Mofibo may not be the first name to spring to mind when we indies think of ebook subscription services, but despite the constant flow of assurances that Oyster’s demise marks the end of the ebook subscription model, the model is actually doing just fine, thank you very much.
The demise of Blloon added fuel to the fire of speculation that ebook subscription services are dead in the water (KU excepted, of course), but that’s to ignore the inconvenient reality that even in the US many ebook subscription services are doing rather well – Epic! and Hoopla spring to mind – and more are coming online almost by the day. Even Disney is in on the act.
And in that big bad world beyond the US…
Yes, Blloon has fallen by the wayside. But Bookmate, Skoobe and 24 Symbols and a host of others are still going strong after several years, many are expanding, and new operators are appearing all the time, eager to jump on this lucrative bandwagon.
Nubico in Spain, Storytel in Sweden and Elisa in Estonia, for example.
And of course Mofibo.
Over at Publishing Perspectives this past week Nathan Hull of Denmark-based ebook subscription service Mofibo has some interesting observations to make on this subject. (LINK)
As Hull notes, while Oyster is closing down, its team were picked up by Google, so clearly they were doing something right, even if they didn’t quite manage to balance the books.
And Hull reminds us of MySpace, which the elders amongst us will remember was the social media titan as ebooks began to take off back in 2009-10. Despite having 75 million monthly active users MySpace fell by the wayside.
Was this the end of the social media experiment? Clearly not.
In similar vein, while many rejoiced at the demise of Borders and claimed it heralded the demise of print books and b&m bookstores, print is actually still holding its own years later despite the rise of ebooks, and even the mighty Amazon is now opening b&m stores to sell print titles.
The point being, if one or even several players in a business sector fail, this does not automatically mean the model is broken.
And often the next generation of players emerge all the stronger for it.
Hull says, “It would be a grave oversight by agents and publishers to not pursue dialogue, gather research and then experiment in field. Stagnation should not be an option.”
I can only add indie authors to the “agents and publishers”list.
But Hull has far more interesting revelations on offer.
As Business Development Officer for Mofibo Hull has the inside gen on how Mofibo is doing, and it turns out Mofibo is doing rather well.
In Hull’s words, “Much of the digital money for authors in Denmark is from Mofibo, the ebook subscription company where I work. No, it’s not a global brand. It’s not Amazon. It’s not Google. It’s not Apple.”
Which is worth dwelling on.
Many of us indies look at the size of an operator and conclude that if it’s not some mega-corporation it isn’t worth a second look.
But as Hull reports, “…the revenues generated (by Mofibo) are new money and do not affect print income. With print remaining unaffected, Mofibo has transformed the share of digital book sales in Denmark from 3% to 18% in just two years.”
Yeah, that’s the problem with these small-time start-ups without the brand recognition and deep pockets of an Amazon or Apple or Google. They have absolutely no chance of making an impact.
From 3% to 18% in two years?! Somehow I can’t imagine the authors and publishers who are in the Mofibo catalogue are complaining too much about that!
But as Hull says, “….It gets better. Unlike other retailers, Mofibo also gives all the data back to the publishers, allowing them to learn about their readers, the readers’ habits, their environments and much more, effectively providing the publisher with a wealth of business intelligence they have never previously received from a traditional retailer.”
Hull finishes, “Mofibo is a sustainable and profitable company seeing double-digit growth this year.”
That is, a sustainable and profitable ebook subscription service seeing double-digit growth.
Of course one big advantage Mofibo has is that it is not competing with Amazon’s Kindle Unlimited in Denmark, and very unlikely it ever will, as Amazon’s international Kindle expansion does not appear to have the smaller European nations on its schedule.
Which means two things for indie authors.
First, that if you are exclusive with Amazon for whatever reason you will not be seeing any benefits from the rapidly expanding global ebook markets outside the Kindle countries.
Secondly that, whatever you may read on the indie blogs circuit about how ebook subscription services are doomed, the reality is many ebook subscription services are doing rather well and delivering many benefits to authors and publishers.
Not just in terms of immediate rewards in the form of royalties, but in the form of data that can help authors and publishers refine their own business models to perform even better in the future.
The downside for indie authors is that, as best I can tell, there is no easy route into Mofibo right now.
Understandably Mofibo are not geared to handling micro-accounts from individual authors. Less understandably they do not seem to be on the distribution list of any of the major aggregators.
I’m really hoping someone will pipe up here and prove me wrong. It would be wonderful to know there is an indie-friendly aggregator supplying Mofibo.
Until such time, be sure to keep Mofibo on your radar and be ready to jump in just as soon as the opportunity does arise.
Ebook subscription services are going nowhere but up.
Like digital libraries, ebook subscription services are going to be a major part of the digital publishing scene over the next five years.
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This post first appeared on The International Indie Author Facebook Group on Thursday 12 November, (LINK)