From the press release:
Amazon.com, Inc. today announced KDP Select, a new option featuring a $6 million annual fund dedicated to independent authors and publishers. Here’s how KDP Select works: if a KDP author or publisher chooses to make any of their books exclusive to the Kindle Store for at least 90 days, those books are eligible to be included in the Kindle Owners’ Lending Library and can earn a share of the $6 million fund. Authors and publishers can enroll a single book, their whole catalog or anything in between. The monthly fund for December 2011 is $500,000. KDP Select launches today, and 31 of the top 50 KDP authors have already enrolled 129 titles. These authors include J. Carson Black, Gemma Halliday, J.A. Konrath, B.V. Larson, C.J. Lyons, Scott Nicholson, Julie Ortolon, Theresa Ragan, J.R. Rain and Patricia Ryan.
The monthly royalty payment for each KDP Select book is based on that book’s share of the total number of borrows of all participating KDP books in the Kindle Owners’ Lending Library. For example, if total borrows of all participating KDP Select books are 100,000 in December and an author’s book was borrowed 1,500 times, they will earn $7,500 in additional royalties from KDP Select in December.Amazon expects the fund to be at least $6 million for all of 2012, in addition to the $500,000 allocated for December 2011. Enrolled titles will remain available for sale to any customer in the Kindle Storeand authors will continue to earn their regular royalties on those sales.
With KDP Select, authors and publishers will also have access to a new set of promotional tools, starting with the option to promote their enrolled titles for free for up to five days every 90 days.
“By choosing KDP Select, independent authors and publishers have an opportunity to make money in a whole new way and reach the growing audience of Amazon Prime members,” said Russ Grandinetti, Vice President of Kindle Content. “A short 90-day commitment allows authors and publishers to experiment at very low risk. In addition, free promotions are a new tool for KDP Select authors, and we hope to add more such tools over time.”
“My choice to participate in KDP Select and the Kindle Owners’ Lending Library was easy,” said best-selling thriller writer Blake Crouch. “The Kindle Store is simply the best, most effective store in the world for selling independent eBooks, and there is no greater champion for independent writers than Amazon.”
“I’m thrilled to be offering my eBooks to Amazon’s Kindle Owners’ Lending Library through KDP Select,” said C.J. Lyons, #1 best-selling Kindle author of “Borrowed Time.” “I look forward to reaching new readers who enjoy my style of ‘Thrillers with Heart.’”
“I chose to participate in KDP Select because it’s an innovative way to get my eBooks in the hands of readers who are new to my work,” said best-selling historical mystery and romance writer Patricia Ryan. “If they like what they read, they’ll most likely put me on their to-buy list, and maybe even recommend me to their friends.”
“KDP Select and the Kindle Owners’ Lending Library are a boon to readers and authors,” said J.A. Konrath, author of the best-selling Jack Daniels mystery series. “Reading eBooks for free? Sign me up!”
“As a KDP author, I’m delighted to participate in the Kindle Owners’ Lending Library through KDP Select,” said B.V. Larson, best-selling science fiction and fantasy author. “Amazon has again expanded the value of their Amazon Prime membership by including access to free eBooks, and they have not forgotten their homegrown authors.”
“KDP Select is the best way I know to bring my Jake Lassiter series to a new generation of readers through the Kindle Owners’ Lending Library,” said Paul Levine, best-selling mystery and thriller writer. “Once again, Amazon leads the way!”
Authors and publishers can immediately enroll books in KDP Select by visiting the KDP website athttp://kdp.amazon.com, where they can also access detailed reporting on the number of borrows for each enrolled title. KDP Select is available for titles participating in both the 70% and 35% royalty programs. For more information about KDP Select, please visit http://kdp.amazon.com/self-publishing/KDPSelect. For more information about the Kindle Owners’ Lending Library, please visithttp://www.amazon.com/kindleownerslendinglibrary.
