How much will people pay for an ebook?
May 7, 2013 § Leave a comment
We all carry notional values for money. A pound or two is not very much, not enough to buy a coffee in most cafés, a second-hand book in Oxfam (average price £2.50) or a large loaf of wholemeal bread (£2.30) in Dunn’s, a fifth-generation bakery in Crouch End, North London.
Yet many self-published books sell on Kindle for 99p. Self-published author Tim Cooke believes that some people would not be too quick to spend even 99p on a book. The sum of 99p is not so inconsiderable that they will buy an ebook without a second thought.
You can search by price on Kindle, and see what is on offer for 99p. I have no idea if the cheapest books sell most. Daniel Cooper ( Head of Kindle Direct Publishing, EU) did not appear to think that the lower the book is priced, the better its sales would be.
When self-published author Mel Sherratt first made Taunting the Dead available on Kindle in December 2011, she priced it at 99p. It quickly became a bestseller and reached number 3 in the Kindle fiction category in 2012. Despite her success, Mel Sherratt has not increased the price above £1.99. Would her readers have baulked at paying £2.99?
Are writers, who have had their books professionally edited, selling themselves short when they price their books at 99p? Will potential buyers assume the quality is poor?
Daniel Cooper informed us that from one year to the next, Kindle sales of self-published books increased from 14% to 26%. Will self-published books continue to make up a quarter of the Kindle market? What percentage of those books was sold for 99p?
In some cases the low price will reflect the fact that the books have been poorly edited and written. In other cases you will be buying a book that has had as much professional attention, perhaps more, than a book that has been traditionally published. At 99p, authors, who have paid to have their worked edited, will have to sell many books to recoup their investment.
In other industries sellers have increased the price of their goods with no adverse affect on sales: sometimes their sales increased (See Yes! by Noah J Goldstein, Steve J Martin, and Robert B Cialdini). Could some writers selling ebooks for 99p, price them at £2.99, and possibly sell more copies?
Mel Sherratt, Tim Cooke, and Daniel Cooper spoke in the Authorlounge, The London Book Fair 2013.