An indie author sold over 100,000 copies of her books in the last 31 days - By my calculation she earned at least $55,500.
It’s the signal everyone’s been waiting for. Now there can be little doubt that we are in the midst of a second gigantic tipping point. A tipping point that impacts indie authors, published authors, publishers, and publishing. Eventually, it’ll impact us readers too.
It’s the first time indie authors are earning so much that going with a Publisher becomes a financially unsound decision.
The second major tipping point
Let’s start by looking back.
Looking Back at the First Major Tipping Point
The first major tipping point was the end of 2009 - the great holiday sales for Kindle and Nook meant that eReaders and eBooks got enough traction to kick off a glorious 2010.
In 2010 we had eBooks grow to 10% market share and eReaders sell millions and millions of units. In 2009 we were still under the impression that ebooks constituted just 2 to 3% of the market. Reaching 10% market share for ebooks in 2010 definitely suggests that the last few months of 2009 were a tipping point for ebooks.
Given that every eReader company is claiming much better eReader sales in 2010 than in 2009, you have to wonder – What tipping points are we going through right now?
Well, courtesy TeleRead, we find out about one of these tipping points – The rise of indie authors. We have 25 indie authors who are sharing their ebook sales figures - figures that clearly show we are at a tipping point for indie authors and for self-publishing.
The superstar indie authors
Please note that these are sales for just the last 31 days. They do include the Shopping Season bump, and the new Kindle owner bump – there might not be another stretch this good until Christmas 2011.
Please also note that most of these authors sell 1 or more of their books at a price of $1, and the rest at $3. We will assume that 70% to 85% of their sales were at $1, and the remaining were at $3. There are exceptions - authors who sell all their books at $1, and authors who sell all their books at $3.
Here are the indie authors who have triggered a new Tipping Point -
- Amanda Hocking – Over 100,000 books sold in the last 31 days. Assuming 85% of these sales are for the $1 books in her series, and that the remaining 15% are for the $3 books in her series, we get $55,500 in earnings. Note: This is the minimum - Her earnings might be a lot more than $55,500.
- Stephen Leather – This author spams the kindle forum so much that it pains me to even mention him. However, he claims to have sold over 30,000 copies.
- H. P. Mallory – 20,000 sales. Again, the first book is just $1 and is probably the one accounting for 70% of sales. That suggests $16,200 in earnings.
- Five authors who sold over 10,000 copies – Michael R. Sullivan, L. J. Sellers, Victorine Lieske, J.A. Konrath, Scott Nicholson. Here, we have J. A. Konrath, who’s selling his books at $3, and probably earned between $20,000 and $35,000. Scott Nicholson is selling all his books at $1, which suggests between $3,000 and $5,000 in earnings.
- Six authors who sold over 5,000 copies - David Dalglish, Terri Reid, Tina Folsom, Ellen Fisher, Imogen Rose, Bella Andre. These authors probably earned in the $1,500 to $15,000 range. The large range is because a $1 book earns just 30 cents per copy sold, whereas a $3 book earns $2 per copy sold. Additionally, over 5,000 copies could mean anything between 5,001 and 9,999 - We’re assuming 7,500 as the upper limit.
- A further 3 authors sold over 4,000 copies.
- 8 authors sold over 2,500 copies.
Those are stunning numbers. We are truly in the midst of the second major tipping point.
4 Figures that will set the Publishing World on Fire
Consider these 4 figures -
- $55,500 or more in earnings for Amanda Hocking in the last 31 days. This is the figure that’s going to get mid-list authors and published authors to go indie.
- 100,000 books sold in the last 31 days. Amanda Hocking has single-handedly proven the sustainability of self-publishing. If a hundred thousand Kindle owners were willing to take a chance on one indie author, it probably means that hundreds of thousands of Kindle owners will be willing to take a chance on indie authors.
- 5 or more authors who earned over $15,000 each in the last 31 days. This is the figure that’s going to show indie authors it’s possible to make a good living selling books yourself. One Author earning a ton is great – However, when you see 5 authors doing it, then it’s obvious that you have a shot too.
- There were 25 indie authors who sold over 2,500 copies of their books in the last 31 days. For a lot of people selling thousands of copies of their books is motivation enough.
The walls have been broken down – main-stream acceptance and financial success are now both attainable goals for indie authors.
There isn’t just one indie author who earned over $15,000 last month – There were at least 5.
There isn’t just one indie author who sold over 2,500 books last month – There were at least 25.
It’s remarkable – And these are just the indie authors who shared their figures, and who we know about. There are probably quite a few others.
Example: Nancy C. Johnson, D. B. Henson, Richard Phillips, and Cort Malone are all indie authors who were in the Top 100 in December 2010. That’s 4 more authors who might have earned $10,000 or more in December.
Who in their right mind would choose Publishers?
Amanda Hocking, for the month of December 2010, had her books at sales ranks 23, 54, and 75. That was enough to earn her $55,500 or more.
Perhaps you only get sales rank #33 and have just 1 book. You could still earn $10,000 or $15,000 in a month.
Perhaps you get a higher sales rank, say #11, for a busy month, and have more books. Then you could earn $100,000 or more in a month.
All of this is happening at a time when there are just 10 million eReaders, and eBooks have just 10% market penetration. When ebooks hit 50% market share in 2012, then there might be multiple authors taking home $500,000 each in the month of December alone. There might be indie authors who make over a million in earnings in 2010.
There are 100 slots in the Top 100. Publishers are too greedy to compete on price. They are too lazy to improvise. The stage is set for indie authors to take over.
What would you rather do – Spend 3 years trying to get a book deal, or self-publish your books and make $250,000 in the month of December 2011?