Aspiring self-published authors, it may just be your time to shine.
Earlier today, Amazon released a statement saying that its lending library program for self-published authors, KDP Select, is a big moneymaker, at least for the best selling authors in the program.
KDP Select works by encouraging authors and publishers to put their work in the Kindle Store exclusively for 90 days, and for five of those 90 days their work will be able to be borrowed for free. Participating in this program means the author is eligible to take part in a $6 million annual royalty fund, so they'll be paid dividents based on each author's share of total borrows during the month. However, authors only get money if one of their books is borrowed.
According to the statement, using the program helped to boost sales, as well, and the top 10 authors in the program saw a significant increase in royalties (about 30 percent) received from sales of their books during the period; when factoring in their earnings from the loan fund, the top 10 earned a whopping 449 percent more on average in December than they did in November.
Amazon says that there are currently over 75,000 books in the Kindle Lending Library, and that customers borrowed books at least 295,000 times in December. Authors earned $1.70 (out of $500,000 allotted for the month) for each borrow, and the top 10 averaged $7000 for the month.
Top 10 author Carolyn McCray did pretty well, to say the least, making $8250 from the lending program alone.
"To say the trade-off of exclusivity on Amazon for the Kindle Owners' Lending Library has been a profitable one would be a gross understandment," she says.
So, it looks like all you have to do is crack the top 10 and you're set!