Buying foreign book rights is a highly rewarding aspect of the publishing industry. Not only they create an additional revenue stream, but also provides a feeling of pride among authors to see their work translated into several international languages. Also, it allows publishing houses to expand their current portfolio and add a variety of new titles from authors across the world, giving them the opportunity to view the bigger picture of global publishing.
Why buy foreign book rights?
- To have access to specialist content that might not be readily accessible in the local market. For example, law or medicine
- To introduce the work of a famous foreign author in the domestic market
- To expand your portfolio
- To increase your revenue
- To enter new markets
Key points for rights buying strategy
- Aiming to build long-term relationships with authors, publishing partners, and local subagents
- Attending international book fairs to gain access and communicate with the peers of the publishing world
- Identifying foreign publishers whose portfolio is compatible with your portfolio
- Creating memberships on automated right selling systems to purchase international book rights with minimum hassles
Before drafting the contract, an author will want to understand many minute details regarding the agreement before agreeing to sign up with you. Accordingly, you should determine the following information before going any further as it will make the process of finalising the contract much easier. Discuss the following points:
- The amount of your advance
- Expected first run of the book
- Marketing plan and proposed publication schedule
- Local retail price
- Proposed formats for publication (digital, paperback, hardback, audio)
- Proposed changes
- Length of licenses
- Whether the copyright will be in the publisher’s or author’s name
- The applicable currency
How New York Rights Fair can assist you in buying
The New York Rights Fair is a first of its kind – to provide a one-stop destination as a premium rights marketplace for kids’ and adult content. It gives an opportunity to the publishing community to converse and interact with all the players in the literary world. The global event will cover book rights, including sales negotiation and distributions for all formats – print, audio, digital, film, and television.
It provides engaging tools and spaces to interact and converse with the stalwarts of the publishing industry, which includes translation centers, agent tables, information centers, a wide array of information maintained, offering both and much more.
The bottom line is to have always an agenda that puts a strong emphasis on sound editorial content and put all your efforts to make the edition successful.