Self-publishing website Inkitt raised another $37 million in Series C financing, led by Khosla Ventures, valuing the company at about $400 million post-money. (That’s only slightly above where they stood after raising $57 million in 2021.) Unfortunately, the capital will help fund “AI to write stories based on your original ideas, and to produce versions of its fiction personalized for specific readers” among other purposes. The facile tech media repeats CEO and founder Ali Albazaz’s claim that “Inkitt, in aggregate, ranks as the number 11 best-selling publisher globally” — to which TechCrunch amusingly adds “above household names like Penguin Random […]
New Business Models
Kobo Brings Subscriptions to Canada, Launches New Device
Kobo has launched their subscription reading service Kobo Plus in Canada, three and a half years after starting with subscriptions in Holland and Belgium. The company notes, “Rakuten Kobo recognizes books as the next frontier for subscriptions in Canada. Further, Kobo has seen demand for this service in global markets.” It is priced at $9.99 a month (CA). They say that in Holland, the program brought new readers and customers to digital (or at least to their service): “60 per cent of the country’s Kobo Plus subscribers had never before purchased an a-la-carte eBook from Kobo.” They say it has […]
Briefs: Diversion Spins Off Radius Book Group; Marie Force Launches Publisher; and More
Diversion Publishing is launching a new self-publishing division, Radius Book Group, led by vp, business development Mary Cummings and managing editor Fiona Hallowell. Radius will sell aspiring authors packages ranging from DIY options through Ingram Spark to comprehensive publishing services. Bestselling self-published author Marie Force is launching a new contemporary romance company, Jack’s House Publishing. Force says in the announcement, “Jack’s House came about after many authors contacted me to ask when I was going to get into the publishing business.” She notes, “I had all the players already in place after four years of running my Formatting Fairies business, which I founded […]
Harvard Common Press Sold to Quarto; Put Me In the Story Expands at BN; More From Basford
Quarto has completed their acquisition of The Harvard Common Press, as of February 1, adding hundreds of titles to their backlist along with over 25,000 recipes. HCP will become an imprint of Quarto, with editorial and production run out of Quarto’s office in Beverly, MA and editorial director Dan Rosenberg keeping the same role. Harvard Common Press president and publisher Bruce Shaw and associate publisher Adam Salomone will no longer have daily operational positions, but will “remain in advisory roles with Quarto.” The two are partners at Salt Venture Partners, investing in food-related start-ups, and co-founders of The Food Loft. Shaw says in the announcement, “I’m pleased […]
Scouting the Bad and the Very Bad in Kindle’s Reader-Powered Platform
Katy Waldman at Slate has a look at some of the featured titles in the recent Kindle Scout initiative, where readers are supposed to sample excerpts from unpublished manuscripts and recommend them for publication through Kindle Press. Her theme is: “This kind of writing is unabashed. It is breathtakingly, gloriously bad. And it raises a question: What do we mean when we talk about bad books?” In particular, Waldman writes, “I am not here to talk about the democratizing heroism of self-publishers and crowdsourcers. Or about the growing centrality of the consumer, who is able to customize her reading experience by […]
Scribd Adds Audiobooks to Their Subscription Plan
Scribd substantially expanded their subscription reading service on Thursday morning, adding a collection of more than 30,000 audiobooks titles, available for unlimited streaming and downloading as a part of their regular $8.99 subscription service, alongside the ebooks they have offered since October 2013. In contrast to the ebooks, which are mostly backlist titles, the audiobook catalog includes frontlist titles as well from many of the participating publishers. The biggest named participants are HarperCollins and also Scholastic from the trade publishing side (so the Hunger Games trilogy is there), as well as Blackstone Audio and Naxos. The audio collection is supplied […]