gives a debut author a group of loyal readers they can count on to launch their career.
Promotion and distribution
Whereas with self-publishing getting a title into bookshops can be very tricky, crowdpublishing provides marketing and distribution in online and physical stores. This is key for getting a good return on investment.
The potential disadvantages of crowdpublishing lie in the nature of these platforms. The success or failure of a campaign is largely down to the author: they have to pitch the project to their friends and followers, building – if they don’t already have one – a network of supporters ready to finance their work. This requires a willingness to put themselves out there and good communication skills to effectively promote the book.
Pros and cons of crowdpublishing for readers
The pre-order system shifts decision-making from publishers to readers, which empowers literature lovers to back the books they believe in. By breaking the down barriers to entry and long lead times typical of the traditional publishing industry, crowdpublishing lets people read books that fall into niche genres or tackle unconventional subjects. This favours greater cultural diversity and helps innovative ideas and original stories reach the market.
Also appealing is the possibility of actively participating in creating a book from the first draft. Thanks to the collaborative model of platforms like Inkshares, readers can provide ideas and suggestions to authors as they work on the book. Backers also get access to limited editions, events and extra content reserved exclusively for them, enriching their reading experience. The obvious risk, however, is that a book might not be any good, or may never be completed in the first place.
The biggest crowdpublishing platforms
Unbound is a London-based crowdpublishing platform that offers a full service, from editing to distribution. Agents and writers can send their proposals to its commissioners, who decide whether to take on the project. Once sufficient pledges of support have been received, its editors and creatives help the author to develop their book. When finished, the PR and sales team gets to work, making sure the title is distributed and promoted properly so it reaches as many readers as possible through online and physical booksellers.
Unbound lets authors submit a synopsis, and then develop a book once a minimum number of pre-orders have been made, or simply present a title ready for publication. As well as receiving the book they financed and seeing their name printed at the back, supporters also get to attend exclusive events with authors.
American site Inkshares works in pretty much the same way, the main difference being authors can also ask users to help improve a draft. Once a book is finished, pre-orders can be placed; if and when the minimum order level is reached, it will be published with the support of the Inkshares team. The platform pays authors 35% of net receivables, in other words, gross receivables minus production and distribution costs.
Kickstarter can also be used to crowdfund publishing projects. But unlike Unbound and Inkshares, Kickstarter doesn’t provide publishing, marketing and distribution services. This means that once a funding goal has been reached, authors themselves must manage the whole publishing process. If a project is successfully funded, the platform applies a 5% commission on funds collected; if the funding goal isn’t reached, no fee is charged.
The crowdpublishing model is revolutionising the way books are commissioned, financed and published. It’s creating new opportunities for writers, by making it easier to get their books published, and for readers, by enabling them to support their favourite authors and contribute to the creative process. But whether new and traditional publishing approaches can continue to co-exist in today’s fast-changing and unpredictable book market, only time will tell.