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Panel: The Elusive Netflix for Books Justo Hidalgo firstname.lastname@example.org @justohidalgo
■ Co-founder, 24symbols■ Past: B2B stuff (data integration, metadata, web search and automation, …) • VP Sales Engineering, Product Management • VP Technology■ Mentor for startups (Tetuan Valley, UEIA, …)■ Ph.D., M.Sc. in Computer Science • Training in Product Strategy/Mgmt, Innovation&Creativity at Stanford, UC Berkeley■ Love data. Love books.
“the publishing industry is in a most exciting, but also vulnerable way” Evan Schnittmann, 201
When talking about “Netflix for Books”, “Spotifyfor Books” or “Subscription Services foreBooks”, we should not circunscribe ourselvesto the revenue model. The business model willonly work as long as other key elements takethe most of what technology, reading devicesand specific approaches to how people find andread books provide to us.
First key element is “books on the cloud”For readers: no worries about where books are,simplicity in how books are found, accessed andkeptFor publishers: DRM becomes a non-issue; real-time analytics dashboard becomes a real assetEvolution of books: in some cases, books needto evolve continuously.
Why should we worry about engagement in the publishing industry?
Because we compete for people’s time, and other options are winning
Readers will mainly want to read books. Ofcourse.But potential readers have many otherentertainment opportunitiesThere are many other ways to increaseengagement• Social Reading is one• Recommendations is anotherBut there are many more:• Mining the content of books• Linking the content of books
Of course, the obvious: share with your friends.But much more: communication amongreaders, first step towards a betterrecommendation system based on friends andtastes, beyond “purchases”And it must happen inside and outside of theserviceThis is the “engagement” side of the equation.Critical.
Breaking the wallbetween the book and the readers…
This is what many publishers would like to have
But that’s a huge challenge for MOST publishers… and for readers Big PublisherI just wanted to read a book… Great Publisher Cool Publisher
D2C is a clear opportunity for publishersBut it is also a huge challenge: most publisherslack a brand• People look for authors, books, categories, but not for publishers• Many publishers are generalistsThat’s where getting the most of a publishinghub makes sense
“Book as a Service” provides a real HUB for readers, publishers and authors
Subscription models look for ways to increaserevenues, but in a different way:• Offer a great service• Offer great content• Pay once, FORGET ABOUT IT• Have new stuff everytime readers come back• In summary: create value, constantlyHow do you avoid the initial chasm?• Our approach: FREEMIUM!!!
FreemiumREADERS FREE ACCESS WANT MORE? TO CONTENT c
Freemium =Free: read ebooks, free and with non-intrusive adsPremium: ad-free, even withoutInternet connection. Price bysubscriptionAffiliation: we redirect traffic to yoursite or wherever you sell your printedbooks
Income model 24symbols income is based on advertising and subscriptions. 70 % of this revenue is shared equally among the total number of pages read. 70% Income PublishersPublisher’s = xIncome Pages Read Total Pages Read
A subscription service on the cloud is the bestfit for an ebook platformA place where readers can read, and othercompanies can create added-value services fortheir customers: recommendations, contentmining, book interlinking, … imagination is thelimitAnd potentially open for standards, research,etc.
So, elusive? Nah, I don’t think so 110000 100000 90000 80000 70000 60000 50000 40000@justohidalgo
Just a typical adoption lifecyclehttp://toc.oreilly.com/2013/02/the-four-stages-of-the-spotify-for-ebooks-adoption-model.html
Thanks for your time!Justo Hidalgojhidalgo@24symbols.com@justohidalgo