In an attempt to monetise their online digital content, five major publishing companies have rolled out plans to create an online store that will not only sell digital copies of their printed content but will also comics and books in an apparent dig at Amazon's Kindle and Apple's iTunes.
The publishing houses, which include the likes of Conde Nast Publications, Hearst Corp., News Corp. and Time Inc, will launch a store that will rival that of Amazon.com which they believe, is giving a raw deal to publishing corporations.
Amazon.com pays 50 percent of the cover price to book publishers and 30 percent to magazine and newspaper publishers for the sale of their content on its proprietary ebook platform, the Kindle.
John Squires, the group’s interim MD said that an online store was being designed to sell full-color, interactive digital versions of the group’s various newspapers and magazines.
He added that the digital content will be compatible with next-generation touch-screen reading devices. He indicated that the store will open next year; however the iPhone application of the store will be made available sooner.
Interestingly, as the subscriptions of their printed news content are going down, the publishers have decided to take matter into their own hand by trying to tap into the digital content market on the internet.
Finally, publishers have managed to put their rivalry aside and partner on a single platform that could save them all. The idea of a Hulu for magazine is an elegant one and does make sense; this one stop shop could not only eliminate the threat of the Kindle but also encourage people to consume more content.