In the realm of writing, the emergence of self-publishing has indeed heralded a new era, providing aspiring authors with a platform previously restricted by the gatekeepers of traditional publishing houses. Self-publishing empowers individuals to present their work directly to the world, circumventing the customary processes of seeking agents or publishers. While steeped in both opportunities and challenges, it has invariably transformed the publishing landscape.

The crux of self-publishing lies in its name- 'Self'. It mandates an author to assume a plethora of roles beyond writing- from editing, designing, marketing, to the commercial aspects, such as pricing and distribution. Comprehensive control over these domains allows for greater creative autonomy, with the author maintaining the sanctity of their original work and its vision. However, this control also implies shouldering a hefty responsibility. Unchecked, it may lead to the public availability of an unpolished or unreadable product, potentially alarming for any writer's reputation.

Then comes the matter of cost. Unlike traditional publishing where the publisher bears the risk and cost of production and marketing, in self-publishing, these expenses fall onto the author. Self-publishing platforms offer a myriad of packages, each with differing services and costs, thus placing more financial strain on authors. Conversely, this investment correlates with the author's profits. Where conventional publishers claim a significant portion of the book's earnings, self-publishers reap most of the profits of their work.

The digital revolution significantly fuels the rise of self-publishing. Platforms like Amazon Kindle Direct Publishing (KDP), Smashwords, Lulu, among others, have democratized publishing, making it immensely accessible. To achieve effective distribution, these platforms offer both print-on-demand and eBook format, eradicating the requirement for an upfront print-run, thus minimizing risk and waste.

However, this access also implies a saturated market, brimming with content. Comprehensive marketing strategy hence becomes a prerogative for visibility and sales. Traditional publishing offers a safety net of established marketing and distribution channels that self-publishing often lacks.

Finally, the shifting perception of self-publishing is noteworthy. Once stigmatized as a last resort for rejected manuscripts, self-publishing is rapidly gaining respectability. Success stories of authors like E.L. James ('Fifty Shades of Grey') and Hugh Howey ('Wool') have shattered prior negative assumptions.

In essence, self-publishing is a testament to the democratization of literary expression. It provides a direct bridge between the author and reader, maintaining its authenticity. It's a rewarding endeavor requiring immense commitment and hard work, with an ultimate pay-off of etching your name into the world of literature on your terms. Self-publishing, therefore, represents a powerful shift, offering endless possibilities, empowering authors and, by extension, the reader.