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Penguin Random House Pulls Titles From Unlimited-Reading Subscription Services

Penguin Random House Pulls Titles From Unlimited-Reading Subscription Services

closed in 2015, Scribd has held on, recently raising $58 million in equity financing to support plans for growth.

Not all publishers have been on board with the subscription business model—though some have recently experimented with embracing even Amazon’s version—but PRH has, until now, made many titles—it produces tens of thousands annually via its almost 275 imprints—available in some shape or form on several platforms.

The company’s move, then, comes as a significant departure. It had been providing audiobooks to Scribd, for example, since 2015. A spokesperson told the Good e-Reader site that the “decision was made jointly by the company’s international management team to protect a variety of content on the market and the actual and perceived long-term value of our authors’ intellectual property rights.”

While subscription platforms license content from many different content creators—their massive catalogues won’t take a huge hit from this shift—readers will likely miss the access to PRH’s many well-loved books.

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a sign for Penguin Random House and people milling about in a convention center

A Penguin Random House booth is visible on the second day of the 2019 London Book Fair. (photo by … [+] Sam Mellish / In Pictures via Getty Images Images)

In Pictures via Getty Images

Penguin Random House, publisher of thousands of new books each year, has recently decided to stop making e-book and audio versions of its titles available on unlimited-reading subscription services.

Such platforms, which provide subscribers with access to large catalogues of e-books and/or audiobooks in exchange for a fee, have seen mixed success during the acceleration, over the past decade, of the digital publishing industry. While Oyster, for example, closed in 2015, Scribd has held on, recently raising $58 million in equity financing to support plans for growth.

Not all publishers have been on board with the subscription business model—though some have recently experimented with embracing even Amazon’s version—but PRH has, until now, made many titles—it produces tens of thousands annually via its almost 275 imprints—available in some shape or form on several platforms.

The company’s move, then, comes as a significant departure. It had been providing audiobooks to Scribd, for example, since 2015. A spokesperson told the Good e-Reader site that the “decision was made jointly by the company’s international management team to protect a variety of content on the market and the actual and perceived long-term value of our authors’ intellectual property rights.”

While subscription platforms license content from many different content creators—their massive catalogues won’t take a huge hit from this shift—readers will likely miss the access to PRH’s many well-loved books.

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The post Penguin Random House Pulls Titles From Unlimited-Reading Subscription Services appeared first on Business Quick Magazine.

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