Eight months ago, I made some predictions about the future of ebooks. Let's see how I'm doing.
1. Ebook readers will be available in stores for less than $99.
Probably. We're on track for this. Kindle just went down to $139. By the holidays, I'm still confident we'll hit $99. I also said that they'll be available in retail stores, and I was correct. Best Buy and Target are selling ereaders, and others will no doubt follow suit.
2. Amazon will adopt Epub standard format.
Maybe. Hasn't happened yet. But I am trying to talk them into releasing SHAKEN as an epub. They've already decided to release it without DRM, which is a huge milestone.
3. Ebook readers will improve.
Yes. The new Kindles boast 50% better contrast, and Nooks have a color touch screen bar. But one trend also seems to be the opposite of my prediction--many ereaders are devolving, losing 3G capability, in order to cut the cost.
4. Ebooks will go multimedia.
Yes. Besides the Vook, a reader just pointed me HERE.
5. A third party etailer will rise to prominence.
Probably. The industry is still dominated by the big three, Amazon, B&N, and Sony. But Kobo and Borders are now in the game, and Smashwords is growing. In fact, I just got my second quarter report from Smashwords, and learned I've sold over 2000 ebooks (1500 of these on the Nook.) And this hasn't even begun to hit its stride yet. I predict earning an extra $20,000 a year from these new platforms.
6. Estributors will become common.
Yes. Andrew Wylie, anyone?
7. Print publishers will get savvy.
Maybe. Haven't seen any real evidence of this yet, though. However, I recently sold the audio rights to many of my self-pubbed ebooks, so certainly the audio publishers are getting savvy.
8. Ebook bestsellers will emerge.
Yes. Lots of indie authors, me included, hit the bestseller lists.
9. Print books will be packaged with an ebook version.
Maybe. Hasn't happened yet, but might. I have released one on my ebooks, THE LIST, in print. We'll see how it does.
10. Exclusivity.
Yes. I've done it. Wylie's authors have done it.
11. I'll continue to pay my mortgage with ebook sales.
Yes. But my prediction was too weak. I'm paying all of my bills with ebook sales. In fact, in the last six weeks, I earned $21,000 on Kindle.
That's not a typo. That's $3500 a week. At that rate, it's $182,000. Add the $20,000 from other platforms, and we can call it an even $200k.
As for my predictions, I was right on 6 of 11, and I'm sure the $99 price point will hit. That puts me at about 63%. Not perfect, but better than anything the print industry has predicted. Plus, there are still five months left in the year, so perhaps my percentage will go up.
Armed with information garnered during the last eight months, I'm ready to make some new predictions.
1. A bestselling author will self-publish an original ebook novel.
This probably won't happen in 2010, but it will happen eventually. Someone is bound to give it a shot.
2. Bankruptcy.
Some major print publishers and booksellers will go out of business. This is sad, but it will happen.
3. The media will catch up.
Kindle and iPad have been media darlings for a while, and the news wire is buzzing about an ebook future, but there really hasn't been much talk about ebook authors. The only real acknowledgment by the publishing industry--who should be paying attention to what I'm doing--was a poorly researched article by Publisher's Weekly structured as an attack piece.
That's slowly changing. In the past few weeks, ebook authors (including yours truly) have been written about in the Wall Street Journal, The Huffington Post, and most recently, Newsweek.
4. Print Publishers Won't Get Savvy.
I admit, my prediction that they would get savvy was more of a hope than an actual feeling. But these last eight months haven't shown publishers improving their game. In fact, they seem to be making more mistakes than before. The agency model was an epic fail. High prices are an epic fail. Trying to grab ebook rights not specified in contracts is a big box of fail.
Recently, the publisher for my Jack Daniels novels told me they were going to package them as an omnibus edition, all six in one ebook. I got excited about this, thinking they were finally getting with the program, telling them that six novels for $9.99, or better yet, $7.99, would really spike my sales.
Then they told me the ebook omnibus is going to retail at $34.99.
(Head slap, then sigh) Isn't any of the Big Six reading my damn blog?
5. E-pubbed authors will jump to self-pubbed print.
Both Lee Goldberg and I are using Amazon's CreateSpace to release some of our ebook bestsellers in print, and by Fall all of my ebooks will be available in dead tree versions, priced at $12 for a trade paperback. While I don't see this as being a huge cash cow (I'll still earn more from a $2.99 ebook sale than a $11.99 paperback sale), I find it interesting that the stigma of self-publishing is fading fast.
In the recent past, I've consistently come out against self-pubbers, because POD usually resulted in an expensive, inferior, non-returnable product, and once an ISBN gets attached, those low numbers follow you via Bookscan, making it even harder to land a big book deal with a major publisher, or get your book into brick and mortar stores.
These days, I don't care about landing a big book deal with a major publisher, and am fine with low print numbers. Print has become a subsidiary right.
How will I do on these new predictions? Check back in eight months, and we'll see.
In the meantime, I'm working on several new super-secret ebook projects, including a horror novel with three other bigshot authors, an eighth Jack Daniels book, and a spy novel, among other things.
I've never been busier as a writer. And for the very first time in my career, I'm able to make a decent living at it.
Life is good.
Saturday, July 31, 2010
Friday, July 23, 2010
Konrath on Wylie
Quite a few people have asked me what I think about the Andrew Wylie situation.
In a nutshell, here's an agent who is taking some of his star clients' books, which were sold prior to ebook clauses existing in contracts, and publishing these ebooks himself.
I predicted something similar to this would happen, last October.
There are a few potential problems with this scenario.
