How Important is IP?
See any For Sale signs?
So, I’m always going on about how important it is to own your own IP, especially if you’re prolific, and also if you’ve published traditionally in the past for very good money (adds street cred), had more than a few bestsellers that have made the lists, nailed a few major awards, received movie/TV interest, possess some killer praise/blurbs from major publications, etc.
The more books, novellas, stories, and story collections you own, the more your overall net worth will become. Don’t confuse net worth with how much you’re bringing in every month in royalties. You might only be making $20k to $40K per year on averge in royalties. But in the case of IP, it’s licensing potential you need to consider (eventually you might consider a catalogue sale, but I’m not there yet and likely will never be, since I’ll pass all this down to my kids).
Licensing can include eBooks, paperbacks, large print paperbacks, hardcovers, special edition hardcovers, story collections, box sets, audio, foreign rights editions, movies/streaming, merch, you name it. There’s really no limit to what can be considered IP when it comes to a title. You are limited only to what your imagination permits.
What this means in the short run is this: unless you don’t write fiction for a living and only produce one novel per year or so, you should never consider a book deal for zero advance and/or a small advance. You should never sell global rights. You should never sign a deal in which your rights aren’t reverted back to you within a 5-7 year period. This is just for starters. But if you’re not getting any of the above, walk away and keep your IP, and continue to grow your catalogue.
Why am I bringing this up now? I had my Bear Media and the 200+ titles appraised recently and while I’m not about to tell you the exact net worth, suffice to say it’s well within the 7-figure margin, and that’s conservative. That number grows just a little bit more every year as I add, on average, a new title to the catalogue every month.
When it comes to your fiction business, don’t think in terms of the short game. Think long-term. And for the love of God, do not sell your IP. Allow it to grow for generations. Like I’ve said before, you would not sell an office building in New York City. You would continue to own it forever. Instead, you lease the spaces to the masses.
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