How much money do authors make and will my book make me rich?

Authors have the potential to make eye-watering sums of money if their books become successful. J.K. Rowling, the creator of Harry Potter, boasts an estimated fortune of £945 million, according to the Sunday Times Rich List 2024. Meanwhile, James Patterson, America's highest-paid author, has an impressive net worth of around £800 million. But what does this mean for your bank account? 

It's not unreasonable to question how much money authors make before you write a book – especially when you consider the cost of hiring a ghostwriter. I recently found myself contemplating this very issue when I received royalties for my own book, The Complete Guide to Ghostwriting. The earnings were modest, enough to treat my family to a nice meal, but far from being the foundation for a retirement fund. 

So, how much money do authors typically make per book? And just how likely is it that your book will make you the next J.K. Rowling or James Patterson? Here’s everything you need to know…  

How much money do authors make

How much money do authors make per book?

Unfortunately, for most authors, the financial return is modest. The average income for full-time authors from their books was £7,600 ($10,000) in 2022, according to a survey by The Society of Authors. When factoring in additional author-related income, such as royalties, teaching, and fees from licensing and subsidiary rights, the average income rose to £15,200 ($20,000).

Very few authors receive Stephen King-level advances and royalties for their books. This pattern is common across all professions: top performers earn the highest amounts, while others see considerably lower earnings. In fact, the top 10% of writers generate 70% of book revenues, leaving the rest to be shared among tens of thousands of other authors.

How much will I get paid for my book?

The amount any author gets paid for their book is based on many variables, such as:

  • Sales: OK, pretty obvious, but the more books you sell, the more money you make.

  • Genre: This is related to the above point and will impact earnings ability. A carefully written series on how quickly various types of paint dry, won’t be such a reader-magnet than a crime thriller.

  • Marketing and promotion: The work doesn’t stop when the book is published. An active, and long-running PR campaign is a must and authors really need to put their weight behind this.

  • Reputation: Perhaps unsurprisingly, the better an author is known, the more likely they are to attract a readership.

Get in touch with The Ghostwriters Agency for a better understanding of what your specific book could be worth.

Does it make a difference how the book is published?

The method of publishing does have an impact on earnings and certainly when an author is paid. If an author secures a deal with a traditional publisher, they will get an advance, usually half upfront on signing a publishing deal and half on completion. They will then receive royalties once they’ve earned out the advance. (Basically, sold enough books to pay the publisher back for the money invested in the book). If the author self publishes, there is no advance, and the payments will all be arrears via royalties.

Do authors get paid for every book sold?

A royalty rate is the percentage of the retail price that an author earns for each copy of their book sold. Whether an author receives royalties and how much they get depends on the terms of their contract with their publisher – which is why it’s crucial to review payment clauses carefully.

Royalty rates are usually based on the recommended retail price (RRP) of a book. For hardbacks, the royalty rate tends to be around 10% of the RRP, and for paperbacks, it's about 7.5%. So for example, if a hardback is priced at £14.99, the author would earn roughly £1.50 per copy sold. For a paperback priced at £7.99, the author would earn about 60p per copy.

In general, royalty rates are better for those who self publish. With self publishing, authors will receive around 30 – 60%. But, remember, a self published author also has to pay out for all the costs associated with getting their books on the market, from editing, to book cover design, to marketing and distribution.

How much money do authors make per book

How hard is it to sell a million books?

In 2022, the UK publishing industry saw a record-breaking year with 669 million physical books sold, according to the Publishers Association. However, despite this high volume of sales, breaking the million-copy mark is extremely challenging. In fact, over 90% of books sell fewer than 1,000 copies each.

How much can I expect to make from a debut novel?

The sum a publisher is prepared to pay a writer for a debut novel depends on several key factors, including:

First-time writers may receive an advance from their publisher depending on the potential commercial success of their book – but the amount can vary drastically from £1,000 to £50,000

It's important to understand that an advance is a prepayment against future royalties. This means you must earn back the advance through book sales before you start receiving any additional royalty payments.

How much money do authors make per book

Can a debut novel be successful?

Certainly! Harper Lee’s To Kill a Mockingbird was her first published novel, released in July 1960. It achieved immediate success, winning the Pulitzer Prize the following year before being adapted into a multi-Academy Award-winning film starring Gregory Peck.  