First, Wylie is an agent. His job is to sell his clients' work. If he is also the publisher of his clients, there is a HUGE conflict of interest there, as well as some ethical considerations. After all, why bother to try to sell any rights at all when he can make money publishing them himself? Is that truly in his clients' best interest? Does he deserve a commission off of this sale? Is he taking a publisher's cut of the profits?
Second, a lot of folks are annoyed that he made this deal exclusively with Amazon, cutting out other retailers and platforms. Personally, I have no problem with this at all, as I've done basically the same thing with SHAKEN. If Wylie can make more money for his clients by signing with one platform, he should be able to do that without everyone whining.
The publishers, in response to Wylie, have declared they will no longer make deals with Wylie.
Now, I don't really care about the outcome of this little tiff. It doesn't effect me either way. From a purely intellectual standpoint, this is yet another mistake big publishers are making, and they're shooting themselves in the foot once again. If they want the erights, frickin' BUY them.
Publishers are punishing their customers with high ebook prices. Now they're punishing their authors. This is a big sign of an industry flushing itself down the tubes.
A smart publisher would be kissing author ass and offering them big ebook royalties, because if they don't, they're going to get cut out of the equation completely.
As for Wylie, I believe agents are set up to be great estributors, as long as the rules and guidelines are ironed out. It's a complicated issue, and could easily be abused, sort of like making your lawyer the primary beneficiary in your will. But it also gives agents a chance to do something they all really want to do; get their clients' books in front of readers.
So as the digital revolution marches forward, it looks like the writers, and maybe the agents, will be able to survive, and even thrive.
The publishers? I haven't seen any evidence yet they'll make it. But I have seen a lot of evidence to the contrary.
Since I'm a generous guy, and people often ask me for advice, I'll offer it to these three groups.
For the Writers - If you have an out-of-print backlist, or books your agent couldn't sell, or books in print that have no ebook clauses in the contract, I suggest self-publishing them as ebooks. For all other writers, first decide what your goals are, and learn as much as you can about ebooks and traditional publishing before making any hasty decisions. And, of course, make sure you're writing damn good books.
For the Agents - Wylie is taking a lot of heat, perhaps justifiably so. But remember that your clients are your authors, not the publishers who buy you lunch. If you can serve your clients by helping them epublish, you should learn how to do so. And fast, before someone else does.
For the Publishers - Stop trying to stave off the inevitable. If you want to survive, you need to start embracing ebooks, even if they cannibalize your bread-and-butter print sales. If that means downsizing and restructuring your business, do it. And you'd better start treating your authors fairly, starting with bigger ebook royalties, because the authors, and their agents, are going to figure out that once ebooks reach a tipping point, they won't need you anymore.
In a nutshell, here's an agent who is taking some of his star clients' books, which were sold prior to ebook clauses existing in contracts, and publishing these ebooks himself.
I predicted something similar to this would happen, last October.
There are a few potential problems with this scenario.
First, Wylie is an agent. His job is to sell his clients' work. If he is also the publisher of his clients, there is a HUGE conflict of interest there, as well as some ethical considerations. After all, why bother to try to sell any rights at all when he can make money publishing them himself? Is that truly in his clients' best interest? Does he deserve a commission off of this sale? Is he taking a publisher's cut of the profits?
Second, a lot of folks are annoyed that he made this deal exclusively with Amazon, cutting out other retailers and platforms. Personally, I have no problem with this at all, as I've done basically the same thing with SHAKEN. If Wylie can make more money for his clients by signing with one platform, he should be able to do that without everyone whining.
The publishers, in response to Wylie, have declared they will no longer make deals with Wylie.
Now, I don't really care about the outcome of this little tiff. It doesn't effect me either way. From a purely intellectual standpoint, this is yet another mistake big publishers are making, and they're shooting themselves in the foot once again. If they want the erights, frickin' BUY them.
Publishers are punishing their customers with high ebook prices. Now they're punishing their authors. This is a big sign of an industry flushing itself down the tubes.
A smart publisher would be kissing author ass and offering them big ebook royalties, because if they don't, they're going to get cut out of the equation completely.
As for Wylie, I believe agents are set up to be great estributors, as long as the rules and guidelines are ironed out. It's a complicated issue, and could easily be abused, sort of like making your lawyer the primary beneficiary in your will. But it also gives agents a chance to do something they all really want to do; get their clients' books in front of readers.
So as the digital revolution marches forward, it looks like the writers, and maybe the agents, will be able to survive, and even thrive.
The publishers? I haven't seen any evidence yet they'll make it. But I have seen a lot of evidence to the contrary.
Since I'm a generous guy, and people often ask me for advice, I'll offer it to these three groups.
For the Writers - If you have an out-of-print backlist, or books your agent couldn't sell, or books in print that have no ebook clauses in the contract, I suggest self-publishing them as ebooks. For all other writers, first decide what your goals are, and learn as much as you can about ebooks and traditional publishing before making any hasty decisions. And, of course, make sure you're writing damn good books.
For the Agents - Wylie is taking a lot of heat, perhaps justifiably so. But remember that your clients are your authors, not the publishers who buy you lunch. If you can serve your clients by helping them epublish, you should learn how to do so. And fast, before someone else does.
For the Publishers - Stop trying to stave off the inevitable. If you want to survive, you need to start embracing ebooks, even if they cannibalize your bread-and-butter print sales. If that means downsizing and restructuring your business, do it. And you'd better start treating your authors fairly, starting with bigger ebook royalties, because the authors, and their agents, are going to figure out that once ebooks reach a tipping point, they won't need you anymore.
Tuesday, July 20, 2010
J.A. Konrath live at 12pm CST July 21, on C.J. West's show, talking ebooks with Boyd Morrison and Jason Pinter.
