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I wouldn't be surprised if that was a part of the explination but there has to be a reason why the market is so saturated.
I think it probably is the reason why Non-Fiction does not sell as well as Fiction and within in Fiction, why some genres sell better than others. I would imagine that Science Fiction, Fantasy, and Romance all sell better than what many of us would think of as literature, the award books and more the like. If you are someone who reads a lot, you are likely to find your way to the independent authors because it is an untapped market and less expensive.
I have my moments of enjoying vampires and werewolves but that is more the Kim Harrison style or Sookie Stackhouse type thing, hey look these things exist and how are we adjusting to them more then romance and the like.
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