From Irish Publishing News:
An interesting development this.
Bestselling authors including historian and Monty Python writer Terry Jones, Booker-shortlisted novelist Tibor Fischer and the cloud-spotting Gavin Pretor-Pinney have signed up to a new initiative that bypasses traditional publishers to put writers directly in touch with their readers.
The Unbound.co.uk publishing platform, dreamed up by QI’s John Mitchinson and Justin Pollard, and Crap Townsauthor Dan Kieran, allows writers to pitch ideas online directly to readers who, if they are interested, pledge financial support. Once enough money has been raised, the author will write the book, with supporters receiving anything from an ebook to a limited first edition and lunch with the author, depending on their level of investment.
read the Dear Author information on this:
http://dearauthor.com/features/industry-news/tuesday-midday-links-post-holiday-weekend-hangover/
apparently the authors are only getting 50% of the *net profit*, which basically means that subscribers are being asked to fund the author advances.
There also doesn’t seem to be any information on what happens to the money if the target amount is not reached – presumably the publisher keeps that as pure profit.