Listen to Author Cj WestIf you'd like to call in, here's the direct link: http://www.blogtalkradio.com/author-cj-west/2010/07/21/thriller-30-special-skipping-new-york
Listen to Author Cj WestIf you'd like to call in, here's the direct link: http://www.blogtalkradio.com/author-cj-west/2010/07/21/thriller-30-special-skipping-new-york
Sunday, July 18, 2010
With Change Comes... Anger?
It's July 18, and I've sold more than 5000 ebooks on Kindle this month. At the current royalty rates, that's over nine thousand dollars.
I would think that this constitutes success, by almost anyone's definition.
And yet, around the internet, in person, and even in the comments section of my own blog, I see a lot of animosity toward the ebook future in general, and me in particular.
How odd.
Some people seem to be really pissed off that I'm making decent money without relying on the gatekeepers. They call me an outlier, an anomaly, an exception. They deride self-published ebooks, low ebook prices, and anything not endorsed by Big NY Publishing. They don't like what's happening with Kindle, and don't like me talking about how much money I'm making, and are bemoaning a future where other authors will do what I'm doing.
Change is always painful. It's difficult, and frightening. When a technology changes an industry, especially a media industry, a lot of people get hurt by it. Jobs are lost. Stores close. The carefully maintained balance of power shifts. None of this is easy, and it often isn't pleasant.
But the people who seem most vocal about this upcoming change are the ones who stand to be helped by it the most. The authors.
Granted, a bunch of anonymous agents or editors may be the ones posting their vitriol on my blog, but from the sounds of the comments it appears authors are the ones most disturbed by the current publishing climate.
Unless I'm reading this wrong, a lot of authors believe that the only worthwhile writing is the writing that has earned the stamp of approval by a NY Publishing House. If an author is selling a lot of self-published ebooks, that is only because the gullible public doesn't know any better. Soon, a flood of pure shit will saturate the ebook market (some say this has already happened) making it impossible for "real" authors to sell their books.
Sorry. You're wrong.
Not only will readers be able to separate the wheat from the chaff (as they've been doing since the first books were ever sold), but a free-for-all in the marketplace will allow, for the very first time, some writers to find success who never would have found it through the old, severely flawed system. New voices will stand out. New bestsellers will be born, not because of a giant marketing push, but because of pure word-of-mouth. An actual, honest to goodness renaissance is upon us.
Readers will be able to determine quality on their own. And if you hold so much disdain for the opinions of the unwashed masses, it makes me wonder whom you're actually writing for.
Me? I write escapist fiction for a wide audience. I do my best to appeal to the broadest spectrum I can. And trust me, that's a lot harder to do than it is to cater to your own personal muse without caring a whit about the reader's needs.
"But Joe," you may say. "If you leave it up to the readers to decide what is good, you're letting the inmates run the asylum. The only groups that can dictate what should and shouldn't be read are the professionals."
I think that's silly, but I'll play devil's advocate.
One persistent myth is: the only reason I'm selling original novels as ebooks is because a NY publisher wouldn't want them. This extends beyond my own work, to all self-pubbed authors. We're a bunch of hacks that the true professionals--the gatekeepers--would never touch.
Guess what? My agent just sold eleven of my self-published ebooks to a major audiobook publisher.
I believe this is a first.
I also believe it won't be the last time this happens.
I've had a lot of discussions lately about the future of the publishing industry. Will ebooks replace print? Will bookstores go out of business? Will agents still be necessary? Will NY publishing eventually collapse?
This is all very interesting, but only to people directly involved in the publishing world.
The readers don't care. They just want their books.
The writers shouldn't care, either. No matter what happens, writers will still be able to sell books to readers.
Meet the new boss. Same as the old boss.
And nothing at all to get angry about.
In fact, instead of being angry, you should be celebrating.
I am.
I would think that this constitutes success, by almost anyone's definition.
And yet, around the internet, in person, and even in the comments section of my own blog, I see a lot of animosity toward the ebook future in general, and me in particular.
How odd.
Some people seem to be really pissed off that I'm making decent money without relying on the gatekeepers. They call me an outlier, an anomaly, an exception. They deride self-published ebooks, low ebook prices, and anything not endorsed by Big NY Publishing. They don't like what's happening with Kindle, and don't like me talking about how much money I'm making, and are bemoaning a future where other authors will do what I'm doing.
Change is always painful. It's difficult, and frightening. When a technology changes an industry, especially a media industry, a lot of people get hurt by it. Jobs are lost. Stores close. The carefully maintained balance of power shifts. None of this is easy, and it often isn't pleasant.
But the people who seem most vocal about this upcoming change are the ones who stand to be helped by it the most. The authors.
Granted, a bunch of anonymous agents or editors may be the ones posting their vitriol on my blog, but from the sounds of the comments it appears authors are the ones most disturbed by the current publishing climate.
Unless I'm reading this wrong, a lot of authors believe that the only worthwhile writing is the writing that has earned the stamp of approval by a NY Publishing House. If an author is selling a lot of self-published ebooks, that is only because the gullible public doesn't know any better. Soon, a flood of pure shit will saturate the ebook market (some say this has already happened) making it impossible for "real" authors to sell their books.
Sorry. You're wrong.
Not only will readers be able to separate the wheat from the chaff (as they've been doing since the first books were ever sold), but a free-for-all in the marketplace will allow, for the very first time, some writers to find success who never would have found it through the old, severely flawed system. New voices will stand out. New bestsellers will be born, not because of a giant marketing push, but because of pure word-of-mouth. An actual, honest to goodness renaissance is upon us.
