I Made Over $70k in 2023!

As 2023 comes to a close, I’ve decided to review my annual earnings. While I regularly monitor my daily and monthly royalties, an annual overview is something I seldom do.

This year, my total royalties amounted to just over $70,000. However, this figure isn’t pure profit, as I’ll explain. The $70,000, although substantial, marks a decrease compared to the previous year’s earnings. In 2022, I earned an impressive $82,000! This translates to a 15% decrease in royalties for 2023 compared to 2022.

Why the decrease?

The primary reason is complacency. For much of 2022 and the beginning of 2023, I became too comfortable and only created a few books. I assumed that my previously published, well-ranked books would continue to generate income indefinitely.

This assumption proved incorrect, and as a result, my monthly earnings took a hit. The reality is that the market, especially on platforms like Amazon, is constantly evolving, with new competitors and superior books emerging. This was a tough lesson, but it has motivated me to keep publishing actively for years to come.

So, what was my profit in 2023?

The $70,000-plus figure isn’t all profit. A significant part goes towards advertising costs, software, subscriptions, accountant fees, and other expenses.

Here’s a rough breakdown of my income, expenses, and profit:

Income (royalties): $70,173 Advertising costs: $25,224 Other costs (estimated): $7,000

Profit: $37,949

These “other costs” cover software, subscriptions, accountant fees, book cover, and interior designs by freelancers, etc. Based on this rough calculation, my profit stands at just under $40k, which is about £30,000.

I am grateful for this year’s outcome and am excited for what 2024 holds.

To all my readers, I wish you an amazing and fruitful 2024 with your KDP business, and a Happy New Year!