Will all digital books eventually cost 99 cents?


On his Technium blog, Kevin Kelly wrote:

I am having trouble convincing myself why digital books will not cost 99 cents within 5 years. All books, on average. Just as the price of music does not in general change on the length or quality.

Here's a reason why they'll be as inexpensive as music. The other day Joe Konrath, a genre writer, and avid self-publisher of ebooks, said:

Eighteen days ago, I dropped the price of my ebook, The List, from $2.99 to 99 cents on Amazon. I was selling 40 copies a day prior to that. Currently, The List is #37 in the Top 100 Bestsellers on the Kindle. It's selling 620 copies a day on Amazon.

Do the math:

2.99 x 40 = 119.60

.99 x 620 = 613.8

I don't think publishers are ready for how low book prices will go. It seems insane, dangerous, life threatening, but inevitable.

I predict we'll be there in 5 years, (before the marginal price drops to zero, but that is another story.)

Also, as others have noted, $1 is near to the royalty payment that an author will receive on, say, a paperback trade book. So in terms of sales, whether an author sells 1,000 copies themselves directly, or via a traditional publishing house, they will make the same amount of money.

I am not saying this is good news for authors. 99 cents is not. It is good news for READERS.

99 Cent Books


  1. I’ve been thinking that digital books should be sold at a rate of .0001 cent per word (not counting punctuation marks) – this scheme would encourage writers to write more.

    1. Burritoflats, long writing isn’t always good writing. Lionel Fanthorpe wrote a huge number of books — he averaged a book every 12 days at his peak — by rambling into a dictation machine and having someone type up the results. He was paid by the word, so he’d bulk up his stories by including long lists of synonyms, or endlessly re-stating the same basic concept in slightly differing combinations of words, like Taco Bell endlessly recombining the same four ingredients into a menu of food-like items:

      …There were pinkish streaks among the rock, and it seemed that some of the chromatic tint from the atmosphere owed its origin to these. There were a number of white veins in the rock, which bore some kind of resemblance to marble, but the majority of it was grey. It gave an over-all impression of greyness streaked with pink and white, rather than an over-all impression of whiteness tinged with grey and pink, or an over-all impression of pink streaked with grey and white. Greyness was the dominant background shade; neither black nor white, but something midway between the two. It was a light rather than a dark grey, yet could never have been so light that it might be mistaken for an off white.

      1. I recall my high school English teacher mentioning that Dickens was paid by the word as well, but I actually enjoyed reading his stuff. That sounds closer to Grapes of Wrath -.-

      2. I couldn’t agree with you more Avram. The reason I don’t like most fiction is that it seems that the author is filling up pages with unnecessary description (obviously not as ridiculous as your example) to make a page count.

        Novels are 80,000 words minimum. I believe this artificial limit adversely affects the quality of storytelling because it requires the author to pad their stories.

        That’s why I was so excited when I found out about the Kindle Singles store. It is for items at 5,000 to 30,000 words. “Compelling Ideas Expressed at Their Natural Length” is their motto.

        Now if I can just get my book accepted into their program.

    2. Or we’ll have the exquisite experience of reading Alexandre Dumas-like tomes the length of which no civilized person should ever encounter.

      In other news, I saw an ebook prices at $26 the other day and thought… that’s crazy. I’d hesitate before paying that much for a physical book.

    3. With all respect, this is a backwards mentality. Writing more does not mean there’s substance in the writing. Like a person who talks a lot but says nothing, who cares to pay for volume? The answer is in the quality, not quantity. This is the same mentality as “workers should be in the office all day long” and what happens is no one is working but just showing up and killing time. You’d be better off with a creative person who telecommutes and is committed to being productive. Just saying.

  2. I would buy printed books anyway, I can’t look at the computer screen for as long, my eyes start hurting. Plus I have this great privately owned book store where they have used paper backs for $0.25 and I love books from the 80s anyway. But digital books being so cheap might be a good thing as well. More people might start reading as it will be more affordable and I know someone who reads books so fast (about a book a day) that being college student and all she simply doesn’t have enough money to buy enough books to satisfy her reading habits. Secondly it’s great for writers who don’t want to deal with publishers.

