The Silver Lining of the Kindle Owners Lending Library
Amazon posted the KOLL lending stats for the month of April today. There’s not much of note in today’s news; Amazon paid $2.48 per loan out of a fund that totaled $600k, and that averages out to 208 thousand ebooks loaned. They’re now offering 150 thousand titles for Amazon Prime Kindle owners to borrow for free, one title per month.
So today’s news isn’t that much different from last month.
I was thinking about how I might cover the statistics when Mike Cane forwarded the following tweet to me. I would have to say that this author has found the sweet spot.
In April, my .99 cent Short Stories earned $2.45 a borrow on Amazon Prime Lending. Math 101 anyone?
— Michael Robb Mathias (@DahgMahn) May 21, 2012
He got far more for a loan than he would have gotten if he had sold the ebook. What’s more, everyone is happy with the situation – the author, the reader, and even Amazon.
Amazon launched the Kindle Owners Lending Library over 6 months ago, so now would be a good time to start a project I’ve been thinking about. I’d like to ask a couple questions of authors.
I, for one, don’t like the idea of exclusivity, but I am honest enough to admit that joining this program is dependent on whether the authors benefit, and that’s not something we could know until after it is tried. So here are my questions:
- Do you have ebooks in the KOLL, and if was it worth it?
- Did the loans boost sales?
- What’s the ratio between the number of sales sales and loans?
I really do want to hear what authors think. Now that the KOLL seems to have leveled off at $2 or more per loan, anyone thinking about joining the program can look at the results of current participants, do a little math, and then decide if it’s worth the risk.