Headaches about splitting book royalties and managing a transparent business? Not anymore!
PublishDrive saw an increase in the number of romance and fantasy authors who signed up to our platform. More self-published authors within these genres are co-authoring as a collaborative effort to share ideas, share writing workload and more. After personally chatting with these groups of people, we learned that they lacked something important. What’s missing is an easy, reliable way to split book royalties for co-authors for any number of books.
That’s why we went into problem-solving and developed a new feature called Team Royalties, It’s a tool to easily split royalties between co-authors and people working together.
Learn more about this feature below and discover how easy it is to get started with hassle-free co-authoring.
Royalty Splitting Made Easy
Most self-publishing platforms lack a way for authors to split royalties between contributors. After being paid out to the account owner, it’s up to that person to further distribute the earnings. This can become a logistical mess; not to mention, it’s pretty time-consuming.
Team Royalties eliminates all of that with a tool for virtual collaboration-with a secure opt-in process, account access restrictions, and automatic splitting, authors can finally enjoy a hassle-free co-authoring experience.
Even better, many publishing houses coming from a traditional publishing background love this feature as well, as it opens up a huge time and financial savings for them on the reporting, payment and taxation end.
This new feature provides the following benefits:
- Secure Opt-In Process: Only the book owner (the person who uploads the book to the platform) can add a co-author, and sharing is enabled only when both sides confirm.
- Convenient Royalty Splitting: At the end of each pay period, royalties are automatically distributed to the confirmed authors based on the fixed percentage set by the book owner.
- Account Access Restrictions: The co-author(s) assigned by the book owner can access the book’s metadata and sales data, but cannot edit the book.
- Unlimited Number of Co-Authors: One book can be shared with any number of co-authors.
- Automatic payment: Generally, publisher pays out royalties that has a lot of overheads with administrative charges and manual process. With Team Royalties, royalties paid out to authors automatically based on the reports that PublishDrive generates. The authors add their taxation and banking info.
- Taxation is done by PublishDrive: taxation for payments going through the PublishDrive platform are handled by PublishDrive. The authors add their taxation information and they receive their 1099 or 1042 reports early next year.
How it Works
Upload a Book
A book is eligible for Team Royalties when it has been uploaded to PublishDrive (both live books and books uploaded as drafts are eligible).
Send or Accept the Invite
If you’re the book owner, navigate to My Account > Team Royalties > My Shared Books. This is where the book owner can send invites to any number of co-authors or other contributors.
To start, just send an invite to your co-author for the selected book*. On the invitation, you can also specify the terms of the agreement, including the start date and percentage that each contributor will receive.
*Note: Only the book owner can initiate sharing through Team Royalties. Also, co-authors and contributors must be PublishDrive users to participate.
If you’re a co-author or contributor, navigate to My Account > Team Royalties > Books Shared with Me, and accept your pending invitation(s).
Once all parties agree to the terms by accepting the invitation, then you’re all set! The royalties are automatically distributed to each confirmed contributor at the end of the pay period.
What if I Want to Cancel or Change the Terms?
Changing the terms of your Team Royalties agreement is easy. If you’re the book owner, simply navigate to the Team Royalties page and click on My Shared Books. Then, select Terminate or Edit for the specific book. Once the co-author(s) accept the updated terms, they will go into effect immediately.
Updated Features as of April 2019
Based on user feedback, we made some improvements to our Team Royalties feature. You can now take advantage of the following:
- More Access for Co-Authors: For successful co-authoring, it’s important that all contributors have access to the book’s information and live store links. Co-authors can now view any shared book under “Books” in the main menu. Here, they can see the book’s metadata and the store links.
- Expanded Use for Marketing Features: We’ve made it easy for any contributor on your team to boost sales. Co-authors can now create Amazon advertising campaigns for shared books, and use our built-in marketing features.
Try it out today!
If you’ve been seeking a more streamlined way to split co-author royalties, then you’re going to love this feature. Although a paid service, all users who activate the service from now until the end of April 2019 can use it for free through the end of the year.
For more detailed information about how the feature works, read our Help Center article.
Manage Royalties without distribution by PD Abacus
If you’re looking for something a bit more powerful in your work environment and that is independent from PublishDrive's distribution network, PD Abacus is for you. PD Abacus enables using only the management tools that help you work collaboratively on streamlining author finances.
The tool combines automatic payment-splitting with other management features:
- Calculate co-author royalties for all book formats such as print-on-demand, ebooks, and audiobooks in one platform.
- Calculate co-author royalties for Amazon KDP books (including KU) along with other costs and custom revenue streams, like books sold in your own store or book sales at author signings.
- Calculate royalties for other revenue sources such as Apple, Google, Kobo, Barnes & Noble, Findaway, Ingramspark, Draft 2 Digital, and many more to come!
- Add as many team members as you want per title. For added security, only the book owner has access to the full sales data and royalty percentages.
- Generate detailed reports for your team. Contributors can only see their share of royalties, giving you full authority on calculating finances.
- Manage publishing contracts - so you never forget about the expiration of the contracts anymore.
Here’s what Stephen Campbell from LMBPN® Publishing said:
“PD Abacus will save meaningful amounts of time for LMBPN® Publishing. The royalty calculation, confirmation and distribution process for our hundreds of books and audiobooks to dozens of authors has taken days of staff work each month. That process shrinks to a few hours with PD Abacus.”