There was a time when aspiring authors sent their manuscripts to countless publishers and editors and spent months waiting for word of their fate. Publishing has changed. With the World Wide Web, everyone has a shot at making his/her voice heard. Lulu.com, Graphicly.com, Barnes & Noble PubIt!, Amazon’s Kindle Direct Publishing and iTunes’ iBooks Author are platforms that help you publish your own e-books at little to no cost. The result?
Last year, at the age of 27, Amanda Hocking sold more than one million copies (mostly e-books) of her young-adult paranormal novels on Amazon. Imagine selling two million dollars’ worth of books priced under $3 each!
Michael Prescott, a best-selling novelist with more than 20 books under his belt, turned to self-publishing after his thriller Riptide was rejected by 25 publishers. He made the top 150 on USA Today’s best-selling books list in 2011 and earned more than $300,000 (before taxes) by selling more than 800,000 copies of his e-books.
Despite the small initial cost of self-publishing e-books, authors earn less than half of the gross sales. For books costing less than $2.99, Amazon only gives 35% royalty to the author, taking 65% of the profits.