Tag Archives: publishing

Problems of Self Publishing – Currency Exchange

At the start of this year I had hoped would putting out by now my next book; due to various changes in personal circumstances that basically isn’t going to happen. The amount of time I got to commit to all thing writing related took a hit and I decided to concentrate what little I got on the writing part of writing as opposed to the business part of writing, however with the benefit of hindsight that might have been for the best. As followers of this blog are no doubt aware I live in Dublin, Ireland, which is part of the Eurozone. What you might be less aware of, is that over half my book sales to date have been through Amazon.UK, which is priced and pays me in sterling. At the moment that’s not such a good thing.

Brexit

On the 23rd of June of this year Britain voted to leave the European Union, since then the Pound exchange rate against the Euro has done this:

pound-to-eur-jun-to-oct

And in October it has got especially exciting:

pound-to-eur-oct

The source for these can be found HERE

At time of writing (morning of 12th October 2016) one pound sterling is worth one euro and eleven cents – less exchange costs. So let us crunch some very basic numbers.

My first book – The Nameless War – is currently for sale on Amazon.UK for £2.90 for the ebook version, so the breakdown is as follows:

£2.90 selling price, 30% of which goes to Amazon, leaving £2.03. Multiply this by 1.42 (£ to € rate on 19th Nov 2015) equals €2.88.

Do the same calculation again at today’s rate and:

£2.90 selling price, 30% of which goes to Amazon, leaving £2.03. Multiply this by today’s rate of 1.11 equals €2.25.

This is a drop of €0.63 or nearly 22%.

Now obviously this is a little bit artificial, it doesn’t include various fees, like bank fees and I don’t get to chose which day Amazon send payment for the month, so the arrival of funds in my account will probably not coincide with the absolute peak or trough of exchange movements. Also to complicate matters Amazon pays two months in arrears, I won’t see the money from a book sale today until the tail end of December but this example nonetheless gives a sense of the issue.

At the moment I personally can take a relatively calm view of this. My last book was published two years ago and while I am still getting sales in the UK, they are at a fairly low level so the reduction in the value of those sales is fairly modest. That however is for books that were released two and five years ago. In my experience the bulk of a new book’s sales are made in the first couple months, with an accompanying knock on to my other books. This means that payment comes in a few large lumps, rather than spread evenly over the course of the year. So while the reduction on say ten sales is only €6.3, on a thousand it is more than €600, which becomes harder to swallow. So if after months or years of writing those big paydays coincide with a slump in the source currencies value, then you are left to take the hit.

So what can I do?

The answer isn’t quite nothing but where I’m standing, the options are limited and all carry at least some downsides.

1. Sit on any planned new releases.

This is probably the simplest option. Keep your powder dry, wait out the fluctuation until at the very least things have stabilized. The downside of this is that your work isn’t earning if it is stuck in your desk draw. If you are with a publisher, contractually it might not even possible. If you are writing a series readers will not wait forever, they’ll either forget about you or get irritated, either way hard earned goodwill starts to drain away and with it your potential sales.

2. Peg the book’s price against a currency that is stable relative to your own.

This one is tricky and very dependent on the system you’re using. With Amazon self publishing it is possible to peg the price of book in other regions against the US$. Now Sterling is currently on the slide against the US$ so the very obvious downside of this is that the book’s price is going to start rising. In all likelihood some of the writers I would be competing with for sales are based in the UK, their price could remain static while mine rose. Their prices in other areas could fall or remain as is and they would receive more per sale when it got converted to their home currency – the upside of currency fluctuation. Either way the risk would be that you could be priced out.

3. Park the foreign currency.

While this one is even trickier. That means parking the foreign currency within that territory or in a foreign denominated account. Depending on regulations or cost this might be unworkable, either way this is delaying the inevitable, at some point you have to change it into the currency of the country you are in, especially if your writing income is you main income.

There are also other financial instruments for mitigating against foreign currency movements, but I don’t know enough about these to speak about and I suspect that many may not be suitable for relatively small amounts. The other thing I don’t claim knowledge or is what things were like back in the days before electronic self publishing, the answer probably depended on the contract between writer and publisher. Also in the old days books were not generally subject to global release. In the age of Amazon, a book can be available to anywhere on planet Earth with an internet connection and with that availability comes exposure to currency movements. If you are based inside the country where you make you main sales, then it is less of an issue but it is something that the modern writer needs to be aware or and ready for.

So any thoughts, comments or observations?

CORRECTION: A commenter points out I have failed to account for vat – value added tax – so my back of the envelope calculations in fact lean towards optimistic. Thank you and I will make the correction when I can – currently attending Octocon in Dublin.

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Paperback version of Ships of the Fleet now available

I’m pleased to say that Ships of the Fleet Vol 1 is now available in paperback thought Createspace as well as Amazon.UK and Amazon.com

Ships of the Fleet coverAs I said in my last post, I really wasn’t sure how well the print on demand system would cope with images, but they have printed out quite nicely and now I have the finished product in hand,  I think paper is the superior product for this kind of material. Sure you can’t zoom in* like you can with a tablet but what you do is establish a fixed page layout. Obviously I have SotF on my own kindle and tablet and it is rather obvious that the spacing is rather thrown out by images as the machine will leave large blanks if it can’t fit the entire image on the screen.  There isn’t really anything that can be done about it because different people will use different text sizes or screen orientation – I’ve noticed the e-book versions of the Osprey military history books suffer the same problem. Which I think shows why paper books are going to be around for a while yet. There is always likely to room for a premium version of practically anything.

