Amazon has begun offering a monetary incentive for publishers who make their books exclusive to the Kindle, or at least exclusive for a period of time.
The online retailer has opened up a fund of $6 million, which will be paid out to the top self-publishing Kindle authors who decide not to make their book available on any other platform for at least 90 days.
It is an extension of Amazon’s successful Kindle Direct Publishing (KDP) program, which encourages authors to submit their books directly to Amazon as opposed to going through an external publisher.
The new financial incentive, KDP Select, ties into the Kindle’s new Lending Library feature. Authors are paid their share of the $6 million fund based on how many times their books are ‘borrowed’ from the Lending Library.
Payments will be made on a monthly basis and allow authors to earn up to an extra $7,500. Amazon plans to invest an additional $6 million into the program every year.
“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. 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,” said Amazon VP Russ Grandinetti.