Amazon Has $6M For Authors Who Use Lending Library

Amazon has introduced Kindle Direct Publishing Select, an expansion of its self-publishing platform. To encourage authors to publish will Amazon exclusively and include their books in Amazon’s Lending Library, Amazon has introduced a new $6 million annual fund to help pay them.

The press release explains how it works: “Here’s how KDP Select works: if a KDP author or publisher chooses to make any of their books exclusive to the Kindle Store for at least 90 days, those books are eligible to be included in the Kindle Owners’ Lending Library and can earn a share of the $6 million fund.”

Authors who have already enrolled in the service include:  J. Carson Black, Gemma Halliday, J.A. Konrath, B.V. Larson, C.J. Lyons, Scott Nicholson, Julie Ortolon, Theresa Ragan, J.R. Rain and Patricia Ryan.

So how does the $6 million get split up? Montly royalty payment for each KDP Select book is based on “that book’s share of the total number of borrows of all participating KDP books in the Kindle Owners’ Lending Library.” The service launches today, with $500,000 in the fund for the rest of the year.