Thursday, July 16, 2009

Pay to Digitize a Book, Share in its Future Sales

Kirtas Book has come up with an initiative where customers can 'Invest in Knowledge' by paying for the digitization of a book and getting a share in the future profits of the book.

Via springwise
Kirtas's new Invest in Knowledge program allows "anyone to subsidize the digitization of the world’s knowledge one book at a time," as the company puts it. Consumers first pick what book they'd like to support and then make sure on the Kirtas site that it's available for inclusion in the program—meaning, primarily, that no other investor has already selected it. If it is, they then order it through the Invest in Knowledge option. In addition to the regular USD 1.95 price for a downloadable copy of a digitized book, subsidizing it through the Invest in Knowledge program costs an additional USD 28.05—not too much more than the usual USD 8.05 or USD 18.05 prices for soft- and hard-cover versions, respectively. When they do support the Invest in Knowledge program, however, users get not just a soft-cover version, but they are also entitled to 5 percent of all future sales of that book through So, when a future user orders a copy of the book for USD 8.05, for example, the subsidizing user would receive some 40 cents. Kirtas even supplies "investors," as it calls them, with a link from their account to track the total sales and total revenues earned through the program. Users can invest in as many books as they'd like, and are encouraged to spread the word and help market the digitized versions they've supported.

“This is such a tremendous opportunity for the average consumer to help support and fund the digitization of some amazing collections of books,” explains Tom DeMay, the Rochester, N.Y., company's vice president of business development. “So not only are consumers doing the right thing, but if they want to ask, ‘what’s in it for me?’ we can give a great answer. Several titles or one popular book could provide a nice return on investment over time, creating a true lifelong investment in knowledge.”

Read the entire article here.

Thanks to Shahid Hussain for sending us this link!

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