UK's Society of Authors have crunched the numbers, and they've reached a conclusion: traditional publishing is "no longer fair or sustainable."
Looking at the Numbers
The Society of Authors has about 9,000 members. New figures released recently showed a marked drop in median income for professional authors. They're now earning less than $20,000 annually, wages that aren't "fair or sustainable," according to the chief executive for the Society.
The statement comes on the heels of a survey released recently, in which 2,500 writers answered questions about their earnings. Author income is down about 29 percent since 2005 -- a number that is truly frightening. Now, only 11.5 percent of professional authors in England earn their main income from writing. In 2005, that number was 40 percent.