Readers will be able to determine quality on their own. And if you hold so much disdain for the opinions of the unwashed masses, it makes me wonder whom you're actually writing for.
Me? I write escapist fiction for a wide audience. I do my best to appeal to the broadest spectrum I can. And trust me, that's a lot harder to do than it is to cater to your own personal muse without caring a whit about the reader's needs.
"But Joe," you may say. "If you leave it up to the readers to decide what is good, you're letting the inmates run the asylum. The only groups that can dictate what should and shouldn't be read are the professionals."
I think that's silly, but I'll play devil's advocate.
One persistent myth is: the only reason I'm selling original novels as ebooks is because a NY publisher wouldn't want them. This extends beyond my own work, to all self-pubbed authors. We're a bunch of hacks that the true professionals--the gatekeepers--would never touch.
Guess what? My agent just sold eleven of my self-published ebooks to a major audiobook publisher.
I believe this is a first.
I also believe it won't be the last time this happens.
I've had a lot of discussions lately about the future of the publishing industry. Will ebooks replace print? Will bookstores go out of business? Will agents still be necessary? Will NY publishing eventually collapse?
This is all very interesting, but only to people directly involved in the publishing world.
The readers don't care. They just want their books.
The writers shouldn't care, either. No matter what happens, writers will still be able to sell books to readers.
Meet the new boss. Same as the old boss.
And nothing at all to get angry about.
In fact, instead of being angry, you should be celebrating.
I am.
Monday, July 12, 2010
Konrath Sells 1/10 of Patterson
A few days ago, there was a number flashed all over the internet.
That number was 1,000,000. That's how many ebooks James Patterson has sold.
Pretty impressive, huh?
Yes, and no.
Yes, because a million is a big number.
No, because compared to his print sales, it's tiny.
There's also another reason it isn't impressive. A personal reason.
I've sold 60,000 ebooks. By the end of 2010, I'll have sold over 100,000.
In June, I earned $12,000 on ebooks that I self-published on Kindle. I'm currently selling about 8000 per month.
And this is just on Kindle. Patterson's numbers seem to include all ebook platforms.
I did it in 15 months. Patterson's numbers probably have been accruing for many years, since ebooks first started being sold.
Plus, he's freakin' James Patterson, and I'm a midlist little fish. He's got many more titles (65) than I do (17), he's a #1 bestseller, and he's a name brand with movies and TV shows and huge advertising budgets.
And yet, on my own, I've sold 1/10th of what he has. In far less time. With fewer titles. On Kindle only. With no advertising. No TV commercials. No name brand.
I'm happy Mr. Patterson has reached this historic milestone. I'm sure he'll have another million or two sales in his future.
Just as I'm sure I'll reach a million as well.
That number was 1,000,000. That's how many ebooks James Patterson has sold.
Pretty impressive, huh?
Yes, and no.
Yes, because a million is a big number.
No, because compared to his print sales, it's tiny.
There's also another reason it isn't impressive. A personal reason.
I've sold 60,000 ebooks. By the end of 2010, I'll have sold over 100,000.
In June, I earned $12,000 on ebooks that I self-published on Kindle. I'm currently selling about 8000 per month.
And this is just on Kindle. Patterson's numbers seem to include all ebook platforms.
I did it in 15 months. Patterson's numbers probably have been accruing for many years, since ebooks first started being sold.
Plus, he's freakin' James Patterson, and I'm a midlist little fish. He's got many more titles (65) than I do (17), he's a #1 bestseller, and he's a name brand with movies and TV shows and huge advertising budgets.
And yet, on my own, I've sold 1/10th of what he has. In far less time. With fewer titles. On Kindle only. With no advertising. No TV commercials. No name brand.
I'm happy Mr. Patterson has reached this historic milestone. I'm sure he'll have another million or two sales in his future.
Just as I'm sure I'll reach a million as well.
Thursday, July 08, 2010
How To Make Money on Ebooks
1. Write a damn good book. This should be your main priority. It's also one of the hardest things to do, and the hardest things to judge for yourself if you've done it.
The problem is, most writers believe their books are good. Even at our most insecure, we believe complete strangers will enjoy our scribblings enough to pay for the privilege.
I recommend joining a writers group and getting feedback. Seek criticism, not praise. Praise is like candy; we love it, but it isn't good for us. If you want to bulletproof your manuscript, you want to find out what is wrong with it, and you need eyes other than your own to do that.
I don't recommend paying for a freelance editor--it's better you learn craft on your own. If you really feel you need an editor, get recommendations, references, and know exactly what you're paying for.
2. Price it right. I believe an ebook should be priced at $2.99, because the Kindle royalty rate is 70% for books priced between $2.99 and $9.99. Above or below that, it's 35%.
Three bucks is a more than fair price for a full length digital book. (Full length is over 50,000 words.) If it's under 50k words, go ahead and price it for less. Or put a few short pieces together to make a long piece.
Even with short pieces, make sure they are good enough. I'm selling quite a few short stories on Kindle, but they don't sell nearly as well as my novels. Also, the short stories I'm selling have all been published before in print magazines and anthologies, so I'm pretty sure they're good.
3. Format it correctly. If you know HTML and MS Word very well, you can probably do this yourself. But you'd get more professional results using someone who knows what they're doing. I recommend Rob Siders at www.52novels.com.
A poorly formatted ebook will get bad reviews, and ultimately it WILL NOT SELL.
4. People judge books by their covers. Make sure your cover is professional, not something you slapped together with an istockphoto image with some Arial text laid on top using Photoshop. My covers are done by Carl Graves. He's at cgdouble2(at)sbcglobal.net.
