25 July 2016
For better or worse, writers and readers live in an age of the million-dollar book deal. The Big Five publishers (Penguin Random House, Hachette, Macmillan, HarperCollins, and Simon & Schuster) increasingly gamble on massive book advances in hopes that they might put out one of the biggest hits of the year. Last fall, Knopf-a division of Penguin Random House-paid an unprecedented $2 million advance for the first-time novelist Garth Risk Hallberg's City on Fire. Other recent million-dollar debut deals include Imbolo Mbue's Behold the Dreamers, Stephanie Clifford's Everybody Rise, and Matthew Thomas's We Are Not Ourselves-and the list goes on.