In related news work is well underway for Ships of the Fleet Volume 2. This one will cover the cruisers of the Contact War through to the early post war period. So for readers of the Nameless War that means Hood and the rest of the Geriatrics squadron through to Mississippi. So far I have the first two models done, with the write up for one of them, which leaves another four models to do.

Until next times regards.

 

*except as Red Dwarf would put it by moving your head closer 🙂

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Book Three – The Last Charge is now available for Pre-order

If the end was near in my last post it is getting nearer. Book three is now available for pre-order on Amazon.UK and Amazon.COM. Publication date is now set for the First of October. (Yippeee)

Last Charge cover

Those of you on my mailing list will be getting a sample chapter later this week just to whet your appetite.

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The End is Near

Last weekend was a busy one with final changes to the text, finishing touches to the cover art and tweaking the blurb. This evening will see the first attempt at uploading the text to the Amazon system. I thought I was going to get to it last night but then found that a few things have changed in the upload procedure and decided this was not the sort of thing to tackle 10pm. I’ll go in fresh this evening. I haven’t done a new upload in two years and a couple of things on the Amazon system have changed. There now appears to be a pre-order option which is interesting – watch this space on that. The end however is definitely hoving into view.

I have now have a mailing list, if interested read here

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Announcement – I’ve set up a mailing list.

I’ve been asked a few time whether I have a mailing list and up to now the answer has been no. But with the final run up to book three underway I have decided it is time to get one started. If you would would like to receive email updates from me, please leave a comment at the bottom of on this posting. All postings on this blog have to be moderated by me before they become visible to anyone else. So please put your email address in the comment, which once I have taken a note of it, I will then delete so it doesn’t become visible to anyone else.

 

Regards

 

PS: A number of people have expressed an interest in being added to the list but haven’t given an email address, so don’t forget to leave me an address – I need something to work with!

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Onward and upward

I’ve finished the last draft of book three. I now have to do the last major adjustment to the text –  basically drop the whole thing into Notepad to strip out all the formatting, along with any nonsense MS Word has seen fit to add and then reformat from start to finish. If you are wondering why I would want to do such a thing, a friend recently also publish a book, one based around Napoleon’s 1812 campaign in Russia. He tried dropping his work directly from Word into the upload program. Somehow it bollixed up the word ‘Cossack’ – which in anything to do with 1812 is going be a word used at least three times per page. So, no avoiding it. Ah well, onwards and upwards.

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E-Book Covers – Refresh, Redo or Rebrand?

During December I finally got around to what had for a while been on my mental to-do list for a while, namely to change the front covers for the e-book versions of both the Nameless War and the Landfall Campaign. I was never entirely happy with my first efforts and as a consequence of my ongoing Ships of the Fleet  project my 3D modelling skills are definitely better now than they were three years ago. I did wonder whether this would have any effect on actual sales.

And the answer a month and a bit down the line is…. maybe.

December probably wasn’t the best time to undertake this change if I wanted to try to study the effects of this change. Over Christmas a lot of new e-reader devices hit the market simultaneously and obviously that has an effect on sales. Still my sales, which after the glory days of just after the launch of book two, had been bobbling along at under a hundred per month, close to doubled. Also I did notice that my Amazon ranking has on average improved. But a lot of different and in many cases uncontrollable factors could be coming in play. So far so ambiguous.

The relevant the cover art for e-books – given that the image will be the size of a postage stamp on the screen of an e-reader – is subject to debate but the whole exercise has got me thinking. The conventional advice is that you get everything right before publishing. But in the case of cover art is there a right answer?

Below is one of my childhood favorites. The edition I read was one on the left, the one on the right is I assume the current edition.

ExamplesSo, same book, same title, same author, different cover; or perhaps we should say different branding.

Back in the days of yore (so ten years at most) when books only existed in dead tree format, they would get printed in runs of hundreds to thousands, depending on expected popularity. If the book did well enough to justify further runs then every so often a new edition would be prepared with a new cover.

Why update at all? If the cover on the left was judged good enough in the seventies or eighties when the copy I read was presumably printed, then what’s wrong with it now?

Well obviously times have moved on. Styles and expectations changed but also the familiar can slowly become the ignored. No publisher wants their titles to lie gathering dust and an old familiar cover become easier for the book buyer to pass over on route to something newer and shinier. This applies to really everything that can be bought and sold, so even if the product remains unchanging, the wrapping needs to be refreshed every so often.

But returning to e-books. As I’ve said before, once an e-book hits the digital shelves it could potentially stay there forever. Unlike the finite shelving of a physical bookshops there is no space limitation. But this means that a given title is in competition with every other book available and with each new year thousands more books will join it.  Again, as I have said before, the self publisher has to think into the long term. At the very least a the cover art will likely have to rejuvenated every few years to keep up with style changes. But should we be thinking in terms of ‘the very least’?

Unlike physical books the digital cover could, if the mood took you, be changed on an almost daily basis. Now that would probably be over the top but perhaps the self publisher should be thinking in terms of having two or three covers and cycling through them every six to twelve months. Just enough for them not to fade into background.

I’m not selling this idea as part of the next get-rich-quick self publishing scheme. I have no evidence to back this line of thought up.  But possibly it is something to be added to the self publishers tool box. If you want to compare my old cover to the new, the links to Amazon below are the new, I haven’t got round to updating the Smashwords.

The Nameless War, available on Kindle, Smashwords, Kobo and paperback.

The Landfall Campaign, available on Kindle, Kobo, Smashwords and paperback.

The Job Offer, available on Kindle Kobo and Smashwords

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