  3. While I agree with him that digital book sales are going to have to go down, he did’t mention that albums still cost about $10. So, if we’re using that model, ebooks are not the same as songs, but rather albums. (I haven’t read his original post to see if he addresses this, but I will.) Maybe you could buy a couple chapters for $.99, but who would do that? If a book is sold for .99, I guarantee you all that money is not going to go to the author for royalties. It’s a changing publishing world, but I just can’t see ebooks costing only a dollar. Who knows, I may be eating my words!

  4. Allow me to do a bit of remixing here:

    I am not saying this is good news for authors. 99 cents is not.

    Do the math:

    2.99 x 40 = 119.6

    .99 x 620 = 613.8

    What was the complaint again?

  5. I haven’t had a chance to read the linked article yet, so apologies if this is addressed, but…saying “books will cost the same as music” seems misleading since he’s comparing the price of individual tracks with the cost of a complete work. Wouldn’t it be more accurate to compare the cost of a digital book with the cost of a digital album, or the cost of an individual chapter with the cost of a digital single? “Just as the price of music does not in general change on the length or quality” just isn’t true. An hour long LP is not the same price as a 4 minute single. It doesn’t even bear out for individual tracks. Sleep’s “Dopesmoker,” for example, was a single album-length track that sold for full album price (though, strangely for a digital release, it’s “no longer available”).

  6. I’m confused as to how these magical self published $.99 ebooks are being found by the general public? I mean, who is sorting through the slush pile? Who is marketing it?

  7. This is the logical conclusion. Once the manufacture and distribution cost on an item is effectively $0, as is the case with ebooks, it only makes sense that the price should only be $1. It should be so cheap that anybody who wants to buy it shouldn’t even have to think about whether or not it’s a good deal. I’ve been saying the same thing about digital music sales for years. Make the price of a song 10 cents and an album $1, and watch your sales skyrocket, because people will just buy without thinking about if it’s really “worth it”. It’s the same reason the 99 cent app market is taking off on phones.

  8. I find I feel more tied to authors breaking in to this new ground. Many of them seem to be closer to their readers by using social media. I start to want to see them make money.

    Do you think we’ll start to see more authors pushing mugs, and t-shirts? How about soliciting for investments on sequels, or begging a bit more money if you REALLY liked the book.

    It’s hard to tell what the market would bear, but I really value what my favourite authors give me, and would love knowing something like “my extra $5 goes right to their beer fund, not a middle man”.

  9. I think that strategy might work to a point – especially for small independent authors. But in general, I think digital book sales will stabilize around $10 for new releases, and perhaps decreasing as they get older.

    But with this cost, I hope the publishers offer true ownership rights, rather than restricted licenses (I know this is a long shot). True ownership provides a basis for true device-independence, and the ability to transfer, donate, or sell the eBook. Even though services like Amazon’s Kindle are available on multiple platforms, but it is still restricted to Amazon’s terms and their availability. DRM-free ePub or a similar format would be ideal.

  10. I bought a Kobo eReader a couple months ago, and am really enjoying it since I tend to read 2 or 3 books at the same time. That being said, I only buy books when I get a discount code from Kobo. The way pricing is right now, it seems that eBooks are subsidizing the paper/bricks & mortar end of the publishing business. Ninety nine cents per book might be a little low for the baseline, but a median price under $5 should be able to keep everybody happy. And I’d imagine it would be relatively easy to install eBook kiosks in bookstores to give the reader an option as to how they want to purchase a book. The big stumbling block to that are all the proprietary ePub formats.

  11. Editors and publishers actually provide valuable services, as you can often find out when you read books where authors didn’t use them.

    However, e-books do eliminate the cost of printing dead trees and managing inventory, and reduce the amount of work involved in selling the books, so it really frustrates me that Amazon thinks a Kindle-format book should cost _more_ than a paperback instead of less. My Kindle’s easy to carry around, great for travelling, but I can’t read it in the bathtub like I can with paperbacks, and aesthetically it’s much more like reading a paperback than a hardback.

    I realize that publishers use hardback and trade-paper formats as a way to charge more for new releases, getting more profit from people who are willing to pay more not to have to wait, but Amazon doesn’t seem to cut the Kindle price for non-new books when the paperback versions come out.

    1. Amazon doesn’t get to set the prices of ebooks. It’s entirely dictated by the publishers at the moment. They used to argue that they should be able to discount at will (Kobo said the same) until Apple joined the market and forced agency (fixed, universal) pricing across all outlets.

