Build a Foreign Rights Revenue Stream, Part One: How to Get Started
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Publishers have discovered that foreign rights sales can form an important part of their publishing programs, contributing ever-increasing amounts to their bottom lines. As the world has become smaller, foreign publishers have become more aware of the abundance of excellent books by American publishers, and a win-win situation has developed. American publishers have content in their books that foreign publishers need. Foreign publishers in nearly 400 countries are willing to pay to acquire rights for their countries to those books. And the best part is that your costs for generating a foreign rights revenue stream can be zero–with no money down.
A few years ago a rather well-known client of mine, Robert Allen, published a bestselling personal finance book titled Multiple Streams of Income. It implores individuals to create as many sources of income as possible through diversified investments of their assets. Could there be a better strategy for profitability for publishers than considering a book as a financial asset and broadening its base to create multiple revenue streams?
Successful publishers search for as many ways as possible to build revenue streams from their books. Bookstore revenues are an obvious stream, but often fickle. So smart publishers also sell to catalog houses, educational institutions, museum stores, book clubs, periodicals, special sales outlets, mass merchandisers, and foreign rights buyers.
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