5. Write a great product description. If you want to know the format for this, read back jacket copy of books similar to yours. Your description should include:
6. Choose your platform. I upload to Kindle directly at http://dtp.amazon.com. For iPad, Sony, Kobo (Borders), and Barnes & Noble, I use www.smashwords.com.
Keep in mind that both Kindle and Smashwords require different formatting. Also remember that some vendors Smashwords uploads to tend to discount ebooks. If they discount your ebooks, Amazon will match the discounted price, and you will only get 70% royalty on the discounted price.
7. Publicize your ebook. You should be on Twitter and Facebook, and have a website. You could have a blog and a newsletter. I recommend announcing your ebook at www.kindleboards.com in the Book Bazaar section.
Other ways to publicize your ebook include:
A: You don't need an agent to publish your own ebooks. But I recommend getting an agent. Mine is invaluable. She's currently shopping my self-pubbed titles to foreign markets and audio publishers, and is essential for negotiating contracts for film rights and print deals.
Q: How can I get an agent if I self publish my own ebooks?
A: The old catch-22 was "You can't get a publishing contract without an agent, and you can't get an agent unless you have a publishing contract." With the rise of self-publishing as a viable alternative to regular publishing, it becomes "No agent will want to represent a self-published ebook unless the book is no longer self-published."
Print publishers WANT erights, and I doubt any will give them up. That means agents won't be interested in representing you unless you give them the opportunity to sell all of your rights. If you sell a ton of ebooks, you might interest an agent in repping your book, but you'd have to stop selling ebooks.
Q: Should I forsake selling ebooks in order to try and land a print deal?
A: Let's look at the pros and cons of both sides.
Traditional Publishing Pros
Q: Would you personally stop selling ebooks in order to get a print deal?
A: No. I'm making too much money on ebooks. But that doesn't mean you'll earn what I'm earning. There are many factors involved, including luck.
Q: Who should sell ebooks?
A: If you have an out of print backlist, you should sell those as ebooks. If you have a book your agent couldn't sell, you should sell those as ebooks.
If you're doing well selling books, you might want to consider publishing your next book yourself. I just published two original novels, ENDURANCE and TRAPPED, and both had traditional publishing contracts. I chose instead to self publish, and I'll earn more on my own within 12-18 months than I would have with those deals.
Q: What if I can't get an agent?
A: Then maybe your book isn't good enough. Perhaps you should focus on writing better. If you're pretty sure your book is good enough, you can always self-publish. But be ready for negative reviews and poor sales if it isn't up to par.
Q: Is it true that the only people who are successful with ebooks are "name" authors?
A: No. I've blogged before about many other new authors who are doing as well, or better, than I am. This myth won't ever die, and is perpetuated by lazy thinkers who don't bother with five minutes of research.
Q: How will readers find good books when everyone is self published?
A: There are millions of books in print, yet readers seem to be able to find what they want. Adding a few million more won't change anything. There will always be ways to separate the good from the bad, and subjective taste always plays a part.
Q: Can I make a living by self publishing?
A: I don't know many people who make a living being traditionally published. Most of my peers have day jobs.
That said, I'm making a living self publishing. I'm sure others can and will. But whether you can or not involves a lot of factors, some within your control, some not.
But, in my humble opinion, a dedicated writer who turns out good material on a consistent basis will be able to, on average, earn more money self publishing than traditional publishing. I say this having done both.
The problem is, most writers believe their books are good. Even at our most insecure, we believe complete strangers will enjoy our scribblings enough to pay for the privilege.
I recommend joining a writers group and getting feedback. Seek criticism, not praise. Praise is like candy; we love it, but it isn't good for us. If you want to bulletproof your manuscript, you want to find out what is wrong with it, and you need eyes other than your own to do that.
I don't recommend paying for a freelance editor--it's better you learn craft on your own. If you really feel you need an editor, get recommendations, references, and know exactly what you're paying for.
2. Price it right. I believe an ebook should be priced at $2.99, because the Kindle royalty rate is 70% for books priced between $2.99 and $9.99. Above or below that, it's 35%.
Three bucks is a more than fair price for a full length digital book. (Full length is over 50,000 words.) If it's under 50k words, go ahead and price it for less. Or put a few short pieces together to make a long piece.
Even with short pieces, make sure they are good enough. I'm selling quite a few short stories on Kindle, but they don't sell nearly as well as my novels. Also, the short stories I'm selling have all been published before in print magazines and anthologies, so I'm pretty sure they're good.
3. Format it correctly. If you know HTML and MS Word very well, you can probably do this yourself. But you'd get more professional results using someone who knows what they're doing. I recommend Rob Siders at www.52novels.com.
A poorly formatted ebook will get bad reviews, and ultimately it WILL NOT SELL.
4. People judge books by their covers. Make sure your cover is professional, not something you slapped together with an istockphoto image with some Arial text laid on top using Photoshop. My covers are done by Carl Graves. He's at cgdouble2(at)sbcglobal.net.
5. Write a great product description. If you want to know the format for this, read back jacket copy of books similar to yours. Your description should include:
- Genre
- Word count
- Author bio
- Reviews (if applicable)
6. Choose your platform. I upload to Kindle directly at http://dtp.amazon.com. For iPad, Sony, Kobo (Borders), and Barnes & Noble, I use www.smashwords.com.
Keep in mind that both Kindle and Smashwords require different formatting. Also remember that some vendors Smashwords uploads to tend to discount ebooks. If they discount your ebooks, Amazon will match the discounted price, and you will only get 70% royalty on the discounted price.
7. Publicize your ebook. You should be on Twitter and Facebook, and have a website. You could have a blog and a newsletter. I recommend announcing your ebook at www.kindleboards.com in the Book Bazaar section.