      Oh, and #12: authors get 70% of the sale price between $2.99 and $9.99, but anything beyond that ($0.99 or $10.99 etc) only pays 35%. So yeah, it’s not QUITE as nice as it seems. A ton of $0.99 books are almost needed to make up for the lower royalty.

    2. I have a Kindle and the price of ebooks is generally offputting. In fact I haven’t bought one yet, stocking up instead on Gutenberg texts, samples and files I already own. But when I’m browsing, time and time again I see clear notifications from Amazon saying “The price was set by the publisher”, which makes me think Amazon aren’t able to discount it, and are aware it annoys people and want to distance themselves from that.

  12. Perhaps at that rate people will just buy the book multiple times rather than trying to copy it to multiple electronic readers.

    I find it sad that authors only see $1 of a book that sells for $12.

    On one of my client’s websites I setup an amazon associate account for them so the site owner could sell his own book and get commission from Amazon. After a few months he called me to say he had made more from amazon as a reseller or his book than from his publisher as the author.

  13. Not good news for readers, as the less money goes into books, the less authors can make a living off of writing, meaning the less people go into writing and the writers that do try to write will have less and less time to do it since they will have to support themselves elsewhere.

    The future is looking grimmer and grimmer for art and journalism.

    1. Clearly you didn’t read the bit where he pointed out that by selling the book for less he makes more money.

      Although admittedly he seems to also forget that towards the end of the paragraph.

  14. Okay. I would think that someone who writes bestsellers would know a logical fallacy. *trollface*

    Seriously, if $1 per book is what you’re getting paid, direct digital sale or royalties via publishing house, how is one any different from the other? He is making it sound as if 99 cents is worse, when he just said that it’s the same as you would make anyway. Herp. Maybe he doesn’t make as much as he would like, but he’s not making any sense, either.

  15. I think this points up the need to change the way authors are compensated. Personally, I can’t afford to buy all the authors I read in hardcover. But I never thought it was fair that the author only got a buck or so from me buying the paperback instead of the three bucks they would have received from the hardback. After all, I was receiving the same content no matter how it is packaged. I want my money to go to the creator rather than the middleman. I hope that someday authors can expect the same payment for each copy of their work so they are no longer penalized for repackaging their work for a wider audience.

  16. #5 – in the scenario where all books are 99c, there isn’t a slush pile. Like music, you’ll see one book somewhere (a friend will recommend it, you’ll see something else by the author on the book equivalent of youtube, whatever) and seek out more. For 99c it’s worth a gamble to see if the author is any good. If they are, there’ll be more 99cs going their way. If not, maybe someone else will like them?

    #3 – The difference is of course in the royalties. I heard that Amazon takes 70c of each $1 book and 95c of each $3 book. So in the first scenario, the author keeps $82 and in the second they keep $186. Which isn’t to say that the effect that the OP is claiming won’t happen, but it does mean it’ll be somewhat smaller than it claims, if we assume that money is all the author is interested in.

    1. It depends on whether you are time or money constrained. Right now, my to-read pile is growing slightly faster than I can keep up. Cheap ebooks aren’t going to give me any extra time in the day. Now, if were still in college it would be the opposite.

  17. As an author working on his first book, this 99 cents outlook is kind of scary. I think that since, for the moment, most decent ebooks cost a lot more than 99 cents, then authors who drop their price down that low may see a boost simply because they don’t have a lot of competition in that price range. But if all ebooks were only 99 cents, the sales figures might be different.

    In addition to comparing with music, also think about magazines. We usually pay around $1 an issue for a subscription, or $5 an issue on the newsstand. I know, many magazines are struggling. And remember that these are chock full of ads as well, which I believe typically bring in a lot more money than subscription fees.

    My guess would be that the total man-hours embodied in writing and editing an issue of a magazine—say, Wired or the New Yorker—would be in the same ballpark as writing a book. It’s just that with a book, most of the work is done solo, whereas a magazine is assembled in parallel by a bunch of people.

    So how much should you pay for an ad-free book? I think somewhere between $1 and $5 sounds about right—which puts it around the price of a decent cup of joe. I think anything around the cost of a cup of coffee should be a price that people don’t have to think too much about, so they can buy more books on impulse (even if they don’t read them all).

