Zachary discusses the difference between a novel and a serial. A novel is divided into chapters which cannot standalone. A serial is divided into novellas which are each self-contained stories and can standalone. Pretty simple, huh?
The next question Panzer wanted answered was how the monetizing works. According to Zachary and the information he quotes, if each of the novellas of the serial are sold for 99 cents, readers will be more likely to pay the small amounts and the author will make more sales. Later, the novellas can all be put together and sold as a "boxed set" for a higher price. In this way the author will maintain a long-term income stream.
To read Zachary's story of how Voyage was put together as a serial and how the "monetizing" works, tootle over to Monetizing Serialized Fiction