New option for self-published authors may help them break into big leagues

One major publishing house is embracing self-publishing in the era of e-readers.

In an unprecedented move, Penguin Group is launching a self-publishing option through its Book Country subsidiary. Aspiring writers who have a completed manuscript of genre fiction can pay between $99 and $549 for access to a variety of tools including professional e-book conversion, cover creation and more.

Book Country also promises to help connect you with digital book outlets and print-on-demand services for the sale of your book. Penguin takes between 30% and 70% of any sales revenue, depending on the level of services you contract them for.

Interestingly, the publishing house is seeing this new idea as a sort of minor league for tomorrow's superstar authors. The Wall Street Journal  reports that authors who succeed in self-publishing could be offered contracts with any of Penguin's numerous traditional imprints.

I love that this democratizes the ability for anybody to write a book and say, "I'm a published author!" Of course, the hard part comes after you write a book and you have to figure out how to sell it!

Editor's note: This segment originally aired Dec. 6, 2011