The Spanish company “24symbols” is developing a platform to read and share digital books, which will work on any reading device with an internet connection.
The company’s business model is based on two types of accounts: free and premium users. The free account allows free reading of books in exchange for the presence of non-intrusive contextual advertizing. In contrast premium accounts have advanced functionalities and users can read without an internet connection thanks to a subscription fee. One of 24symbols’ trump cards is that the books are never fully downloaded by the client. This is a novel way for publishers to face the challenges born of the incessant growth in “e-readers”, and the piracy that results.
The community of readers that will make up 24symbols’ users will be able to share readings, comments, opinions and literary suggestions on social networks. The company will take advantage of this community for e-commerce, and sell printed books as well as other related products.
The 24symbols initiative has enjoyed financial support from, among others, the Spanish company Zinkia, creator of the children’s series Pocoyó. Zinkia’s investment fund Sidkap.com has invested about €250,000 in the company.
The company’s engineers are working intensely on the development of the first private version for the end of 2010, and on a public version expected in March, 2011.