The sad truth of the matter is that writing books is rarely a solid way to make a living, let alone a fortune. Sure, there are exceptions – JK Rowling and James Patterson come to mind – but most authors just don't make big advance money or much money from sales royalties. Now, if you're a famous person with a true story to tell, that changes things.
How Publishers Determine Book Advances
When publishers buy a book from an author, the advance isn’t free money – its value is a prediction of how well the publishers think a book might do. An advance is just that—an advance of the future royalties earned. If a book doesn’t make as much as the advance is, the author could end up owing their publisher.
Books written by public figures, politicians, and celebrities tend to sell better. The built-in audience and curiosity surrounding these figures make publishers more confident that the book will sell enough copies to surpass the advance amount.
The Role of Public Figures in Book Deals
Public figures like Hillary Clinton have made headlines with their book deals. For instance, when she signed a book deal with Simon & Schuster for $14 million (approximately $15.5 million adjusted for inflation), it was a significant moment in publishing. Her book, Hard Choices, detailed her time as Secretary of State and was published in 2014, covering major international issues.
At the time, the advances for the Clinton books were astronomical. Similarly, Barack and Michelle Obama signed a record-breaking book deal after his presidency, totaling $65 million for multiple books, with Barack's memoir alone earning a $20 million advance.
Comparing Historical Book Advances
Does that mean Barack Obama earned the biggest book advance ever? Kind of, but technically NO. In 2001, Bill Clinton earned $15 million for My Life, which is equivalent to about $22 million today when adjusted for inflation.
Politicians generally have strong bargaining power regarding book advances. For example, George W. Bush’s Decision Points earned him a $7 million advance, worth about $8.3 million today. Other notable advances include Dick Cheney’s $2 million for his memoir, which is now $2.3 million adjusted for inflation.
Celebrity Book Advances: A Different Game
It’s not just politicians who earn big book advances; celebrities do, too. Demi Moore’s memoir, Inside Out, created buzz in 2019, earning her a $2 million advance more than five years before its release. Celebrity status often guarantees a built-in audience, making publishers more willing to invest substantially in these books.
Moore's book debuted at number one on The New York Times Nonfiction bestsellers list, proving that celebrity can translate into sales. Other celebrities have similarly benefited from lucrative book deals, including Sarah Silverman, Lena Dunham, and Tina Fey, each receiving substantial advances for their memoirs.
Exceptional Cases: The Impact of Personal Stories
If you have a story to tell and you’re hoping for a big book advance outside of being a politician or celebrity, your story's impact can make a difference. Amanda Knox, who was wrongfully convicted of murder, received a $4 million advance for her memoir, Waiting to be Heard.
Others who’ve experienced significant life events, like Elizabeth Smart and Michelle Knight, have also found success in writing memoirs. Basically, to get a big book advance, your name or the event you lived through should be recognizable!
The Biggest Book Advances of All Time
Here’s a quick rundown of some of the biggest book advances in history:
- #15: Tina Fey: "Bossypants" – $6 million
- #12: Tom Wolfe: "Back to Blood" – $7 million
- #12: Jerry Seinfeld: "Seinlanguage" – $7 million
- #12: George W. Bush: "Decision Points" – $7 million
- #11: Jack Welch: "Straight From The Gut" – $7.1 million
- #10: Keith Richards: "Life" – $7.7 million
- #8: JK Rowling: "The Casual Vacancy" – $8 million
- #8: Hillary Clinton: "Living History" – $8 million
- #6: Alan Greenspan: "The Age of Turbulence" – $8.5 million
- #6: Pope John Paul II: "Crossing the Threshold of Hope" – $8.5 million
- #5: Amy Schumer: "The Girl With The Lower Back Tattoo" – $9 million
- #4: Bruce Springsteen: "Born to Run" – $10 million
- #3: Hillary Clinton: "Living History" – $14 million
- #2: Bill Clinton: "My Life" – $15 million
- #1: Barack Obama: "Dreams from My Father" – $20 million
Looking Ahead: The Future of Book Advances
As of now, Barack Obama holds the title for the biggest book advance at $20 million for his memoir in 2017. However, when considering inflation, Bill Clinton's $15 million deal from 2001 is still significant, equivalent to about $22 million today.
In conclusion, while writing books may not always provide financial stability, the landscape of book publishing continues to evolve. Public figures, celebrities, and those with compelling life stories can still command impressive advances, making it a competitive and exciting industry!
