Unlike other big technology companies Amazon is more willing to explore new sectors that could help the multinational corporation boost its revenue. Therefore, as a part of this plan Amazon on Wednesday, May 22nd has launched a new publishing platform known as Kindle Worlds. The brand new platform will enable both upcoming fan fiction and established writers to earn royalties through their work. Fiction writing is immensely popular on the internet, and Amazon might have instantly recognised the opportunity to make some extra money from the market. Amazon has already gained licenses from Vampire Diaries, by L.J. Smith, Warner Bros. Television Group’s Alloy Entertainment division for Gossip Girl, by Cecily von Ziegesar and Pretty Little Liars, by Sara Shepard. Amazon also made it known that it is looking to announces additional licenses “soon”.
According to the press release of Amazon’s Kindle World, “Amazon Publishing will pay royalties to both the rights holders of the Worlds and the author. The standard author’s royalty rate (for works of at least 10,000 words) will be 35% of net revenue. As with all titles from Amazon Publishing, Kindle Worlds will base net revenue off of sales price—rather than the lower, industry standard of wholesale price—and royalties will be paid monthly.
In addition, with the launch of Kindle Worlds, Amazon Publishing will pilot an experimental new program for particularly short works—between 5,000 and 10,000 words. For these short stories—typically priced under one dollar—Amazon will pay the royalties for the World’s rights holder and pay authors a digital royalty of 20%.”
On this occasion, Director Business Development and Publisher of Kindle Worlds, Philip Patrick said that, “At Kindle, we’re not only inventing on the hardware and software side of the business, we’re inventing new ways to create books. Our goal with Kindle Worlds is to create a home for authors to build on the Worlds we license, and give readers more stories from the Worlds they enjoy. We look forward to announcing additional World licensing deals in the coming weeks.”
To the extent, benefits of Kindle Worlds are concerned the press release of Amazon explains them as:
“World Licensors benefit from Kindle Worlds because:
– It’s an entirely new way to monetize their valuable franchises
– It allows them to extend their Worlds with new stories and characters and more deeply engage with existing fans, while also reaching new audiences
– Amazon Publishing will work with them to establish content guidelines that balance flexibility and openness for writers with what’s reasonable for the franchise
Writers benefit from Kindle Worlds because:
– Amazon Publishing has already secured the necessary licenses to write about any Kindle World
– They can earn royalties writing about established characters and universes
– The Kindle Worlds self-service submission platform is easy to use
And readers benefit from Kindle Worlds because:
– They can find a stream of new stories in Worlds they love
– They can discover new Worlds and corresponding great new stories.”
Source: BusinessWire, TNW
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