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While I see the promotional potential in pricing at $0.99 or free, I see it as just that: promotional. Sales and promotions, IMO, are more effective if they are periodic or for a limited time. Put book 1 on sale around the time the latest in a series comes out, for example.
But to have that be the regular price of a book seems to make a statement about its value. I think a price of, say, $3.99 makes a stronger statement about how the author/publisher sees the value of the work.
It says, to me, "Yes, we deserve to get paid for our work. We don't need to make ridiculous profits. But we want a reasonable shot at making a profit. We feel readers deserve a good product at a fair price."
I'm not saying <$1 means no quality; but it is a perceived slush pile in some quarters.
People can find good values there. And, theoretically, it would be possible to make a living there. But you would need to sell 10s of thousands of units. Which I have no idea if the average self-publisher is doing.
And no one makes a profit giving it away, unless they are otherwise monetizing it.
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