Harry’s tell-all book needs to sell more than 1.7 MILLION copies for the publisher to break even
Prince Harry’s much-anticipated memoir, Spare, needs to sell around 1.7 million copies for publisher Penguin Random House to pay off its $20 million deal, according to an expert analysis.
To hit the sales numbers, a combination of print and e-books, Harry’s Cure would need to enter the annual top 15 charts in the US and become a bestseller in the UK.
However, some observers say the public might get tired of hearing Harry and Meghan’s unrelenting wails – first in their bombastic Oprah interview and then in their Netflix documentary that failed to impress critics.
Penguin announced his deal with the prince in July 2021 with a lavish announcement that promised an “intimate and heartfelt remembrance of one of the most fascinating and influential global figures of our time.”
Promotional material for the memoir, which will be released on January 10 and already topped some pre-order charts, prominently references Princess Diana’s death in 1997 and the globally broadcast images of Harry and Prince William walking behind their mother’s coffin.
The book has a $36 sticker price, but several major retailers sell it for $22.40. In the UK, some stores sell it for £14, which is around $16.85.
The contract with Penguin Random House includes up to four books – including one or more that could be co-written with Meghan. Others might address “wellness,” leadership, and philanthropy
Penguin Random House reportedly paid Harry $20 million in a deal that could span four books. His much-anticipated memoir, Spare, is likely to significantly outperform any subsequent books
An analysis by former Hollywood Reporter book editor Andy Lewis, published on his substack The Optionist, predicts that Spare will need to sell 1.3 million print copies and 400,000 e-books worldwide for Penguin Random House’s deal to turn a profit discards.
With those sales, Penguin would also be counting on relatively modest sales from additional books included in the deal. The deal also reportedly includes three more books, potentially including one or more books co-written with Meghan.
But these will likely be far less successful than the debut memoirs, which will further expose Harry’s fractured relationship with the British royal family – including allegations of racism and bullying, which Meghan said made her have suicidal thoughts. Subsequent books are rumored to have been written on “wellness”, leadership and philanthropy.
Spare’s sticker price is $36 — but retailers like Amazon and Walmart are offering the book for pre-order for $22.40.
According to an analysis, Spare needs to sell around 1.7 million copies to make Penguin Random House a profit. But observers say the public may be tired of hearing from Harry and Meghan after their Netflix documentaries and explosive interview with Oprah (pictured).
Spare promises to further shed light on Harry’s fractured relationship with the British royal family
The wholesale price of the printed book Penguin is pocketing is likely around $18.
The e-book costs $17.99 and Penguin gets 70 percent of it – $12.60 – and the rest goes to the App Store.
But Penguin then has to pay Harry further royalties from each sale — estimated at $5.40 per print copy and $4.50 per e-book.
A summary of the numbers suggests that Penguin will fetch about $12.60 per printed book and $8.09 per e-book.
The publisher also faces printing and operating costs — not to mention the $1 million it paid to Harry’s Pulitzer winner, JR Moehringer
To recoup its $20 million from Spare alone, it would likely need to average about 2 million print and e-book sales combined.
The Tell-All Memoir Spare was #2 on Amazon’s presale bestseller list in North America and the UK as of Wednesday morning. The Duke of Sussex’s book is £14 on the UK website.
Spare is published in 16 languages inclusive. The book’s title varies by language: for example, the Spanish version is In the Shadow, while the French version is The Substitute
The privacy-conscious couple have previously spoken at length about their life within the royal family. Pictured: The couple appear in their Netflix documentaries.
Ultra-secure precautions are in place to keep the content secret prior to launch, with the Duke and his publishers going to great lengths to ensure it is released simultaneously around the world.
Spare is published in 16 languages including Chinese, Finnish, Hungarian, Spanish and Portuguese. The title of the book varies by language: the Spanish version is Im Schatten, while the French version is The Substitute.
The title Spare is a play on the notion of ‘the surrogate for the heir’ – Harry’s position as second to brother William’s claim to the throne.
According to Penguin Random House, Spare tells Harry’s story with “raw, unflinching honesty.”
Publishing sources said the arrangements for the release of Harry’s “explosive” memoir were closely guarded and managed down to the last detail, with only a handful of senior executives knowing the exact details.
Deliveries to bookstores are scheduled at the last minute to prevent unauthorized copies from leaking out. Guarded locations around the world have been secured to house copies of the book prior to distribution.
https://www.dailymail.co.uk/news/article-11599109/Harrys-tell-sell-1-7MILLION-copies-publisher-break-even.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Harry’s tell-all book needs to sell more than 1.7 MILLION copies for the publisher to break even