Last month Amazon announced Kindle Direct Publishing (KDP) Select â€“ "a new option dedicated to KDP authors and publishers worldwide, featuring a fund of $500,000 in December 2011 and at least $6 million in total for 2012! â€¦"
Understanding that early adopters would have a greater chance of substantially gaining from this opportunity, I opted in right away by making my autobiography Iâ€™ll Do It Myself available through the Kindle Ownersâ€™ Lending Library, which allows eligible U.S. Amazon Prime members to borrow the book. I would earn a royalty â€“ based on a percentage â€“ for each book borrowed.
The numbers for December on now in: based on the number of total books borrowed and the monthâ€™s available fund of $500,000, each eligible borrow earned a royalty of $1.70. My sincere thank you to the lone Prime member for borrowing my book. Itâ€™s a start!
For fun, I did the mathâ€¦doubling the number of borrows each month for a year, the royalty cheque for November 2012 would be $3,4581.670â€¦and that doesnâ€™t include any book sales. Now we are talking!
Of course, that number is purely hypothetical because as more authors opt in and as more Prime members borrow books, the available fund â€“ increased to $700,000 for January â€“ will be divided amongst more eligible borrows. The royalty earned per book could drop significantly from the initial $1.70. But seeing the potential income generated is exciting and shows me that promoting this revenue stream may be well worth the investment of time.
Now save 25%
Keeping a closer eye on the Best Seller in Kindle Store list for the last month, I realized my ebook was over priced, particularly for an unknown author. Taking a gamble that a lower price would increase sales, and, hence, increase royalties, I have dropped the price by 25%. $6.49 seemed a lucky number! Weâ€™ll see how that goes.
Requesting a favour, please
If you have purchased Iâ€™ll Do It Myself from Amazon, first, thank you. I do appreciate everyone who takes a chance and spends their money on my book when there are thousands to choose from. Thank you.
Second, if you enjoyed the book and found some value inside the cover, please consider writing a review. This may encourage other Amazon customers to also buy it.
ORDs still available
For those who prefer ORDs (old reading devices), there are less than 150 autographed paperbacks left. Once they are gone, they are gone. I likely will not have another print run done. An empty corner in the living room might motivate me to get going on my second book!If you enjoyed this post, consider buying me a chai tea latte. Thanks kindly.