The Amazon Kindle Lending Library has just surpassed 300,000 titles, according to the company’s Q1 Financial Report. The service is an integral part of Amazon Prime, which allows users to borrow one ebook a month for free.
The Amazon Lending Library burst onto the scene in early 2011 and launched with a paltry 5,000 titles. Since then, it has grown as many self-published authors and mainstream publishers have contributed their works. You can find the entire Hunger Games and Harry Potter books available on this platform.
One of the benefits that the Lending Library provides is the extra revenue authors receive when their books are borrowed out for free. Unlike traditional libraries, Amazon has a pool of money that it distributes to authors every month. Whenever a book is borrowed, authors receive royalties. We have heard in many cases that authors make more money giving their book away for free, than they do selling it for .99. It also hooks readers on a series of books, and customers are more likely to purchase the next books in a trilogy than wait a whole month to borrow the next book for free.
Michael Kozlowski is the Editor in Chief of Good e-Reader. He has been writing about audiobooks and e-readers for the past ten years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times.