UK publisher and funding platform Unbound has agreed a joint venture with Cornerstone which will allow the Penguin Random House division distribute trade editions of Unbound titles. Unbound allows authors to pitch a book idea for consideration (fiction or non-fiction), and once a book pitch is accepted, it is presented to Unbound’s reader community for support and funding. The publisher sets the budget to produce and market the book, and if enough readers contribute to the book’s funding over a period of time and the target is reached, the book is published.
Unbound was founded in 2011 by John Mitchinson (ex-Waterstones marketing director, publisher at Harvill Press and author), Justin Pollard (author and historical consultant on numerous feature films and BBC TV series), and Dan Kieran (author of the bestselling Crap Towns series of books). The publisher has supported the crowdfunding and publication of 54 titles for authors and this new venture with Cornerstone will allow it to primarily focus on the core-business of funding and promoting book projects.
Authors will continue to receive a royalty of 50% of net profits, however the terms of the new venture mean Cornerstone is also part of the profit-share arrangement with Unbound. Unbound will continue to publish its special limited editions for crowdfund supporters. Cornerstone will take over all of the Unbound back catalogue from April.
Co-founder Dan Kieran told The Bookseller today:
This is a great moment for Unbound and a sign of how publishing is evolving. Bold partnerships between agile tech-based companies and traditional players can offer authors and readers the best of both worlds if they work together. Ever since launching Unbound we have been looking for the right trade partner to allow us to concentrate on our platform, and working to help authors and readers come together in mutually enriching ways.
The Independent Publishing Magazine reviewed Unbound last November.