Watching the number of copies of several of my titles being borrowed and not purchased, combined with a corresponding decline in the sales of those titles, made me wish I had not made those books available for loan in Amazon's new book lending program, particularly Amazon Prime. Then I read the press release from Amazon, I will receive $1.70 per copy loaned for the month of December.
While still not the same rate of net profit per sale that I would have earned had those copies of my books been purchased and not loaned, it did ease the sting quite a bit. I will wait out the 90 period involved and re-evaluate at that time my continued participation in the program. The following is an excerpt from the Amazon press release concerning the program and its results for the past month of December 2011.
The Kindle Owners’ Lending Library is off to a strong start: customers borrowed 295,000 KDP Select titles in December alone, and KDP Select has helped grow total library selection to over 75,000 books. With the $500,000 December fund, KDP authors have earned $1.70 per borrow. In response to strong customer adoption of the Kindle Owners’ Lending Library (as well as seasonal, post-holiday use of new Kindles), Amazon.com, Inc. has added a $200,000 bonus to the January KDP Select fund, raising the total pool from $500,000 to $700,000.
Paid KDP sales grew rapidly in December — and results show that paid sales of titles participating in KDP Select are growing even faster than other KDP titles. On top of this growth in paid sales, KDP Select authors and publishers on average are receiving an incremental 26% in December as a result of their participation in the Kindle Owners’ Lending Library.
“KDP Select appears to be earning authors more money in two ways. We knew customers would love having KDP Select titles in the Kindle Owners’ Lending Library. But we’ve been surprised by how much paid sales of those same titles increased, even relative to the rest of KDP,” said Russ Grandinetti, Vice President of Kindle Content. “Due to this early success and a seasonally strong January, we’re adding a $200,000 bonus to January’s KDP Select fund, growing this month’s total pool to $700,000.”