    Maybe when my book comes out, I can get a “fair trade” label on it, so we can get away with charging a bit more for it. Or maybe authors could write a couple of pages at the back of the book about how they live, to make readers feel more of a connection with them, and more willing to pay a decent price to support the authors.

    1. I’m also an aspiring author, but I’m actually optimistic about the rise of e-books, as it gives me an avenue to get published outside of the mainstream publishing industry. Yeah I might not make much money on it, but hey at least I might get an audience, even if it’s a tiny one. And since I’m doing it more as a hobby and less as a primary source of income, I’m not overly concerned about how much money I could make off the enterprise anyway.

      1. I hope that readers will pay enough to support authors who aren’t just doing it on the side as a hobby, but who are full-time, professional writers. We’ll see if the rise of e-books continues to allow that, or whether authors will have to sell books for cheap, while leveraging whatever fame they can muster to make more money off other things, such as appearances, t-shirts, whatever.

  18. But if the prices drop, won’t that help make books more accessible in general?

    /probably oversimplifying, but whatev

  19. Whether or not books end up costing $.99, the idea that the average 5-minute song represents an equivalent amount of labor to the average 100k novel seems ridiculous.

    Almost as ridiculous as the idea that there are enough readers with enough reading time to make it feasible for most authors to be able to sell the number of units that it would take to make up in volume for the tiny pittance they’ll be getting per book.

    But hey, most consumers are willing to buy things made by sweatshops full of children in order to save a few bucks, so why should anyone expect they care about writers.

  20. this analogy is sort of off. it’s more like a chapter would be 99cents. cause it’s only a song that is 99 cents. digital albums are like 9 or 10 dollars.

  21. I have to say, if the publishing industry wants me to buy e-books, they’d better make them cheap. If I’m going to shell out >$100 for a Kindle or whatever, so I can read books I don’t really own on a device that is so expensive that I’m paranoid where I leave it and can’t take it into the bath tub, will probably die or go obsolete in 5 years, and I can’t share it with my step father who is also into history (but is technophobic), then they better be priced cheap. In fact I think $1 is the most I would ever pay.

    It’s interesting to see the “do the math” part where cheaper books bring in much more revenue. Back before the rise of digital music, I would buy maybe 5 CDs in a year. I like music, but at $15/CD it just wasn’t worth it. Yet if CDs only cost $5, I would probably have bought more like 50 per year, which would undoubtedly send more profit to the recording industry.

    1. “The publishing industry” doesn’t sell kindles though. Writers and editors don’t get a cut of Kindle device sales.

      If the industry heads towards a model where most of the money goes to technology manufacters instead of the people actually doing the writing or putting out the books that is a really bad sign.

      1. “‘The publishing industry’ doesn’t sell kindles though. Writers and editors don’t get a cut of Kindle device sales.”

        That may well be, but it doesn’t change the fact that I don’t want to pay more than $1 for an e-book. As far as I’m concerned, the publishers, authors and device makers can sort out how to divide up the proceeds and maintain profitability at $1/book. Until then (or until the technology improves) I will stick with the paper books that I prefer.

  22. @Lidok: Try an eInk reader some time. They’re exactly like reading on paper (though the paper is slightly gray, not white). If you can read on paper, you can read on eInk just as well. And you can carry 1000 books in an oversized pocket.

  23. My ebook buying would shoot through the roof if the average ebook I was interested in were four or five dollars rather than $10+.

    I’d say seven or eight is about the limit of where an impulse buy turns into a contemplated purchase.

  24. I doubt it. Even on the iOS app store, some games cost more than .99 cents and are still doing quite well in terms of sales.

    That said, it annoys me that some ebooks are even more expensive than their paperback counterparts. The paperback for Emma Donaghue’s room is US$7.71 but the Kindle version costs US$11.79. C’mon..

  25. i’ll pay $.99 for an ebook that sounds even slightly interesting. i’ll pay $2-3 for an ebook if i’ve heard it recommended somewhere. i’ll pay $5-10 if i know i’ll like it. i will never pay more for an ebook than a trade paperback.

    if somebody recommends a book to me, chances are i will download it. i love to read and need books. as an author, it’s up to you and your pricing scheme whether or not that download is paid or pirated.

    i can probably find your book for free somewhere, and if you charge more than i want to pay, i will. i know it’s not right and i’m not trying to justify my actions, but that is the reality of digital publishing and the only way to fight it is to price things low.

