The Obamas are reportedly earning more than $65 million in this deal. That’s way more than the Clintons got. Penguin Random House, which bought the two books, won’t discuss the numbers, but the Financial Times reports that the bidding for world rights surpassed $65 million. That number well exceeds the industry’s already-lofty expectations about the Obamas’ literary earning power: This January, literary agents and publishers predicted to Forbes that Barack Obama’s memoirs might go for as much as $20 million, and a combined Barack/Michelle book deal might net as much as $45 million.
For comparison, trade publication Publishers Lunch reports that Bill Clinton secured a $15 million advance for his 2004 memoir My Life (a record-breaking advance at the time, and roughly $21 million in 2017 dollars), while Hillary Clinton got an advance of $11.5 million for her most recent memoir, 2014’s Hard Choices. That adds up to $36.5 million, just over half of the Obamas’ advance — or $42.5 million when adjusted for inflation, so about two-thirds of the Obamas’ advance.
Penguin Random House, which bought the two books, won’t discuss the numbers, but the Financial Times reports that the bidding for world rights surpassed $65 million. That number well exceeds the industry’s already-lofty expectations about the Obamas’ literary earning power: This January, literary agents and publishers predicted to Forbes that Barack Obama’s memoirs might go for as much as $20 million, and a combined Barack/Michelle book deal might net as much as $45 million.
For comparison, trade publication Publishers Lunch reports that Bill Clinton secured a $15 million advance for his 2004 memoir My Life (a record-breaking advance at the time, and roughly $21 million in 2017 dollars), while Hillary Clinton got an advance of $11.5 million for her most recent memoir, 2014’s Hard Choices. That adds up to $36.5 million, just over half of the Obamas’ advance — or $42.5 million when adjusted for inflation, so about two-thirds of the Obamas’ advance.
Standard authors royalty cut is 15%.
https://www.vox.com/culture/2017/3/2/14779892/barack-michelle-obama-65-million-book-deal-penguin-random-house