I'm super excited to share a brand new video lesson with you today!
Each year I update my online audiobook course, Audiobooks with Audacity, to keep the content fresh and to cover common questions that I get from my students throughout the year.
One of the questions that I answered A LOT was -- "How much can I expect to earn on a royalty share book?" and "How can I pick the books that will pay the most over time?"
In response, I just created a brand new lesson on this topic for the new version of the course that's coming out in December..
But here's the thing...
I HATE waiting to share new content.
I can't stand it.
So I thought I'd share the new lesson with you TODAY to see what you think.
Here's a summary of what I cover in the video:
Recording royalty share audiobooks can help you create a massive passive income stream over time.
If you don't know what a royalty share book is, it's where you agree to record an audiobook in exchange for 50% of the profits each month for at least 7 years instead of being paid upfront for your work.
If you pick the right books, it can be incredibly lucrative.
In this lesson I go over 4 things that you need to look at before accepting a royalty share project on ACX.
1. Amazon rankings
In the video I show you how to use a free tool to analyze the Amazon rank of a book to find out how many copies it's currently selling each day. Since audio and ebook sales are so intertwined on Amazon now, you can use this data to predict your future audiobook sales as well.
2. Book length
Audible and Amazon price audiobooks based on length (the author has no control over the price of the book.) In the video I show you how to estimate your royalty per sale based on the length of the book.
You can combine this number with the daily sales number that you got from the Amazon sales rank to estimate how much you'll earn on a particular book each day, month or year.
3. Ratings and Reviews
Now that Amazon is selling audiobooks right from the Kindle store, a book's ratings and reviews are more important than ever.
Most people read reviews before making a purchase. If a book has poor reviews, that is going to have a negative effect on audiobook sales as well.
4. Author Marketing
One of the biggest indicator's of a book's success is the author's book promotion plan. If the author has an email list to promote the audiobook to, the book will sell more copies. Same goes for a strong social media following on sites like Twitter, Facebook, Instagram and Pinterest.
Not every author has a solid book marketing plan and this can hurt sales. That's why it's important that you find out as much as you can about the author's platform and ability to promote the book before you accept an offer.
Some authors will put this information right in the book's description on ACX.
Not all authors post this information on ACX. If it's not listed, you can look to see if the author has a website or accounts on social media channels. If you can't find information on your own, you can always ask the author if they have a list or how they plan to promote the audiobook once it's released.
Can't find any books on ACX that have great Amazon rankings?
- Head over to Amazon and do your own research.
- Pick your favorite genre.
- Read book reviews.
- Analyze the book's Amazon rank using the Kindle calculator.
- Reach out and invite authors to work with you on ACX.
Most authors will say "yes!" to a royalty share agreement because there's no risk for them.
Approximately 95% of the books on Amazon don't have an audiobook version yet.
There are a lot of hidden gems out there just waiting to be narrated by someone like YOU!