Other ways to publicize your ebook include:
- Trading back matter excerpts with other ebook authors
- Searching online for various Kindle and ebooks groups
- Putting your ebook link in your email signature
- Developing an online presence by participating in blog comments and forums
A: You don't need an agent to publish your own ebooks. But I recommend getting an agent. Mine is invaluable. She's currently shopping my self-pubbed titles to foreign markets and audio publishers, and is essential for negotiating contracts for film rights and print deals.
Q: How can I get an agent if I self publish my own ebooks?
A: The old catch-22 was "You can't get a publishing contract without an agent, and you can't get an agent unless you have a publishing contract." With the rise of self-publishing as a viable alternative to regular publishing, it becomes "No agent will want to represent a self-published ebook unless the book is no longer self-published."
Print publishers WANT erights, and I doubt any will give them up. That means agents won't be interested in representing you unless you give them the opportunity to sell all of your rights. If you sell a ton of ebooks, you might interest an agent in repping your book, but you'd have to stop selling ebooks.
Q: Should I forsake selling ebooks in order to try and land a print deal?
A: Let's look at the pros and cons of both sides.
Traditional Publishing Pros
- Wide distribution and more exposure
- Most offer an advance, sometimes a large one
- They do the editing, formatting, cover art
- Marketing power
- Take six to eighteen months before publication
- Price ebooks waaaaaay too high
- They have power over cover art and title
- Don't use the marketing power they wield effectively
- Pay royalties twice a year
- Don't involve you in many of the decisions regarding your book
- Difficult to implement changes
- Lousy royalty rates, between 6% and 25%
- Very hard to break into
- Paid once a month
- You control price and cover
- Publication is almost instant
- Easy to implement changes
- Every decision is yours
- Great royalty rates
- Anyone can do it
- No free professional editing, formatting, or cover art
- Fewer sales
- Less than 10% of current book market
- Greater potential to publish crappy books
Q: Would you personally stop selling ebooks in order to get a print deal?
A: No. I'm making too much money on ebooks. But that doesn't mean you'll earn what I'm earning. There are many factors involved, including luck.
Q: Who should sell ebooks?
A: If you have an out of print backlist, you should sell those as ebooks. If you have a book your agent couldn't sell, you should sell those as ebooks.
If you're doing well selling books, you might want to consider publishing your next book yourself. I just published two original novels, ENDURANCE and TRAPPED, and both had traditional publishing contracts. I chose instead to self publish, and I'll earn more on my own within 12-18 months than I would have with those deals.
Q: What if I can't get an agent?
A: Then maybe your book isn't good enough. Perhaps you should focus on writing better. If you're pretty sure your book is good enough, you can always self-publish. But be ready for negative reviews and poor sales if it isn't up to par.
Q: Is it true that the only people who are successful with ebooks are "name" authors?
A: No. I've blogged before about many other new authors who are doing as well, or better, than I am. This myth won't ever die, and is perpetuated by lazy thinkers who don't bother with five minutes of research.
Q: How will readers find good books when everyone is self published?
A: There are millions of books in print, yet readers seem to be able to find what they want. Adding a few million more won't change anything. There will always be ways to separate the good from the bad, and subjective taste always plays a part.
Q: Can I make a living by self publishing?
A: I don't know many people who make a living being traditionally published. Most of my peers have day jobs.
That said, I'm making a living self publishing. I'm sure others can and will. But whether you can or not involves a lot of factors, some within your control, some not.
But, in my humble opinion, a dedicated writer who turns out good material on a consistent basis will be able to, on average, earn more money self publishing than traditional publishing. I say this having done both.
Saturday, July 03, 2010
The Difference Between Sales and Fans
Unless you've been living under a pile of archaic dead tree books, you know Amazon has raised the royalty rate for self-published Kindle authors to 70%.
This rate only applies to ebooks priced between $2.99 and $9.99. If your ebooks are with another etailer (mine are also with Sony, Kobo, iPad, and B&N) and that etailer discounts them, Amazon will also discount them to match prices. Which is why some of my $2.99 ebooks are selling for $1.59 on Kindle (and I'm only earning 70% from the lower price.)
I'm sure it will all get sorted out eventually, and I'm not concerned about making a smaller profit on the lower-priced books. Past evidence shows me the lower the price, the more copies an ebook sells.
Even so, I am losing money. In June, thanks to being part of the beta program (which allowed my to release my ebooks at 70% for a week), coupled with the release of two new ebooks, ENDURANCE and TRAPPED, I made over $10k in a single month. I expect subsequent months to earn the same, matching my earlier predictions.
So I'm not sweating the sale ebooks for now. I can weather some temporary discounting, trading more sales for less money.
But can you? And more to the point, should you?
While some authors raised their prices to $2.99 in order to take advantage of the new royalty rate, others stayed at lower prices. Some even dropped their prices, in a misguided attempt to sell more books and widen their fanbases.
Big mistake. Here's why.
(At this point, I encourage anyone who has self-confidence issues to STOP READING RIGHT NOW. I'm warning you. If you don't have a thick skin, this is going to really irk you.)
Let's look at two kinds of business models.
The first is an author who wants to sell as many books as they can, so they list them at a low price. This encourages impulse buys, but the royalty is low. I don't see how any author can make a living doing this, at least at this point in time. Even selling 3000 ebooks a month will only earn $12,000 a year, which is way below poverty level.
An author confident in their prose, however, knows the writing is an even bigger lure than the low price. Because if a reader likes your writing, they will pay more. A lot more. I know this for a fact, because fans have bought my ebooks for $12.99 and print books for as much as $50.
