Amazon today launched KDP Select, a new option featuring a $6 million annual fund dedicated to independent authors and publishers. According to a press release from Amazon, if a KDP author or publisher makes any of their books exclusive to the Kindle Store for at least 90 days, those books can be included in the Kindle Owners’ Lending Library and earn a share of the $6 million fund. Authors and publishers can enroll any number of books. It’s available for titles participating in both the 70 percent and 35 percent royalty programs. Amazon said 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, and others.
From the release:
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 Store and authors will continue to earn their regular royalties on those sales.
Authors and publishers can promote their enrolled titles for free for up to five days every 90 days. Authors and publishers can enroll books in KDP Select at the KDP website, where data on the number of borrows is also available.