How This First Browser-Based eBook Company Is Revolutionizing The Reading Experience | 2022-03-30 | Investment News
In 2022, the eBook market is estimated to reach $17.04 billion and grow at a compound annual growth rate of 2.35% to reach $18.69 billion by 2026. Contributing to this growth will be an increase in the number of e-book users as e-books continue to gain traction through technological advancements, including the interactive components embedded in e-books.
Companies like Readable Inc. (CSE: READ, Pink OTC: SLGBF, Forum) are at the forefront of innovation in the e-book space, and will undoubtedly lead the revolution and contribute to this significant growth.
Based in Vancouver, BC Legible is an innovative e-book media company that is radically reshaping the way books are experienced through its browser-based mobile book platform that will provide readers around the world access to millions of books via any Internet-connected device. .
Although eBook devices such as Kindles and Kobos have popular methods of consuming and reading books, Legible differentiates itself by its agnostic reading system and by providing an immersive reading experience to its users. In other words, Legible’s platform can be used on any device, anywhere, including existing e-readers such as Kindle and Kobos.
In an interview with Stockhouse Editorial, Legible CEO Kaleeg Hainsworth said the company is a “globally accessible eBook entertainment platform” that seeks to bring joy to the world with an eBook at home. times.
“We also seek to support global literacy with Legible,” he said, “and we want to give the gift of reading to children around the world.”
The Readable Advantage
As a globally accessible, browser-based and mobile-friendly e-book platform, Legible aims to empower and connect authors, storytellers, creators and readers around the world with a greater focus on providing access, resources and care to undervalued communities. To do this, the company also develops various partnerships with charitable organizations around the world.
Currently, the Legible platform is only available via a web browser or internet connection, although Hainsworth told Stockhouse Editorial that the company plans to launch an offline version of the platform based on applications by summer. He explained that the added benefit of the platform is that because it is web-browser based, there is no extra baggage or weight to carry around an additional device, as it can be used from a smartphone.
With this in mind, the company said that it has been working on the technology for about 10 years so that it provides a seamless user experience that can be used in any browser.
On that note, some of the other features include:
- A custom AI (the librarian) that researches, recommends, reports, and provides analysis and publications
- A publication ingestion pipeline that can search millions of titles from a wide range of publishers
- A data analytics system that captures key readable website usage and engagement
- A library technology curated by a team that gathers trending lists and provides merchandising and allows readers to create their shelves
- A payment system that collects and tracks payments on all titles based on region, then calculates the price in real time
- A database system that can host millions of titles with metadata as well as millions of reader accounts while being accessible worldwide
“[Legible wants] people to read when, where and how they want,” Hainsworth told Stockhouse Editorial. “We want people to know that they will be able to carry their own library of millions of books on the device they already own.”
Hainsworth added that what makes its platform advantageous over e-readers is the whole experience it can offer its users and described the platform as “the whole store”.”
“[Legible] is also developing a social component so that people can engage with authors and each other about the books they read and share those books,” he said. “[Legible will be] offering full access to the books and a fully immersive experience.”
Hainsworth also said Legible is the first to offer a full line of immersive multimedia embedded books which he said the company is calling Living Books.
“These books are filled with multimedia components and animations so that people can have a complete entertainment experience around a book.”
How Legible Stands Out
When asked what sets Legible apart from its peers in the space, Hainsworth explained that the company is a book entertainment platform and offers features that will “illuminate the global book industry. editing”.” He said this includes releasing his living books, which will be differentiated on their own within the industry.
“No one will ever have encountered the kind of books we publish now,” he said.
The second differentiator for Legible is that the company is a values-driven organization. This means that the company is able to support global literacy and philanthropy efforts in a commercial way.
“We are not a purely philanthropic company, but we understand that our technology, which is so innovative, has the potential to have a positive impact in the world, ” he said. He added that the company caters to communities around the world who are disadvantaged or do not have access to reading.
A third key way Legible stands out from its peers in the space is that it’s browser first, which means users can buy books, read books, and more. separate app.”
One of the main benefits of being browser-based, Hainsworth explained, is that because users don’t need to purchase a device or app, users can be in any part of the world and have the same access to books as anyone else. .
“Because [Legible] is browser-based, it takes us from a single market to a global market,” says Hainsworth. He added that being browser-based also allows the company to serve its publishers’ books – in the millions – in a compelling way. He reiterated that this is also how the company can have its “living” multimedia books that provide a completely immersive reading experience.
“[Legible is] able to leverage the power of codebases to make the books we feature much more dynamic,” he said, adding that this is something no other platform can do.
What’s next for Legible?
Hainsworth told Stockhouse Editorial that the company is preparing to launch its user-generated shelves at the end of March, which will allow every Legible reader with an account to create their own personalized library directly on the website. by Legible’
He explained that this will allow users to organize all books on shelves with titles and descriptions, while also being able to add books and remove them from the shelf. He said users will also be able to share their shelves with others and be able to add books to shelves together.
Hainsworth said the company will also launch its app, which will be called Legible Wander, which will allow offline reading and continuous synchronization with Legible’s website.
What the company is most excited about this year, Hainsworth said, is a subscription experience that Legible will launch. He explained that users will be able to subscribe every month for a low monthly fee and have access to his extensive catalog of books in addition to having the option of purchasing books that may not be available in the service. ‘subscription.
The company will also bring audiobooks, which will be fully integrated rather than going to a different website or device to access them. Hainsworth said users will be able to integrate between audiobooks and e-books with the tap of a finger.
Hainsworth said 2022 will be the year the company establishes itself in English-speaking markets before expanding so people can get to know and trust the company.
The investment opportunity
Currently, Legible has a market capitalization of $20.216 million and a stock price of $0.32.
In a nutshell, Legible is renovating the entire eBook space, delivering a unique experience to its users through its browser- and device-compatible book entertainment platform.
For this reason, the company taps into a large addressable market with 5.3 billion unique mobile phone users worldwide. With this in mind, the company has been working on its technology for more than 10 years, supported by a leadership team that is building a platform for book lovers, by book lovers.
As the only e-book platform in the world that is browser-first and delivers immersive reading experiences, Legible is certainly a cut above the rest, which is a solid investment opportunity – and a an opportunity that investors will want to seize before exploiting other markets.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.