Near the end of last year Amazon introduced KDP Select. Some hailed it as a fantastic idea. Others decried a marketing scheme to further push out the competitors. I thought I'd give my spin on the whole thing.
For a three month commitment, you sells your ebook on Amazon. Nobody else. Amazon Prime members are able to check out your ebook, much like a library, without paying for the book. In exchange, you get a credit for every checkout. All those credits you accumulate are tallied at the end of each month and the pot set aside for KDP Select is divided proportionate to the credits. Also, you get to do five free days in the three months and give away your book.
At first glance, this may sound like a win-lose and you the author are on the losing end. Giving away free books goes against the whole goal of being an author...selling books. The key word is selling them for some profit. This plan does not guarantee what profit you get from the pool of money. Typically $500,000 is set aside, but if 5 million books are checked out that comes 10 cents a pop.
From what I have heard the profits have been better from books checked out to prime members. December payout was $1.70 per loan. January's fund climbed to $700,000 and February is at $600,000. So there is money to be made.
Giving away a free book goes counter to everything I believe. But from what I have heard it can help promote your book. How Amazon KDP Saved My Book is a testament to that. I've seen other books that were floundering and after a give away skyrocketed up the ranks.
I have enrolled my latest book PENELOPE AND THE MOVIE STAR in KDP Select. I hope in the weeks ahead to give you a good report of how it helped me. No matter what happens, I will give you the full story.