Many other authors have also found significant success with their debut novels, including:

  • Mary Shelley with ‘Frankenstein; or, The Modern Prometheus’ (1818)

  • Ralph Ellison with ‘Invisible Man’ (1952)

  • Ken Kesey with ‘One Flew Over The Cuckoo's Nest’ (1962)

  • Stephen King with ‘Carrie’ (1974)

  • Irvine Welsh with ‘Trainspotting’ (1993)

  • Chuck Palahniuk with ‘Fight Club’ (1996)

  • Stieg Larsson with ‘The Girl With The Dragon Tattoo’ (2005)

  • And more!

Who are the richest writers in the world?

While becoming a millionaire through writing is challenging, it is certainly possible. In fact, there are plenty of famous names in the publishing industry that have made an impressive fortune for themselves. Here’s a breakdown of the 10 richest writers in the world, according to Celebrity Net Worth

  1. J.K. Rowling

  2. James Patterson

  3. Danielle Steel

  4. Paolo Coelho

  5. Stephen King

  6. John Grisham

  7. Nora Roberts

  8. Barbara Taylor Bradford

  9. Dean Koontz

  10. Jeffrey Archer

How much do authors get paid if their book becomes a movie?

Authors can receive substantial payments if their books are adapted into films. For instance, EL James earned $5 million for selling the screen rights to the Fifty Shades trilogy, J.K. Rowling received $1.3 million for the film rights to the first four Harry Potter books, and Dan Brown was paid $6 million for The Da Vinci Code.

However, these cases are exceptions rather than the norm. Many authors whose works are adapted into films or TV series receive significantly less. For example, Joanna Nadin was paid under £5,000 when her novel Joe All Alone was adapted into a Bafta-winning television series in 2018.

J.K. Rowling received $1.3 million for the film rights to the first four Harry Potter books

How else can I make money from my book?

When it comes to biographies, people write a book for a range of reasons, most related to the fact they have a burning desire to tell their story. In some types of non-fiction, there are some other very important reasons for writing a book. The fact is, as one contact eloquently told me: books are a client magnet! I used to call books a posh business card, but I think this description is far more to the point.

Books give author’s credibility and authority, showing that they are the expert in their field. The reason I invested many hours writing The Complete Guide to Ghostwriting, instead of taking paid work, is because it was an investment in my future. By publishing a book which covered every aspect of my craft, I succinctly demonstrated that I was a safe pair of hands. Let me write your book, I know about ghostwriting. I am an expert!

I have, over the years, worked with dozens of authors and I love collecting stories of how they have made money from their books, over and above the income from sales. Here are just a few:

  • Their book has helped cement their reputation as an expert in their field and brought in a series of paid speaking engagements around the world.

  • They’ve gained a handful of Non Executive Director positions.

  • Their book has helped pave the way to securing many millions in investment from VCs. The financiers read the book before the pitch and said it helped them understand the person and the business better.

  • The author was invited to Westminster to assist MPs in their understanding of a crucial business and social issue.

  • They’ve become the go-to spokesperson in their field in the media.

Books are a client magnet, whatever your profession. They can advance your purpose, get the word out and they keep on delivering.

How can I sell more books?

It is crucial to actively work to create the best possible chance for a book to succeed, whether it is to generate direct income, or to bring in secondary benefits like those in the section above. Options to maximise opportunities include:

  • Ensuring your book is of the highest quality: For a book to sell well, or to properly showcase your abilities, it has to be well written. This is why it is highly beneficial to work with an experienced ghostwriter.

  • Building a following: Books don’t sell themselves. The authors that received the benefits listed above, supported their work with a robust publicity campaign and spent time building a social media presence. Another benefit of a book is: it gives authors something to talk about online.

  • Writing more: OK, it might seem counterintuitive to invest in more books, but it can be hugely beneficial in building-up a following and creating that client magnet credibility.

  • Reviews: Good reviews increase sales. If someone says they liked your book, encourage them to write a review on Amazon. You can also contact influencers, or professional reviewers. Why not? If you are proud of your product, it’s another good way to get it out there.

There are many ways to make money out of books other than selling copies: but it does take some work and it all starts with a top quality product. If you want to find out more about working with a bestselling ghostwriter to achieve this, get in contact with The Ghostwriters Agency with us now.

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