I hate not being diversified. I hate it. I diversify my life in many ways. I own several different stocks, and types of stocks in my portfolio. I make my income from several different sources. I diversify where I make friends. I diversify my interests and hobbies. Diversifying your income is a key to thriving in the 21st century. (Read this great post from James Altucher on diversifying your life.)
Which is why I hate I don’t like being exclusive to Amazon on ebooks.
But when your other options are mediocre to terrible then, well, there you are. I wrote about these terrible option before.
I have put my two first books up on Nook. I was going to put my first book, Kevin and the Seven Lions, back up on Kobo. But that was pointless.
The book was just in ‘delisted’ status on Kobo and when I tried to relist it the system got “stuck”. Unfortunately I had experienced this before. When I first put up Seven Lions it was in publishing status for several days. Days. And their support had no idea why.
Then I reread the payment policy at Kobo. They only pay you when you reach $100. If you don’t reach that, then you only get paid once every 6 months. I’m not there yet. I like getting my $15-$35 monthly deposits from Amazon. So this wouldn’t be a problem with someone who has a much broader audience than I currently have. But having a broader audience doesn’t solve the problem of a system that gets books stuck in publishing.
I have put the two Kevin books back up on Nook. And even that isn’t perfect. They will pay you monthly with $10 thresholds. But the uploading needs work.
I upload the Three-Headed Alien book’s epub and Nook doesn’t allow me to preview the book online. Seriously? I have no idea if the Nook formatted the book correctly, the only way to check it is to buy it. I guess Barnes and Noble is that desperate for sales. Authors must purchase their own work just to check it. Nice.
I am not even trying Apple right now. I feel no need to sacrifice an animal to get on ibookstore.
I have paperback versions of each of my books. that has increased my income from books. It has diversified who has purchased my work. We all know people who are still “I don’t read ebooks! I like paper!” Great! Here is my book on paper!
I keep that in the back of my mind as I try selling my ebooks in other places other than Amazon. If I go back to Amazon exclusively, people can still buy my books at Barnes and Noble and other places.
What do I get by staying with Amazon?
Right now I get borrows. There is the key. In August and September, payments from borrows were somewhere in the neighborhood of 30-40% of my royalties. But I had no borrows this first part of October, and the first of the month is when borrows typically happen, so I decided that it was a good time to not renew the exclusivity with Amazon.
So here I am again learning why Amazon is winning. And winning big. Because they deserve too. They make things easy for authors and readers. Good for them.
“They” always say don’t put all your eggs in one basket. But when the other baskets have gaping holes, and velvet ropes around them, then I am not sure that advice holds, as I like my eggs safe.
If you have had different experience, please share in the comments section.