  26. What baffles me is why aren’t publishers releasing hard covers or trade backs with a code for ebooks ? Start doing the Vinyl model, appeal to those who still want a physical version of the book.

  27. 99 cents for an e-book by the likes of Konrath or Amanda Hocking is grotesquely over-paying.

    One look at the oeuvre of these scribblers reveals syntax that would embarrass a grade school student, plots and characters that are derivative to the point of plagiarism and the general skill level of someone who has suffered a traumatic head injury.

    Even if they offered their books for FREE, the irreversible damage such “talents” inflict on one’s aesthetic sensibilities make them a very expensive read indeed.

    Those who envy them their success should consider the crimes they are committing against the printed word; writers of their ilk are a disgrace, a pox on the world of literature. Don’t encourage them, SHUN them like faceless lepers.

  28. I read on my Kindle in the tub with the help of a sturdy ziplock baggie, but then, I laugh in the face of danger.

    If e-books cost 2-4 bucks each, I would buy so many of them. As it is, I make do with free books. It’s an issue of the line between an impulse and contemplated purchase for me, too.

  29. The Kindle Store has 1000s of public domain e-books for free or US$0.99. Most of the new titles and bestsellers are $9.99. The upfront cost of buying a Kindle seems a small price to pay for accessing all that content and be able to carry around up to 3500 books in a device the size of a paperback, DRMed or not. Not to mention being able to read on a PC and edit/store personal documents.

  30. I’ve read other articles by authors who experimented with the pricing per book and also found they made a LOT more money when pricing the ebooks in the $1-$3 range than in the $7-$10 range.

    The first is whim money. the second rolls into “do I really want this?”

    It’s not a question of the transaction paying for the author’s (and editor’s) time. Of course it isn’t. It’s a question of what’s going to bring in the most money, since once the ebook is finished, there are no further costs… EVER. No “2nd printing”, no warehouses, no trucking, and if there’s no DRM, then there’s no used market.

    The used market depends on either DRM (Amazon could easily have a used ebook market using the same technology they have now for lending. They don’t WANT to.

    If there’s no DRM, then you are depending on people’s honesty on reselling. But if the books cost a buck, what’s the point?
    The people who are going to torrent are still going to torrent, and the people who are going to buy are still going to buy, except at that 99 cent price point, a lot MORE people are going to buy.

  31. I just recently finished my first book. Granted it’s only 22,000 words, but it’s also only $2.99. This price to me is an impulse buy. (The market may prove me wrong. Time will tell.)

    Writing, publishing and distributing the book are SUPER easy. But, the real problem is letting people know about your book.

    Lowering the price to increase sales ONLY works if you have sales.

    BTW, my book is “In the System” by Charles Scalfani on Amazon (I had a link to it here, but then after reading the Link Policy of the website, decided not to include it).

  32. I know, I still pursued kindle prices on amazon. I get very frustrated when used books are being sold for $.01 + shipping. But, if I don’t want a physical copy, but still want to support the author, I have to pay $10.00.

    This really discourages me from giving money back to the publisher and author. These prices are completely removed from the market and need to be altered.

  33. My book buying is limited more by my available reading time than by my book budget- about a book a week. If books dropped from $8/paperback to $1/e-book, I don’t think my book-buying would increase more than maybe 20%.
    OTOH, if I could buy a $5 (DRM-free) e-book where $3 went to the author, rather than an $8 paperback where $1 went to the author, I’d take that deal.

  34. A lot of writers are shifting to the 99 cent price because they’ve seen it work for others, but that doesn’t mean it works for everyone. It’s like giving away books for free online — some people are successful with it, while others aren’t.

    You’ve got to sell a lot of copies at 99 cents to start making money — not that money is necessarily the reason most people write. And most writers don’t sell a lot at whatever the price. That’s one of the reasons publishers sell hardcovers — most authors have only a set number of readers, and they’re not going to sell more at a cheaper price, so the hardcover is a way of maximizing the revenue from those readers. That’s what my publisher told me anyway.

    When the rights for my first book reverted back to me, I self-published it as an ebook. I’ve tried a few different price points, and I couldn’t sell it all at 99 cents. It did a little better at $2.99 and even better at $3.99. And then didn’t sell at all at $4.99. So it seems each book has its own price.

