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I'm a few hours late to this thread, but I'll give my perspective anyway.
Bundling is great and I like receiving the discount that comes with bundling, BUT a 40% bundle discount would not entice me IF I had never read the author's work before. IOW, bundling is great for books 2 to 5 of a series, but not 1 to 5. I need to have read book 1 and determined that the author is someone I want to invest money and time in.
Consequently, I think it better to offer book 1 at a very large discount or a set price that is available all the time and then bundle the subsequent books.
The way I approach ebooks, largely because the quality of writing and production is so varied, even when it comes from a well-established traditional publisher, is to refuse to pay more than a very nominal sum for the first book I read by an author. If I find I enjoy book 1 to the extent that I am looking for book 2, then I am willing to pay significantly more for books 2, 3, etc. The key is book 1.
So, Neil, although I think bundling is a good idea, it would not entice me to purchase the bundle absent having read another book by the bundled author or the first book in the bundled series.
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