Indie Author Contests

I recently saw an author proclaiming her latest novel had been nominated for an [unnamed for the purposes of this blog] indie book prize. With a newly published novel of my own, (titled Doubtful Relations, thanks for asking) I figured I’d learn more of the details.

Turns out anyone can nominate a book, including its author, for the price of $75. That covers one category; extra categories can be had for $50 each.

As you probably know, I like to understand the economics underlying any transaction, and this one looked intriguing from both the author’s and the contest owner’s perspective.

First, consider the author.

The contest provides more than seventy possible categories that cover the gamut of fiction and nonfiction. I found some most intriguing. First novel split into three categories: under 60,000 words, 60-90,000 words, over 90,000 words. Here’s a category I’ve never seen before: Second novel. There were also separate awards for two ebook categories: fiction and nonfiction.

An author needs to think strategically about which category to enter his work in order to keep fees under control. Thinking of my second published novel, it could have qualified as Second Novel, Mystery, Suspense, Thriller, Regional Fiction, Best Cover (Fiction), and maybe even Action/Adventure.

With a win, what does the author receive?

First/second/third places for fiction and nonfiction win $1500/$750/$500 AND a trophy!

Winner of one of the seventy-odd categories wins $100 AND a “gold medal” AND have a NY literary agent review the book for possible representation.

Top five finalists in the categories also win medals, permission to put stickers on the winning books, listing in a catalog and on the sponsor’s website.

I’m pretty underwhelmed here. Let me explain why.

Literary agent representation: Most agents accept electronic submissions, which cost nothing to submit. Plus, in the contest I was evaluating, a quick check of the agent’s website reveals the agency works primarily in nonfiction, although they will take fiction. I write fiction, so this is probably not the best agency fit for me.

Unlike Olympic medals, which do have monetary value, these won’t put money in the bank.

Winning a category provides a return of the entry fee plus $25. That assumes entry in only one category. Assuming authors who enter in two categories can only win one (not clear, but likely), entering more than one category assures a monetary loss unless the book is one of the overall top three. What are the chances of winning one of the top three spots? Slim, very slim.

So what can an author expect to get for his $75? Clearly, he can accurately claim his book was nominated for the XYZ Prize. The award sounds good, and “nomination” presents the impression there was a vetting process to become nominated (and there is, the check must clear!). Maybe the advertising value brings sufficient monetary rewards to justify the money spent.

I’m skeptical, but willing to be persuaded in the comments.

Now, what does the promoter get out of this?

Prize outlay is $12,500 plus trophies and medals plus paying the agent to look at 70 manuscripts plus a website to post results for a year plus a “catalog” of winning books. What do you think, $25,000 max?

At $75 an entry, the 334^th person covers the costs assuming everyone enters only one category. If on average they choose two, then 200 “nominations” will break even.

Maybe the contest sponsor pays readers – say $25 a book? Even then, worst case break-even requires 500 entrants. With 500,000 or so indie books published each year in the U.S. that’s only one in a 1,000.

Convince 2,000 people to sign up with two categories each and you’ve generated $250,000 in entrance fees. I think I understand the motivation for creating the contest.

WWK readers: it’s your opportunity to set this jaded author right! Tell me in the comments what I am missing; or do you agree this is a PT Barnum opportunity?

~ Jim