November 20, 2024

TIKTOK’S PARENT COMPANY WANTS TO SELL BOOKS

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TIKTOK’S PARENT COMPANY WANTS TO SELL BOOKS

By: Sophie Tian

TikTok has created many recent bestsellers through viral “BookToks.” Earlier this year, TikTok’s parent company ByteDance started reaching out to self-published authors.

According to the company, more than 150 million TikTok users in the US alone are interested in books, and in the past year, #BookTok videos have received more than 91 billion views.

TikTok has catapulted many authors and books, most notably Colleen Hoover and her works, to fame. #ColleenHoover videos have received over 4.2 billion views, and her books have sold over 24 million copies. According to print sales tracker Circina BookScan, around 100 big authors on BookTok earned $760 million collectively in 2022.

“To say it’s hugely important is an understatement at this point,” said Harlequin senior publishing director Bess Braswell.

TikTok has changed the bookselling industry entirely. Before the social media platform emerged, readers discovered new authors through booksellers. Now, publishers are discovering viral authors through readers on TikTok.

Publishing company Bloom Books signed several previously self-published authors, including Scarlett St. Clair, Piper C.J., and L.J. Shen, after learning the books were in demand from readers at bookstores. “We started hearing, ‘This author is trending on TikTok, but we can’t stock the books,’” said Molly Waxman, executive director of adult fiction marketing at Sourcebooks, Bloom Books’ parent company.

Many authors self-published, went viral on TikTok, then got signed by a big publishing company. A few examples are Ruby Dixon, author of the “Ice Planet Barbarians” series, Krista and Becca Ritchie, authors of the “Addicted” series, and Mariana Zapata, author of “The Wall of Winnipeg and Me”.

Now, ByteDance wants to take advantage of TikTok’s success in the industry and start a new publishing company. In April, ByteDance filed a trademark for their publishing branch, 8th Note Press, describing it as an ecosystem where people could find, buy, read, review, and discuss books. The company reached out to self-published authors and offered an advance, royalties, and online marketing services.

However, ByteDance’s offer doesn’t compare to those of traditional publishers, which sometimes offer up to millions of dollars for advances. Best-selling and self-publishing romance author Tricia O’Malley says she received an offer from ByteDance to buy the rights to two of her books, which included a social media marketing campaign, royalties, and an advance of $3,500 per book. O’Malley declined, saying that was less than the book made monthly.

So far, ByteDance seems interested in fantasy, romance, and mystery genres. According to O’Malley, the company looks for books that are “wholesome, fun, and sexy, but nothing too steamy or dark.”

ByteDance’s presence in the industry raises some concerns. It could ruin the authenticity and user-driven element of TikTok. If the company were to change TikTok’s algorithms and give their own books more exposure than other self-published authors not affiliated with ByteDance, BookTok would become less organic. ByteDance maintains that 8th Note Press is separate from TikTok.

But others aren’t worried. “I’m less concerned about TikTok becoming a publisher tomorrow because building and publishing an infrastructure that works—that’s hard,” said Sourcebooks publisher and chief executive Dominique Raccah.

ByteDance will ultimately face the same challenges as other publishers. Viral videos and views won’t translate into success unless the books themselves are appealing. “They can get more eyeballs but is that going to translate into sales?” said Berkley vice president and editorial director Cindy Hwang. “It’s not just about getting the hits, it’s about getting readers to buy the book.”

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