Kindle Users Borrow 300K eBooks Monthly
Ebook publishing program expands lending library
By Matt Cantor,  Newser User
Posted Jan 12, 2012 2:52 PM CST
In this Sept. 28, 2011 file photo, the Kindle Fire is displayed at a news conference in New York.   (AP Photo/Mark Lennihan, File)

(Newser) – Amazon is seeing big results from a new ebook-lending program. Its new KDP Select program, which allows independent writers and publishers to cash in on borrowed books, saw 300,000 borrowed titles last month. The program, allotted $500,000 last month, provided authors with $1.70 per borrow, with the top 10 KDP Select writers scoring some $70,000, TechCrunch reports. This month, the fund has grown to $700,000, the company says, thanks to the Kindle Lending Library's success.

The library had only 5,000 books in November; with help from KDP Select, it now has more than 75,000. Combining royalties from sales and loans, the top 10 KDP Select authors' royalties jumped 449% between November and December. In order to become a KDP Select author, writers must release their books exclusively through the Kindle Store for a minimum of 90 days. The lending program is available to Amazon Prime customers who have a Kindle.