From author Russell Blake:
I just looked at the Amazon top 100. #1 is a trad pub title at $2.99. #2 is a trad pub title at .99. #3 is an Amazon imprint pre-order at $4.99. #4 is Baldacci’s latest at $10.99, #5 is Michael Connolly’s latest at $3.99, #6 is Gone Girl at $2.99, and on and on and on.
For those indie authors who have seen a marked downturn in sales since KU came in, I believe that’s only part of the story. The other is that since Amazon got lower prices from trad publishers, the price of trad pubbed books is through the floor.
Which means that the tried and true gambit most indies have been using, which is selling based on price, at .99 or $2.99 or $3.99 or $4.99, likely won’t work particularly well anymore. Because when you can buy Gone Girl for $2.99 and Connolly’s latest at $3.99, why would most readers buy your book at or around the same price?
. . . .
Readers are now being presented with a host of worthy, readable, high-quality offerings at or below the same prices indies offered their books at, eliminating the bargain perception/edge that indies learned to rely on as a differentiator.
That will translate into crap sales for many, and the effective end to many careers that relied on their work being attractive because it was cheap. In a world where everything is cheap, selling based on price doesn’t work.
Bluntly, if you as an author want to sell books in this environment, you have to do it the old fashioned way: you have to write books your audience will gladly pay for, even if a dollar or two more than the latest Michael Connolly, or Gillian Flynn’s blockbuster. That means you need to up your game, that suddenly story and craft will matter more, and that simply being cheap, with a homemade cover and lackadaisical or no editing, won’t cut it.
That’s awesome news for readers. It’s disastrous news for many indie authors.
. . . .
Now for the good news. As my prior blog discussed, more authors than ever before are earning good money as indies. So it can be done. But those authors are very, very good at delivering a reading experience their following will pay for, and they value their readers above all – they don’t put out slop, they don’t think in terms of “good enough,” and they’re every bit as demanding of their work as the harshest acquisitions editor.
Link to the rest at Russell Blake
Here’s a link to Russell Blake’s books
For those unfamiliar with him, most of Russell’s books are self-published and he writes 7-10,000 words per day.
Russell points out in a part of his post that PG didn’t excerpt that, under the deep-discount clauses present in almost all tradpub contracts, the royalties authors receive from heavily-discounted tradpub books are much, much lower than the already-low ebook royalties tradpub pays for list price ebooks.
Thus, ranking high on Amazon’s bestseller lists at $2.99 doesn’t mean nearly as much money to a tradpubbed author as it does to an indie author.