Open Letter's $4.99 Ebook Pricing
As we announced last week, for the rest of June, all nine of our ebooks will be available for $4.99/title—a pretty good bargain, especially since they’ll go back to the standard $9.99 on July 1st . . .
You can find info about all our available ebooks by clicking here here. (In case anyone’s interested, the best-selling ones from the last week are: The Golden Calf followed by The Pets, and then Guadalajara and Death in Spring.)
After making our pricing announcement, Ed Nawotka of Publishing Perspectives asked me to write a piece explaining our decision, some stuff about ebook pricing in general, and my problems with the $.99 ebook.
Here’s a link to Why Selling Ebooks at 99 Cents Destroys Minds, which includes this:
But what’s really at the top of the e-book best-seller lists? As of this very moment (10:10 pm on Wednesday, June 8th), here are the top five and their prices: A Little Death in Dixie by Lisa Turner, $0.99; My Horizontal Life by Chelsea Handler, $1.99; The Hunger Games by Suzanne Collins, $5.00; Summer Secrets by Barbara Freethy, $4.99; and The Help by Kathryn Stockett, $9.99.
So aside from The Help, which is the 9th bestselling book in paperback, the top five are all $5 or less. And aside from The Help, none of these books are in the top 10 for Literary Fiction paperback sales. So what does this mean?
At BEA, Keith Gessen introduced me to the works of John Locke (probably not the one you’re thinking of), a best-selling Kindle author whose books are all sold for $0.99. He made over a hundred thousand of dollars in royalties last year — far exceeding the wildest dreams of most every mid-list (if John Locke is even midlist) author in the country. Having read the opening of one of his “Donovan Creed” novels, I can assure you that he’s not selling all these books due to his talent. No offense intended, but let’s be real about this — it leads to a much more interesting conundrum.
And goes on from there . . .
Ed wrote the daily “conversation piece” for Publishing Perspectives, which he entitled Can Affordable Literature Ever Compete with ‘Palatable Plonk?’
As discussed in today’s feature story, you can now buy any number of e-books for 99 cents or less on Amazon. Few would mistake what’s being sold so cheaply as high literature, but one has to acknowledge that it takes skill to craft something that a large audience of people will enjoy.
In the wine business, the fact that you can now buy drinkable box wine in your local gas station/supermarket has indeed expanded the audience for wine. The hope is that drinkers, as their palette becomes sophisticated, will move up the price scale to sample more challenging fare. [. . .]
Can the same be said for the book business? Certainly just think of fiction as red wine, and non-fiction as white, each goes with a mood, setting, circumstance.
Ultimately, the question is not whether inexpensively priced literature entice new readers and serve as a gateway for readers to discover new writers, but can it ever compete, at lower prices, with the John Locke’s and Amanda Hocking’s of the world? And, at the end of the day, does it matter so long as everyone’s needs get met?
In my opinion, the answer is no, not when — to go back to the wine analogy — the cheap stuff can get you just as drunk. Of course, you also have to remember that with the cheap stuff, once the buzz wears off the hangover is often much worse — and you’ll have an even harder time facing yourself in the harsh light of day.
Be sure to check out the comments—that’s where the real fun comes in . . .