At a $2.99 price point, selling 1000 ebooks a month earns $24,000 a year.
Selling fewer copies makes you more money. But it's more than that.
There's a difference between making sales and gaining fans. It's tough to differentiate between the two, and there is some overlap, but I'd break it down like this:
People who buy your work may become readers.
Readers who like your work will probably become fans.
Of the two (buyers and fans) you want to have fans. Fans are willing to pay more. Fans buy everything you write. Fans write reviews. Fans talk about you. Fans get really excited when you have a new release.
At this point in the ebook market, it is possible to keep finding new buyers by hooking them with a low-low price, because the market is growing so fast. But is this the business model you want to follow?
Consider X-Ray Specs.
For the younger among you, comic books of the 70s always had an ad for Johnson Smith Co, which sold gag gifts like joy buzzers, fake vomit, and X-ray glasses, which claimed you could see through things.
http://en.wikipedia.org/wiki/X-Ray_Specs_%28novelty%29
Of course, they didn't work. And any kid who shelled out $1.99 for them was very disappointed.
My point? X-Ray Specs sold to new customers... once. No one ever bought them again (once bitten twice shy.) But they didn't have to, because there was an ever-growing audience of suckers who would give them a try.
Compare this to Ben and Jerry's ice cream. Many people who try B&J get hooked on it. They seek it out. They become repeat buyers.
In short, they become fans.
X-Ray specs have no fans.
Now, a low price point can attract both first time buyers, and potential fans. But once you have the potential fans, shouldn't your goal be to make a living as a writer?
Walk into any Ben & Jerry's parlor, and they're happy to give you free samples.
Johnson Smith would never give X-ray specs away for free, because they know it won't lead to other X-ray specs purchases.
I know, for a fact, that readers are willing to pay good money for good stories. If they get a good story for a great price, it's a bargain, and makes them happy.
Right now, you can give readers a bargain, and still make a living. But giving readers too much of a bargain is selling yourself short, because it seems you aren't expecting repeat buyers.
So when you worry about raising your price, what's your real worry? That no one will think you're worth the higher price? That you won't have repeat business?
Now I'm going to say something to completely alienate myself from 99% of self-pubbed authors (if I haven't already.)
The reason I've sold so many books is because I have repeat buyers. And these repeat buyers are willing to pay $3, $7, $12, $25 for my books.
If you don't seem to be getting repeat buyers, it isn't the price that's keeping them away. It's probably the writing.
I wrote a million words before I sold anything. I've been honing my craft for 20 years. At this point, I'm pretty confident I can write a decent book. And I price my work accordingly.
So what does all of this ultimately mean?
If you're selling all of your books for 99 cents or less, you probably aren't going to make a living. And if you are making fans, you're losing money, because they'd pay more. Much more. $2.99 is still a huge bargain, compared to any other book format.
If you're selling all of your books at $2.99 and aren't seeing sales, consider dropping the price of one or two. The low price will attract more buyers, and if your writing is good, some of those buyers will become fans.
Right now, my two bestsellers are $2.99, even though I have several ebooks for $1.59.
What does that say about price, fans, and my writing?
Now, if you're selling poorly, it doesn't automatically mean your books suck. But it is something you should check, if you haven't already. I've said many times the secret to ebook success is a low price, a great cover, a good book description, and a great book. If you have all four of these, you should be able to find fans. And those fans will pay three bucks.
I've spoken to a few authors who are annoyed that I've released ebooks at low prices, thereby undercutting the current price publisher want to sell ebooks for.
But let's look at the math. At the current royalty rate, an author earns $1.75 on a $9.99 ebook through traditional publishers, 64 cents on a $7.99 paperback, and $2.50 on a $25.00 hardcover.
I earn $2.04 on a $2.99 ebook.
I'm making a better living selling ebooks on my own than I do with print publishers.
The key here is "making a living."
If you want to earn $10,000 a month on ebook sales, like I did, you need to sell about 5000 ebooks at $2.99. Or you need to sell 30,000 ebooks at 99 cents.
I'm not going to tell everyone to raise their prices, even though it would be better for authors across the board if everyone did.
But I do encourage you to experiment with price. You can be selling fewer copies, and earning more money, with a lower price. This seems like a smarter way to do business. Because if readers like you, they'll buy more, and they'll pay more. Three bucks is nothing to a reader. But the difference between 33 cents in royalties and $2.04 in royalties is a huge amount for a writer.
Sales ranking is great for ego and bragging rights, but it doesn't mean much if you aren't earning a decent wage.
This rate only applies to ebooks priced between $2.99 and $9.99. If your ebooks are with another etailer (mine are also with Sony, Kobo, iPad, and B&N) and that etailer discounts them, Amazon will also discount them to match prices. Which is why some of my $2.99 ebooks are selling for $1.59 on Kindle (and I'm only earning 70% from the lower price.)
I'm sure it will all get sorted out eventually, and I'm not concerned about making a smaller profit on the lower-priced books. Past evidence shows me the lower the price, the more copies an ebook sells.
Even so, I am losing money. In June, thanks to being part of the beta program (which allowed my to release my ebooks at 70% for a week), coupled with the release of two new ebooks, ENDURANCE and TRAPPED, I made over $10k in a single month. I expect subsequent months to earn the same, matching my earlier predictions.
So I'm not sweating the sale ebooks for now. I can weather some temporary discounting, trading more sales for less money.
But can you? And more to the point, should you?
While some authors raised their prices to $2.99 in order to take advantage of the new royalty rate, others stayed at lower prices. Some even dropped their prices, in a misguided attempt to sell more books and widen their fanbases.
