All you need to know about Audible so you can make money in your sleep
What is Audible?
Audible.com is a division of Amazon that allows you to purchase audible versions of books. Much like books on tape of the past, audible books are read to you so you can listen to the book instead of reading them.
Audible books are distributed through Audible.com, Amazon.com and I-tunes. Amazon also just launched a program called Whispersync. Whispersync allows people who purchase a Kindle book to add the audible version. Then they can switch between reading the book and listening to it. On the new version of Kindle Fire, Whispersync books can utilize immersion reading which highlights each word as it is read.
Audible.com customers can purchase books at a discount when they sign up for a monthly membership. The membership also gives them credits for free books.
How to Make Money with Audible
There are several ways you can make money with Audible.com:
- You can become an affiliate of audible.com
- You can produce (read) other people's books
- You can produce your own book
It all starts at acx.com and is open to residents of the United States who have a US mailing address, a valid US Taxpayer Identification Number (TIN), and have or can submit Form W9.
Being an Audible Affiliate
Aubible.com offers a 60 day cookie. When you send someone to their site, they will pay you up to 60 days for the purchases they make:
- If they take advantage of a free trial, you will make $10.
- If they sign up for a membership, you will make $25.
- If they buy a book without a membership, you will make 30% of the purchase price.
Record other's books
You can set up a profile as a narrator and audition for books. As a narrator, you can decide if you want to accept an hourly read rate or take 50% of the profits of the books that you help produce. When you accept a royalty share, you are also eligible for the bounty program.
If you accept a royalty share in lieu of an hourly rate and you will get a bounty or bonus payment if someone selects your book as one of the 3 books under a new membership. Narrators receive $12.50 as a bounty.
Record your own book
In order to upload an audio book to be sold on Audible, Amazon, and Itunes (where Audible.com is the exclusive audio book distributor) you need to already have two book titles being sold on Amazon.Your titles can be hard copy or electronic (kindle) books. Both titles must be sold with the same author name.
Authors do not set their own price of the audio book. Audible sets the price based on the length of the book. Prices usually use the chart below, but Audible can divert from it:
- under 3 hours: under $10
- 3 – 5 hours: $10 - $20
- 5 – 10 hours: $15 - $25
- 10 – 20 hours: $20 - $30
- over 20 hours: $25 - 35
Other retailers can offer the book at different prices. An author receives a royalty based on the amount of sales you make and if you selected Audible as your exclusive distributor. (Audibles distributes to Amazon and Itunes automatically.) You start at a higher royalty rate when you allow Audibles to be the exclusive distributor.
Your royalty is based on the amount the customer pays. This price varies depending on if they use membership credits (currently $14.95), buy it at the retail price without a membership, or buy it at a membership discount (30% discount).
How you are paid
Author Creation Exchange sends a report to you every month. If your payment due is $50 or over and you have already faxed, mailed, or emailed your I-9 form to them, your check will be included in the report. If your royalties have not yet made $50 or your I9 has not yet been received, then your royalties will roll over to the next month.