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Amazon announces KDP Select, a $500,000 per month fund for self-published authors to lend books

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Amazon has announced a new initiative called KDP Select, which will give self-published authors a share of a $500,000 per month fund that Amazon is providing through at least the end of next year for making their books available as part of the Kindle lending library.

Kindle Lending Library
Kindle Lending Library

Amazon Prime members will be able to read more books for free, thanks to Amazon's new initiative to encourage self-published authors to offer their books as part of the Kindle lending library. Publishers that join the program, called Kindle Direct Self-Publishing (KDP) Select, will get a share of a $500,000 per month fund that Amazon is providing through at least the end of next year. The caveat for self-published authors that they must offer their ebook exclusively on Amazon for 90 days after joining the program, but once they do, they'll get a percentage of the fund based on how often their book is borrowed. For example, if a book accounts for 1.5 percent of all books lent under the program for the month, the author will get that percent of the fund — or $7,500 in this case. It's hard to say how this will work out for up-and-coming authors — competition for a sizable percentage of that fund might be fierce, but it's an interesting model nonetheless. Sign-ups start today.