Wednesday, October 31, 2007

The 360 deal for 365

Madonna's recent decision to leave Time Warner for a non-record label leaves a lesson for authors. Madonna cashed a reported $120 million contract with tour promoters Live Nation. The deal includes albums, but interestingly, also folds in touring, merchandising, and licensing. (You know the eau de Madge fragrance is not far behind.)

Her deal is called a "360;" every aspect, every profit potential is handled by one company. Could be a record company, but more often, it's a company like Virgin or Live Nation, adept at accessing multiple streams of income.

While 360 deals are rare in the book world -- Dr. Seuss being one of exceptions -- authors would be wise to think of their books as the introduction to the 360 deal way of thinking. In the past, books could be parlayed into only a few things. Tenure at a university or appearances at conferences.

But what if authors thought of their books differently? Authors would develop fan bases, with a continual conversation. Or, communicate elements of their characters and plot; perhaps develop exclusive novellas in between full length books.

Art is the thing, sure but so is the expansion of the message in the art. Mr. Obie Joe is not advocating for t-shirts and cologne; rather, the expansion of imagination in how we regard our books to our business life.

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