From Amazon’s Media Room:
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 to Europe, 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.”
Link to the rest at Media Room
It will be interesting to see what effect this additional money will have on per-book payouts for each book borrowed from the Kindle Owners Lending Library. As many indie authors attest, for the past few months, payment for a borrow has been approximately the same as royalties earned on a $2.99 ebook sale on Amazon. The larger lump sum Amazon is providing will cover more books borrowed during the big post-Christmas surge in ebook sales.
Of course, signing up for KDP Select requires that authors remove their ebooks from all other online booksellers for at least three months. If an author signed a book up for the Lending Library now, this would mean that that ebook would be unavailable for post-Christmas purchase until the first part of March by readers who receive a new Nook or Kobo ereader for Christmas, for example.
If an author generates the large majority of ebook sales from Amazon, this may be a reasonable trade-off.
An author can enroll one or more ebooks for KDP Select by checking a box in the Bookshelf section of the Kindle Direct Publishing website.