https://kdp.amazon.com/help?topicId=A156OS90J7RDN
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Beginning July 1, 2015, we'll switch from paying Kindle Unlimited (KU) and Kindle Owners' Lending Library (KOLL) royalties based on qualified borrows, to paying based on the number of pages read. We're making this switch in response to great feedback we received from authors who asked us to better align payout with the length of books and how much customers read. Under the new payment method, you'll be paid for each page individual customers read of your book, the first time they read it.
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No real impact to readers except now it no longer favors shorts and serials over novels quite as much.
They are also introducing a new metric:
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Kindle Edition Normalized Page Count (KENPC v1.0)
To determine a book's page count in a way that works across genres and devices, we've developed the Kindle Edition Normalized Page Count (KENPC). We calculate KENPC based on standard settings (e.g. font, line height, line spacing, etc.), and we'll use KENPC to measure the number of pages customers read in your book, starting with the Start Reading Location (SRL) to the end of your book. Amazon typically sets SRL at chapter 1 so readers can start reading the core content of your book as soon as they open it.
This standardized approach allows us to identify pages in a way that works across genres and devices. Non-text elements within books including images, charts and graphs will count toward a book’s KENPC.
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