One of the questions I was asked in a recent interview – Can a newbie writer hope to make decent money out of self-publishing?
I was startled to see this question because it seems very obvious to me (and to a lot of other Indies, I’m sure) that self-publishing is where the money is. Where else can you expect to get royalties of 65-70%?
In traditional publishing the superstars – the Stephen Kings and the Nora Roberts – are the ones making serious money. Everyone else is obliged to hang on to their day jobs.
This is quite different from self-publishing where even mid-list authors – people you might never hear about – are quitting their day jobs because they are able to pay the bills. The reason you might never hear of them is that they need to sell a mere 75 ebooks each day at $2.99 in order to make a living. The amount people seem to agree is a living wage? $50,000.
But I guess all of this may not be very obvious to a lot of people, so I thought I’d point you to a couple excellent blog posts. You can decide for yourself.
The Passive Guy: Indie Authors Are Quitting Their Day Jobs.
The second post is by the amazing Hugh Howey: Newbie Author Declines $120,000 3-book Deal
With so many (inexpensive) options available to authors who are not traditionally published (and even those who are), literary agents are having to reinvent themselves. An interesting post from The Passive Voice.
Everyone knows that John Locke sold a million copies of his 99cent ebooks. Based on this, he signed a pretty lucrative deal Simon & Schuster. But his paperbacks haven’t been doing quite as well.
Amanda Hocking, on the other hand, who signed with St. Martin’s Press, is selling very well.
More on this story here.
With the rise in popularity of ebooks comes the need for electronic autographs. Kindlegraph’s been around for a bit, but only now do I see enough people using it. For a primer on Kindlegraph, click here.
Like previous news from Penguin about its subsidy press ‘Book Country’ wasn’t bad enough (see my previous posts), now comes news that Penguin is refusing to participate in ebook lending citing priracy concerns. For more details, refer to this story in mashable.com.
Not a good week for Penguin publicity-wise.
Amazon has launched a digital book lending library which, as you might imagine, isn’t making the big 6 NY book publishers too happy. The program is called Kindle Owners’ Lending Library. None of the big 6 is participating because they fear a loss in sales, especially from their back lists (ie.e older titles). Only 5000 titles are available at this time, and only to the subscribers of the Amazon Prime program who are also Kindle owners.
Wonder what this’ll mean for indie publishers and the self-published.