THE LATEST NEWS:
September 3, 2019
Tuesday Update from Elizabeth, Anne, and Lynn.
Hi there. Today’s email is slightly different than the last few weeks. We have tried to provide as much business detail as possible in previous updates, but honestly there are only so many times that we can continue to repeat the same information, and with long term problems, not much changes in 7 days. Until we have a date of deposit from the the SBA, we can’t offer a firm payment date to catch up what everyone is due. With every set of deposits we receive, we’ve been sending payments, and we are continuing to respond as best we can to authors’ requests. We’ve been asked for proof that would calm people’s worries but legal and banking documents are confidential and can’t be posted online.
The Past and the Future?
Dreamspinner started with the mission to share stories that allowed a variety of readers to see themselves in the pages of a book with character growth and a happy ending. That goal hasn’t changed, and won’t. It has evolved to expanding levels of diversity and distribution to reach more readers, but providing that magic moment of opening a book and finding a character that looks, feels or thinks like you is the most important part.
Equally important was to make authors’ dreams come true. When we started, authors couldn’t find a publishing company willing to take a chance on their work, and readers didn’t have a place to go to find the books they wanted to read.
The bottom line is we are sorry that we made decisions that have hurt our authors and readers and damaged the trust that we have done our best to build over the last 12 years, but this is not the end. We will continue to work until everything is fixed.
All of the decisions we have made since realizing there was going to be a cashflow issue and monetary shortfall have been chosen with the goal of fixing the problem. Fixing problems takes time. If we could have done it without anyone noticing, we would have, but instead we’ve talked, we’ve shared, we’ve returned rights promptly when asked, we’ve treated authors professionally, and we haven’t gone away. Every author will receive the money owed to them faster by us staying in business than closing our doors and paying them out of residuals over the next two years.
We are committed to turning this around as quickly as possible to meet our obligations to our authors and our readers. Currently we are processing hundreds of emails and questions a day, so please realize that our response time is being affected by that reality.
Dreamspinner’s future may look very different, but every one of our staff is committed to working through the sleepless nights, answering the hard emails, and standing with the authors and business partners who know that this world still needs a publishing company with Dreamspinner’s voice.
Dreamspinner has never been, or needed to be, the only voice. In fact, I hope it continues to grow to one of many, many voices. Authors and readers will make their own choices – which are theirs to make. We may not be friends, we may not agree, in many cases we are like a family forced to put up with each other once a year at Thanksgiving, but we are a community and have far more in common than we do at odds.
Dreamspinner’s responsibility is that every author receives every cent owed to them. We aren’t in a position to do it immediately, and we are very aware of the hardship that causes authors and staff who rely on that income, but we will meet that responsibility.
If you have questions, email me at email@example.com.
Elizabeth North, Chief Executive Officer
Anne Regan, Chief Operations Officer
Lynn West, Publisher and Chief Development Officer
Questions about rights releases: firstname.lastname@example.org
This statement is not confidential. PDF available upon request.