Her sheer existence is charity enough! To be anywhere near her magnificence is all anyone could ever ask for!!! (~barf and sarc to the max)
The Obamas’ Book Deals Spark $65 Million Mystery
By Jim Milliot and Rachel Deahl with additional reporting from Francis Hoch |
Mar 03, 2017
When word broke early last week that former president and first lady Barack and Michelle Obama had landed a joint deal at Penguin Random House worth a reported $65 million, many in the industry were stunned. The advance is, if not the largest on record for two standalone works, certainly the largest in recent memory.
As is its company policy, PRH has not commented on the money. Some insiders, all of whom spoke to PW on the condition of anonymity, have expressed skepticism about the accuracy of the figure (which the Financial Times first reported). A week before the deal was announced, one high-ranking publisher at another house who had been involved in negotiations said that he thought the two books would fetch a total of $30 million. But many in the business, including scouts monitoring the auction, said they think the $65 million figure is accurate.
Assuming, then, that PRH did spend $65 million on both books, the publisher has a number of ways to make back its money, and then some. Industry members are confident both books will do well in hardcover, trade paperback, e-book, and audio. With Barack Obama’s new book, PRH has a title that will likely be an instant bestseller and will also become a backlist mainstay. It also has the potential to become a popular choice for course adoption. According to NPD BookScan, which tracks about 80% of print sales, Obama’s two previous books, 1995’s Dreams from My Father and 2006’s The Audacity of Hope, have sold roughly 4.7 million print copies combined since 2001, when BookScan started tracking sales.
Michelle Obama’s book is more of a gamble. Many insiders said that, despite her popularity as first lady and the notoriety she achieved in the just-closed presidential election, it’s harder to make an educated guess about how well her book could sell, out of the gate or in backlist.