Literary Agents profits take a tumble

This is an interesting and illuminating article for authors who would like to understand a little more about the finances of literary agents. The article, which appears in The Bookseller, examines the profits or rather losses of some of the big literary agents.

"Literary agents have seen their profits tumble, with the recession, dwindling advances and publishers' focus on celebrity cited as contributing factors. The split at PFD, which led to the creation of United Agents (UA), also hampered the performance of the two agencies involved, while an expansion in staffing costs affected both Curtis Brown and Aitken Alexander.The Bookseller looked at the accounts of six literary agencies, with only one, AP Watt, returning a profit in the latest financial year.The largest loss was incurred by UA, which in its start-up year to end-2008 made a loss of £2m on sales of £6m."

Click on the link below to read the article in full.

Agents look for turning point as profits take a tumble: "Literary agents have seen their profits..."