In October last year, Amazon.com Inc. (AMZN) introduced a crowd-sourced publishing platform, Kindle Scout, that allows readers to vote for those unpublished authors that they would like in their devices. The company is now ready to release the first batch of titles on Mar 3.
To date, Amazon has approved 21 titles from unknown authors via this platform. First, the company will release 10 books that cover a range of genres comprising romance, thriller and science fiction, which can be pre-ordered now. The remaining 11 books will be published at a later date.
The Process
Kindle Scout provides readers with extracts of certain unpublished literary works. After reading them, users can vote for up to three books they wish to be published and will also have the option of constantly reassessing their votes once new works are added.
Though the program gives readers the feeling they are the ones deciding which books get published and which don’t, the final decision lies with Amazon.
After the 30-day reader voting period is over, the Kindle Scout team reviews the books with the highest number of votes and selects which three will ultimately be published.
However, the readers who voted for the approved title enjoy the perks of being awarded a free, full-length Kindle edition of the book a week prior to the official release.
The Authors
The authors of the books selected for publishing will be given $1,500 in advance along with a five-year renewable term, easy rights reversions and Amazon marketing. The royalties will be split 50-50 between the author and Amazon.
However, Amazon does give these authors the right to take their business to another publisher in case their book doesn’t earn at least $25,000 over a five-year period.
Looking Forward
We know that there are probably millions of talented, fantastic, undiscovered authors and books out there. Realizing this, Amazon holds its "Breakthrough Novel Award" contest every year, which searches for the best up-and-coming authors and rewards them with publishing contracts from Penguin.
The Kindle Scout is a great platform for an unpublished author. Getting his books published quickly and with the help of Amazon’s marketing power would be a dream come true for any budding author.
Now let’s wait and see if Kindle Scout produces a literary genius.
Amazon currently holds a Zacks Rank #3.
Stocks That Warrant a Look
Other better-ranked stocks in the industry include PetMed Express, Inc. (PETS), EVINE Live Inc. (EVLV) and Autobytel Inc. (ABTL). While PetMed sports a Zacks Rank #1, EVINE Live and Autobytel carry a Zacks Rank #2 (Buy).
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