    I’ve got no problem spending $5-10 on an ebook, and I often buy books priced higher. If I like the book, I’m going to buy it. But I do seem to be going against the grain that way.

  35. I personally refuse to buy any digital books for the cost of a hardback!!! but for $.99… I would be willing to buy all my books this way!!
    If I’m paying the money I want a book, a real book… but for less I’d be happy to save the trees…
    I figure I’ve read somewhere between 5,000 and 7,000 books so far in my life, so I’m more well read then most!
    I well understand the system and who gets paid what. and it’s not about who makes money, it’s about ME getting my moneys worth from the books I buy.

  36. No, books won’t cost 99 Cents. No, eBooks aren’t costing 0 to produced and distribute.

    First, printing a book nowadays costs at most 1 $ for a paperback, 4 $ for a hardcover, less if it is done in China and for really big print runs. The majority of costs however fall to overhead of selling books, from the editor to the cleaning lady in the office.

    Secondly, distributing books still costs money even electronically. Servers don’t run for free. Programmers want money, license fee holders want their cut etc.

    Thirdly – as other said, paying 99 Cent for a song is the same as paying 99 Cents for a chapter. Which seems kinda expensive for a lenghty book if applied this way.

    Read more about the costs of publishing eBooks here:

  37. Most of the cost of purchasing a book is not the price paid, but the time it takes to consume it.

    This means that there is a limited degree to which reducing the price of books will increase purchases.

  38. Given that 95% of the cost of a book, or equally a CD, is on the manufacturing and shipping then there’s absolutely no justification as to why electronic alternatives shouldn’t cost 5% of their physical alternatives.

    Aside of course from publishers making more money.

    Even the iTunes model is technically expensive.

  39. At $0.99, how much does it cost to get your book on the Kindle top 100? The makers of World of Goo had a blog article on the economies of the itunes app store and found that being on the magic “top 100 list” drives sales via a positive feedback loop.


    If you knew when the top 100 list reset, a small investment of buying 3,000 copies of your $0.99 book might keep you on the top 100 list long enough to net another 10,000 copies sold (at which point you’d break even with amazon’s 70% fee…)

  40. It all depends on what you’re selling.

    At a dollar, I’ll buy a self-destructing DRM’ed one-device-only no-resale-allowed click-thru EULA’d no-refunds-allowed book.

    At 10 dollars, I want to actually own something and I want to be able to use it on my terms.

    1. My position exactly: $10 is real money. I want to have something to show for it, and I want to be able to reuse it, lend it to someone else, reread it in 10 years after my current e-reader has passed on, etc.

      $1 is less than a beer. If it looks even vaguely interesting, I’ll spend $1 on it, and if it sucks, who cares?

  41. …leading to shorter, self published e-books, which are regularly updated? Could be an interesting market. Perhaps it will reinvent the “book”or resurrect some old ideas. Might just be interesting.

  42. when all ebooks are .99 you wont be selling 620 any longer – you will be selling < 40 and living on canned beans

  43. It’s like this. Music ,books , people who go to the movies etc will always find a place in the world. Weather a book or ebook is 99c or 9.99 $ you will pay depending on who the author is or how good the story is. If the world is making a fuss about an author or their latest work ,sure your going to want to find out what the fuss is about. There is money to be made in anything as long as your the best at what you do. You have to offer the public something different. 90% of fiction today is rubbish. There will always be a Stephen king, Wilbur smith, Michael Connelly, James Patterson waiting in the wings to capture the publics imagination and make a fortune. Don’t be so doom and gloom. Our parents had the conversations when they heard something called the compact disc was going to replace the record. Our kids will have the same conversations when the next piece of new technology pops up over night and threatens the things closest to their hearts. Remember all the people who made money from music and books were in a league apart from their rest. Hence there millionaires and we are not.

  44. I just begin to be frustrated how, with the lack of a physical form, there is no strong supply incentive for pricing.

    I can go to many bookstores and get the big top sellers from earlier in the decade, hardback, and new for $5…yet online they still have it at the unmoving price of $9.99.

    We should have some way of pricing where it would lower over time to combat a decline in demand. Where, maybe for people who want to read the book right when it comes out, it starts at $15.00. After a year it goes down to $9.99, then eventually in 5-10 years it hits the $.99 level.

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