Data-driven publisher Inkitt announced today that it has posted the platform’s publishing contract online “to create a greater level of transparency in the publishing process for aspiring authors.”
Full press release below:
DATA-DRIVEN PUBLISHER INKITT SHARES AUTHOR CONTRACTS ONLINE
Contracts to promote transparency and fairness in the publishing industry
BERLIN, OCT 13, 2016:
Today Inkitt is announcing the decision to post the platform’s publishing contract online to create a greater level of transparency in the publishing process for aspiring authors.
Hearing from authors about the stress of understanding publishing contracts inspired the Berlin-based Inkitt team to streamline the platform’s contract to a five page document with language prompters on the side, highlighting what is included in the legal agreement. The contract gives authors greater insight into what is offered through a publishing deal with Inkitt and encourages other industry players to commit to similar initiatives.
“We want to be the driving force behind making the publishing process easier and more accessible for the millions of aspiring authors around the world,” says Inkitt’s Co-Founder and CEO, Ali Albazaz. “A transparent publishing contract enables us to not only help authors understand what is involved in the publishing process but also allows industry to bring greater literature to market faster.”
Inkitt’s contract includes:
Professional royalties of 50%
Budgeting of up to $6,000
Contract can be cancelled if 1,000 copies of the book aren’t sold within a year
Professional cover design
85% royalties if published with a partnering publishing house
The past year has been one of massive growth for Inkitt. In September Just Juliet, the first book published solely under the Inkitt imprint, ranked #51 from the 4.5 million books available on Amazon.
Inkitt additionally signed the platform’s first publishing deal with Tor Books, an imprint of Macmillan Publishers, for the first novel (Bright Star) selected by Inkitt’s built-in artificially intelligent algorithms that analyse reader behavior to predict future best sellers.
With a goal of making the publishing process easier and more fair for authors, Inkitt was founded in 2015 by Ali Albazaz and Linda Gavin. An online publishing community where budding authors can share their stories and readers can unearth new content, Inkitt has a 1 million readership that stretches from the US to Australia. The platform offers publishing deals to authors through writing contests or by selection through Inkitt’s algorithms.
Once novels are identified, Inkitt works with leading publishers to get its top-read books to print or publishes the novel independently with a guaranteed in-house marketing campaign.
Next up, Inkitt is working on releasing a line-up of thirteen novels by the end of 2016. Inkitt is additionally hosting The Novelist Writing Contest until October 30, taking submissions of 40,000 word novels with three winners taking home a publishing deal.
Inkitt’s publishing contract can be found online here.
Inkitt (www.inkitt.com) is an online publishing community where budding writers can share their stories and inquisitive readers can unearth fresh content. Inkitt is more than just a publishing platform: the website has a built-in algorithms that analyses reading patterns and detects future bestsellers, with a view to getting them published. Using this unique data-driven approach to uncover highly-addictive stories, Inkitt’s goal is to make the publish process fair and transparent with the hope that a blockbuster book will never be rejected by a publishing house again.
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