Welcome back to Book Friends Forever! Grace and Alvina discuss the financial realities of publishing, both on the creator's side and the publishing side, including some salary transparency. They also discuss what they find rewarding about their careers.

REMINDER! You can STILL order Grace’s limited edition autographed 12" x 18" double-sided poster featuring artwork by Grace Lin commemorating the Newbery Award Centennial for The Horn Book Magazine. You can purchase them at the Eric Carle Museum and help support Everylibrary.org! Order HERE!

How have you been?

Alvina had her focus meeting and presented Grace Lin’s “Chinese Menu” book that is coming up. There were were some exciting comments! Alvina’s office Halloween party was yesterday and she dressed up as the little girl from the book, This Is Not My Home and won honorable mention! Someone also dressed up as Melody and Pacy from Year of the Dog! Alvina went to the Highlights Retreat for the Kindling Words steering committee.

Grace had fun on Halloween! Hazel was a wearwolf and Grace was a chicken. Her family went to a wedding in Philadelphia.

Financial Realities of Publishing:

From the beginning: Grace recalls what she got paid for writing and illustrating her picture book in 1998: $5,000. It was an advance from Charles Bridge Publishing. They did royalites on net. Traditional publishers pay in advnace and also get a royalty rate. Grace talks about the definition of an advance. The royalty rate now is usually 10% against the list price.

Grace gives advice and what to expect on advances. There are two philosophies. You can get the biggest advance possible OR you can go the way that Grace built her career…..the slower route. It is good because they keep most of your books in print for a long time. Alvina shares her perspective of advances from the publishing side.

Alvina talks about her history of getting paid in publishing and all the possible positions in editing.

“The way to get a promotion is to acquire books that make money for your company.”

Alvina and Grace both say that it took about ten years to get to a life changing salary. Expectations are higher for the younger generation this day and age. The Book Friends talk about the pros and cons of salary and advances transparency.

In current related publishing news: After three high-profile antitrust losses, the Justice Department notched a win, convincing a judge to block the $2.2 billion merger between Penguin Random House and Simon & Schuster, the first and fourth largest U.S. book publishers.

PEP TALK!

Grace and Alvina acknowledge that making money adn being financially secure in this busness is tough but it CAN BE DONE! “If we can do it, then you can do it!”

The Book Friends want to share some of the top things about their careers that they find rewarding. Grace explains that there is nothing else she would rather do. Even on the worst day of work, there is still no other place she would rather be. Alvina loves the variety and it’s never boring! “This is an industry where we create something tangible.” She loves the people in this industry!

Fortune Cookie Segment! What are we listening to?

The Maintenance Phase podcast and her daughter’s playlists! Alvina has been listening to old CD mixes, “Alvina’s favs” from 2004, the new Taylor Swift album, and Bring up the Bodies by Hilary Mantel.

Gratefuls:

Alvina is grateful for going back into the office two days a week. It’s been so nice to see everyone again. It will be interesting to see how it goes. Grace is grateful that she’s here and working. “I am grateful for getting this far.” Grace is also grateful that she finished her hand painted art work for Chinese Menu.

Thank you for tuning in! Thank you to Hachette Audio, Little Brown Books for Young Readers, and Alex at Pacyworks Studio for producing and editing this podcast. Be sure to rate and review us on Apple Podcasts and tell a friend about us. (Use the hashtag #bookfriendsforever.)

You can find Alvina @Planetalvina on Twitter and TikTok and @Alvinaling on Instagram

You can find Grace @Pacylin on Twitter and Instagram and @gracelinauthor on TikTok and @authorgracelin on Facebook
Alison Morris is @AlisonLMorris on Twitter and @kidlitgirl on Instagram
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