According to Russian Newspaper Network on November 19, former U.S. President Barack Obama’s new book Promised Land broke the sales record for all White House owners’ memoirs. The Associated Press reported, citing a statement from Penguin Random House that nearly 890,000 copies of the book sold in the United States and Canada on its first day of launch, including advance booking and electronic and audiobooks.
According to the report, close to the record set by Obama’s new book is his wife Michelle’s autobiography Becoming in 2018. It sold nearly 750,000 copies in North America on its first day of release, and has sold more than 10 million copies worldwide. Obama’s predecessors’ achievements pale in comparison: Bill Clinton’s memoir My Life sold 400,000 copies on its first day of release, and Bush’s Choice Moment sold 220,000 copies.
After the end of the 44th presidency of the United States, publishing books became a rich source of income for Obama and his wife.
Penguin Random House announced as early as March 2017 that it had signed a contract with the couple who left the White House to publish their memoirs in a confidential amount, but the Financial Times revealed that the figure was $60 million. At that time, Obama had released two books, My Father’s Dream and Fearless Hope. Michelle is also the author of American Cultivation, which appeared in 2012, which tells the story of the White House and the American vegetable garden.
According to the report, after President Obama left office, his wife first began to make money by writing. Becoming became a bestseller in 2018. It is not only the sales of books, but also the sales of speeches at various activities and even souvenirs that bring her income. Obama made $400,000 in his speech – since 2017, he has made speeches and participated in discussions and conferences organized by Wall Street Financial Corporations.
In 2018, the couple’s fortunes increased again after signing a $50 million contract with Netflix – Obama and Michelle agreed with streaming service providers to produce various documentaries and TV series, and set up Highland Productions. This year, his documentary American Factory won an Oscar.
It is reported that the couple’s input will also be added to Obama’s pension as the former president. According to CNN, the amount is $200,000 a year.