Amazon is seeing big results from a new ebook-lending program. Its new KDP Select program, which allows independent writers and publishers to cash in on borrowed books, saw 300,000 borrowed titles last month. The program, allotted $500,000 last month, provided authors with $1.70 per borrow, with the top 10 KDP Select writers scoring some $70,000, TechCrunch reports. This month, the fund has grown to $700,000, the company says, thanks to the Kindle Lending Library's success.
The library had only 5,000 books in November; with help from KDP Select, it now has more than 75,000. Combining royalties from sales and loans, the top 10 KDP Select authors' royalties jumped 449% between November and December. In order to become a KDP Select author, writers must release their books exclusively through the Kindle Store for a minimum of 90 days. The lending program is available to Amazon Prime customers who have a Kindle. (Read more Kindle stories.)
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