This is a copy of an acutal Commonwealth pitch letter, in which the company proposes a joint- venture operation, asking the writer to put up a sum of money to cover the costs of publication. The text of the letter has been printed alongside. As you can see, this would be a seductive draw, especially when the Commonwealth package includes copies of brochures of their books in print, as well as the cover of a recent title.
August
13, 1997We propose entering into a joint venture with you to publish your book, ________________________. Both the title and the concept were well thought out, therefore we are confident the book will be favorably received. This type of book continues to enjoy considerable popularity and, given proper production and marketing, your work should do very well.
We have prepared a publishing agreement, in duplicate, for your consideration. This agreement will better define all the terms and conditions regarding publishing, printing, marketing and royalties. please review it carefully and contact us with any questions or comments you may have pending your final approval. Both copies should be signed: one to he returned to us and the other to be retained for your records.
As indicated in the attached agreement, we intend to begin with a first printing of 10,000 copies of the book. You would receive a royalty of 40% of the retail price of the books on the first 2,500 copies sold and a 15% royalty of the retail price on all books sold thereafter with the projected retail price of $7.99 per unit, we expect a rapid turnover on the first printing.
Given that mass market royalties generally average 6% - 8% with most publishers, I think you'll agree that the royalty schedule we are proposing is quite impressive and is obviously designed to virtually guarantee a high return for the Author - particularly from initial sales. As the contract indicates, your remuneration from royalties on 10,000 copies at $7.99 per book will be as follows: