Amazon today served up a jolly seasonal bonus for Kindle Direct Publishing authors who are taking advantage of the Kindle Select program. At midnight Seattle time, the company announced that it will pay an additional $1.5 million to participating authors in the three-month period from December through February.
The bonus payment, available to authors who grant Amazon exclusive rights to their books for 90 days before making them available elsewhere, will come on top of the regular monthly payments into the KDP Select global fund. Authors receive pro-rated payments from the fund, depending on the number of copies of their books which Amazon Prime members borrow for free from the Kindle Owners’ Lending Library.
You will hear more about Kindle Select’s first year from Russ Grandinetti, Amazon’s Vice President of Kindle Content, in my interview this week for the Kindle Chronicles podcast. I spoke with him on Wednesday, November 29th, about how Kindle Select and the lending library have evolved since they were introduced, respectively, on Dec. 8, 2011 and Nov. 3, 2011.
Here is the full press release:
|Kindle Direct Publishing Adds $1.5 Million Holiday Bonus for KDP Select Authors|
|With millions of Kindles bought (and many gifted) this holiday season, authors can earn a share of both the regular monthly fund and the bonus every time their book is borrowed from the Kindle Owners’ Lending Library onAmazon.com, Amazon.co.uk, Amazon.de and Amazon.fr
In the first full year of KDP Select, Amazon will pay authors more than $7 million from the KDP Select fund; over 500 KDP Select books have reached the top 100 Kindle best seller lists around the world
SEATTLE–(BUSINESS WIRE)–Nov. 29, 2012– (NASDAQ:AMZN)—Amazon.com, Inc. today announced that a bonus of $1.5 million has been added to the KDP Select global fund this holiday season. This is on top of the regular monthly fund during the three-month period from December-February. December’s regular monthly fund is $700,000, plus$700,000 of the $1.5 million holiday bonus will be paid out for December, doubling the total amount available to authors in December to $1.4 million. The remainder of the $1.5 million bonus will be paid on top of the regular fund in January and February as well. Authors worldwide can earn a share of the total global fund every time their book is borrowed from the Kindle Owners’ Lending Library on Amazon.com, Amazon.co.uk, Amazon.de and Amazon.fr, and reach more readers than ever before.
“This holiday season, millions of customers will open new Kindles, and if they’re Amazon Prime members they can borrow a book from the Kindle Owners’ Lending Library for free. The unusual thing about KDP Select is that when this happens authors get paid. With record Kindle sales worldwide, and the recent expansion of the lending library toEurope, we expect the number of books borrowed this holiday season to increase significantly,” said Russ Grandinetti, Vice President of Kindle Content. “We’ve seen authors experience incredible success with KDP Select – in only a year it’s become commonplace to see KDP Select books on our best seller list.”
KDP Select was introduced in December 2011 to enable independent authors using KDP to reach the growing audience of millions of Amazon Prime members and earn more money through the Kindle Owners’ Lending Library. Here’s how it works: if a KDP author or publisher enrolls any of their books in KDP Select, which may be done in 90-day increments during which their books must be exclusive to the Kindle Store, those books are eligible to be included in the Kindle Owners’ Lending Library. They can then earn a share of the global fund every time their book is borrowed, and borrows from the lending library count toward a book’s sales rank on Amazon. Authors can enroll any of their titles, including their full catalog. They also have access to a self-service promotional tool which gives them the option to offer their enrolled titles for free for up to five days every 90 days, which many authors have found to be a great way to engage more readers and find new audiences.
KDP Select has proven to be an entirely new growth opportunity for authors and publishers. Milestones over the past year include:
During the past year, authors have experienced incredible success after enrolling books in KDP Select. Here’s what some of them are saying:
Authors can learn more about KDP Select and enroll their books now at http://kdp.amazon.com/self-publishing/KDPSelect. To learn more about the Kindle Owners’ Lending Library, visitwww.amazon.com/kindleownerslendinglibrary.