Self-publishing is not a guaranteed ‘rags to riches’ business.
A recent report from Author Earnings confirms that self-published titles are gaining enormous traction in the book market, and in particular, e-book sales.
From humble and amateur beginnings only a few short years ago, Indie publishing has reduced the Big
Five publishers to only 16% of the Amazon e-book market.
While the data is only drawn from Amazon sales, their market dominance is so large that one can easily believe that it represents a trend across the whole publishing industry. But does this mean you can write a book, get rich and say, ‘I’ll give up my day job?’
With this information, it might be easy to conclude that self-publishing, or Indie publishing as it is often called now, is turning into a gold mine for authors. So should you give up your day job, write a book, and instantly become a rich Indie author? Well, no, yes and no.
Self-publishing isn’t easy to define
Self-publishing is not a singular definition.
There are many so facets to it and while there are certainly a number authors who work all day and write all night and make a decent side income from self-publishing, there are also those who have tried to make it a full-time career, but failed to make more than a few dollars a month in their first year, so gave up.
There are the hobby authors who appreciate the opportunity to publish, but are not dreaming of making a lot of money from their passion but do make a little money each month.
Then there are those who think that by tapping out a few words and loading it up onto Kindle Direct Publishing (KDP) will make them a killing.
Within this group are scammers, Internet marketers and dreamers, and without being unkind, writers who have trouble even spelling the word, writer. Yet they are a very real and important component of self-publishing, as it is the freedom to publish that is at the very heart of this new form of publishing.
At the top of the list, though, are the professional self-publishers, who are a different breed of author to those I listed before.
They treat it as a business and invest heavily in book launches, promotion, advertising and media placement.
They are often authors who have been published traditionally in the past but have grasped the opportunity to earn far more than was being offered by their agents and publishers, by using their established author brand to self-publish and self-promote their new titles.
Then there is the new grey area, which is Small Press.
These can range from well-established specialist traditional publishers, down to one self-published author who uses his or her knowledge and experience of publishing a few books on KDP to help other authors to self-publish.
This is becoming more and more common, as those who often have little or no computer knowledge seek free or inexpensive help in getting their book published.
While the report by Author Earnings paints a very rosy unit sales picture of self-publishing against traditional publishing, it doesn’t offer any real information regarding Vanity Publishing.
As the Big Five all have vanity publishing wings now, are these books classed as self-published? There is also no breakdown of the sales data to know which segment of self-publishing is making the most inroads.
My instinctive gut guess would be that those who have considerable publishing industry knowledge and acumen would stand the best chance of success. Self-publishing may be new, but publishing is not. The basics remain the same.
So by all means, take the opportunity to use self-publishing to express yourself, get that manuscript that has been gathering dust for years out into the marketplace, and when you have finished, write another book.
But give up your day job? No. Not if you only plan to open a Twitter account, a Facebook Page and then believe that your book will sell like hot cakes, without a cent of investment.
Self-publishing is now a very big business with huge potential market. Don’t get too carried away by the suffix in front of the word publishing.
Self-publishing is still publishing and that has always been a tough business, even when you know what you’re doing. Just ask the Big Five.