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The general rule I've heard, at least for print publishing is that taking royalties on net starts at stupid and goes downhill from there.
When I managed a bookstore, we paid about 55% of list to the distributor. I don't know the current numbers, but I would imagine the most a publisher is likely to see on a book is 45-50% of list - and probably closer to 45%.
So if we take net receipts as being 45% of list - then 25% of net turns into 11.5% of list. This is an improvement over 10% of list - but not over the 15% of list they're talking about.
It will be an improvement on Amazon e-sales though.
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