Big mistake. Here's why.
(At this point, I encourage anyone who has self-confidence issues to STOP READING RIGHT NOW. I'm warning you. If you don't have a thick skin, this is going to really irk you.)
Let's look at two kinds of business models.
The first is an author who wants to sell as many books as they can, so they list them at a low price. This encourages impulse buys, but the royalty is low. I don't see how any author can make a living doing this, at least at this point in time. Even selling 3000 ebooks a month will only earn $12,000 a year, which is way below poverty level.
An author confident in their prose, however, knows the writing is an even bigger lure than the low price. Because if a reader likes your writing, they will pay more. A lot more. I know this for a fact, because fans have bought my ebooks for $12.99 and print books for as much as $50.
At a $2.99 price point, selling 1000 ebooks a month earns $24,000 a year.
Selling fewer copies makes you more money. But it's more than that.
There's a difference between making sales and gaining fans. It's tough to differentiate between the two, and there is some overlap, but I'd break it down like this:
People who buy your work may become readers.
Readers who like your work will probably become fans.
Of the two (buyers and fans) you want to have fans. Fans are willing to pay more. Fans buy everything you write. Fans write reviews. Fans talk about you. Fans get really excited when you have a new release.
At this point in the ebook market, it is possible to keep finding new buyers by hooking them with a low-low price, because the market is growing so fast. But is this the business model you want to follow?
Consider X-Ray Specs.
For the younger among you, comic books of the 70s always had an ad for Johnson Smith Co, which sold gag gifts like joy buzzers, fake vomit, and X-ray glasses, which claimed you could see through things.
http://en.wikipedia.org/wiki/X-Ray_Specs_%28novelty%29
Of course, they didn't work. And any kid who shelled out $1.99 for them was very disappointed.
My point? X-Ray Specs sold to new customers... once. No one ever bought them again (once bitten twice shy.) But they didn't have to, because there was an ever-growing audience of suckers who would give them a try.
Compare this to Ben and Jerry's ice cream. Many people who try B&J get hooked on it. They seek it out. They become repeat buyers.
In short, they become fans.
X-Ray specs have no fans.
Now, a low price point can attract both first time buyers, and potential fans. But once you have the potential fans, shouldn't your goal be to make a living as a writer?
Walk into any Ben & Jerry's parlor, and they're happy to give you free samples.
Johnson Smith would never give X-ray specs away for free, because they know it won't lead to other X-ray specs purchases.
I know, for a fact, that readers are willing to pay good money for good stories. If they get a good story for a great price, it's a bargain, and makes them happy.
Right now, you can give readers a bargain, and still make a living. But giving readers too much of a bargain is selling yourself short, because it seems you aren't expecting repeat buyers.
So when you worry about raising your price, what's your real worry? That no one will think you're worth the higher price? That you won't have repeat business?
Now I'm going to say something to completely alienate myself from 99% of self-pubbed authors (if I haven't already.)
The reason I've sold so many books is because I have repeat buyers. And these repeat buyers are willing to pay $3, $7, $12, $25 for my books.
If you don't seem to be getting repeat buyers, it isn't the price that's keeping them away. It's probably the writing.
I wrote a million words before I sold anything. I've been honing my craft for 20 years. At this point, I'm pretty confident I can write a decent book. And I price my work accordingly.
So what does all of this ultimately mean?
If you're selling all of your books for 99 cents or less, you probably aren't going to make a living. And if you are making fans, you're losing money, because they'd pay more. Much more. $2.99 is still a huge bargain, compared to any other book format.
If you're selling all of your books at $2.99 and aren't seeing sales, consider dropping the price of one or two. The low price will attract more buyers, and if your writing is good, some of those buyers will become fans.
Right now, my two bestsellers are $2.99, even though I have several ebooks for $1.59.
What does that say about price, fans, and my writing?
Now, if you're selling poorly, it doesn't automatically mean your books suck. But it is something you should check, if you haven't already. I've said many times the secret to ebook success is a low price, a great cover, a good book description, and a great book. If you have all four of these, you should be able to find fans. And those fans will pay three bucks.
I've spoken to a few authors who are annoyed that I've released ebooks at low prices, thereby undercutting the current price publisher want to sell ebooks for.
But let's look at the math. At the current royalty rate, an author earns $1.75 on a $9.99 ebook through traditional publishers, 64 cents on a $7.99 paperback, and $2.50 on a $25.00 hardcover.
I earn $2.04 on a $2.99 ebook.
I'm making a better living selling ebooks on my own than I do with print publishers.
The key here is "making a living."
If you want to earn $10,000 a month on ebook sales, like I did, you need to sell about 5000 ebooks at $2.99. Or you need to sell 30,000 ebooks at 99 cents.
I'm not going to tell everyone to raise their prices, even though it would be better for authors across the board if everyone did.
But I do encourage you to experiment with price. You can be selling fewer copies, and earning more money, with a lower price. This seems like a smarter way to do business. Because if readers like you, they'll buy more, and they'll pay more. Three bucks is nothing to a reader. But the difference between 33 cents in royalties and $2.04 in royalties is a huge amount for a writer.
Sales ranking is great for ego and bragging rights, but it doesn't mean much if you aren't earning a decent wage.
Thursday, July 01, 2010
Celebrate Good Times
A few milestones to report on the same day.
I just finished writing my 20th novel.
I earned over $10,000 in June on Amazon Kindle.
Not bad for a mid-lister with over 500 rejections...
I just finished writing my 20th novel.
I earned over $10,000 in June on Amazon Kindle.
Not bad for a mid-lister with over 500 rejections...
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