Traditional Publishing
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Traditional publishing houses generally ask for and retain all rights to a work they agree to produce. Additionally, except for the most popular authors, large publishing houses provide little in the way of marketing for books. Authors do most marketing themselves.
Negotiation
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Authors can negotiate all aspects of contracts, including copyright and publishing rights. An author can retain copyright to the book, and may negotiate on requested revisions or reprints. Many small houses will negotiate on some rights, such as electronic or movie rights, but larger publishers will want to retain those rights. Be sure to sign agreements, and make any revisions before the publisher's representative signs. Keep copies of any agreements.
Advantages
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Although authors who contract with large publishing houses do give up some rights and some control over the presentation and marketing of their works, they also receive benefits. Large publishers provide instant credibility and accept all the costs and risks to producing the work. They have large distribution networks. Sales are therefore probably greater and thus the author may earn more in royalties.
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