Our business model is all about providing books and educational materials that the over 3 billion people living on less than $2.50 a day can access freely, funded by advertising - or to put it another way - give consumers an alternative to owning books. We believe like Rio Caraeff, the former CEO of Vevo believed that the future is access, not ownership. We are not trying to sell people books; our target customers are not the small amount of people that can afford to buy books. We are about providing access: it is the only scalable model for the publishing industry if it wants to remove the incentive to piracy and earn revenue from the world's poor.
The future is access and not ownership
The $106.7 billion Global Book Publishing industry is concentrated in Europe and North America because of the high purchasing power of their citizens according to an IbisWorld market research report. Even though, according to UNESCO, high social demand for cultural products such as books exists in the developing world, the industry neglects this market because of the low purchasing power of its citizens. This leads to scarcity of book titles and induces the development of an illegal market to cater to the needs of consumers. The consumers misconceive book piracy as a means of having access to cheaper books ignoring its myriad negative effects. What if consumers could have access to these book titles without having to go to the pirates?
Something more enticing than piracy
We are building a free socially designed platform that aims to create an entire reading ecosystem with a revolutionary model that allows legal access to thousands of books, on demand, for free to borrow the visionary words of Spotify's founder, Daniel Ek. Our users will have access to thousands of books all for the cost of seeing occasional advertisements.
Since May 2012, with the help of a €250,000 angel investment from Pilar Murgui and a $100,000 student loan investment by our principal founder, Toyeeb Godo, a Nigerian-born American, we have been prototyping a model that has established physical and mobile libraries in five South-Western Nigeria cities: Ibadan, Offa, Ikotun, Ilorin, and Epe. Godo's several self-funded seminars across different universities and cities have also helped to glamorize reading and entrepreneurship. The problem of limited access to quality information for thousands of Nigerian youths is being solved by the free access to mentorship and books Godo has given to his thousands of mentees.