Making Money but Losing Reputation... The 'Autobiography Economics' of Celebrities

Prince Harry's Publishing Success Overshadowed by Sharp Drop in Favorability
Politicians Leverage Momentum from Donations and Rising Favorability

It is common for celebrities to publish autobiographies. Not only can they directly convey their desired messages to the public without going through the media, but they can also expect publishing profits as well as fundraising to commemorate the publication.

While it can bring image renewal and financial benefits, if the content of the autobiography becomes controversial or is involved in a specific incident, it can rather become a poison.

Reasons for Publishing Autobiographies

Autobiographies are mainly a hot issue in the political arena. Former U.S. President Barack Obama wrote The Promised Land, which sold 887,000 copies on the first day of publication in the U.S. and Canada. His wife, Michelle Obama's Becoming, also sold over 720,000 copies in the U.S. and Canada.

In South Korea, politicians publishing autobiographies ahead of elections can be easily seen. During the April 2021 presidential election, autobiographies of presidential candidates swept the bestseller corners of bookstores. Former Prime Minister Chung Sye-kyun published his autobiographical essay Prime Minister's Record immediately after his resignation, and around the same time, Park Yong-jin of the Democratic Party published Park Yong-jin's Political Revolution. Former Democratic Party leader Lee Nak-yeon also wrote an autobiography and policy proposal book titled Lee Nak-yeon's Promise.

Autobiographies are sometimes strategically used to compensate for weak approval ratings. In 2021, Lee Jae-myung, the Democratic Party presidential candidate, opened a "web autobiography" to shed his rough image as a "fighting rooster." Starting from his impoverished childhood, he aimed to show a more human side to appeal to moderate voters, youth, and women. At that time, in a four-way virtual presidential race (Lee Jae-myung, Yoon Seok-youl, Sim Sang-jung, Ahn Cheol-soo), Lee's support rate among people in their 20s was 20%, the lowest among all age groups.

Autobiographies are also published to raise funds and generate buzz. Former Minister Chu Mi-ae promoted her book and declared her candidacy simultaneously through a Facebook campaign called #ChuMiAe'sFlag_Review_Relay, raising 500 million won in donations within two days. She also held a publication commemorative event to showcase her position. Kim Doo-kwan of the Democratic Party held publication events nationwide, and the participation of Roh Moo-hyun’s elder sister, Roh Young-ok, at the Seoul event attracted attention.

It Can Rather Be Poison to a 'Political Career'

On the 10th (local time), employees at a bookstore in London, UK, are displaying Prince Harry's autobiography, "Spare."
Photo by Reuters

On the other hand, autobiographies can cause a decline in image and favorability. Recently, Prince Harry of the UK attracted worldwide attention by publishing his autobiography Spare. On the first day of release, the autobiography literally sold like hotcakes. Some bookstores even experienced "open-run" phenomena.

However, the favorability toward Prince Harry among the British decreased. According to a survey by the British online polling company YouGov, Prince Harry's favorability dropped by 2 percentage points to 24%, and the percentage of people who felt proud of the royal family also decreased from 55% to 43%.

Funds that were believed to help future political life can also become a burden for politicians. Autobiographies are intertwined with "money," such as donations and publishing fees. When former Prime Minister Han Myeong-sook published an autobiography asserting her innocence in an illegal political fund scandal, the amount raised exceeded 30 million won. The prosecution paid close attention to the flow of the funds. Since sales volumes vary greatly, handling unsold stock can also be problematic.