Digital books — or eBooks — have certainly grown in popularity as the shift to everything digital has picked up steam in the last several years. eBooks are exactly what it sounds like: a digital method of reading books on an electronic device such as a computer or any handheld device.
In 2022, it is estimated that the eBook market will reach $17.04 billion and grow at a compound annual growth rate of 2.35% to reach $18.69 billion by 2026. Contributing to that growth will be an increase in the amount of eBook users as eBooks continue gaining traction thanks to technological advancements being made, including interactive components being integrated into eBooks.
Companies like
Legible Inc. (CSE:READ, OTC Pink: SLGBF, Forum) are at the forefront of innovation in the eBook space, and will no doubt be leading the revolution and contributing to this significant growth.
Headquartered out of Vancouver, BC Legible is an innovative eBook media company that is drastically reshaping how books are experienced through its browser-based, mobile-first book platform that will provide readers around the world access to millions of books through any internet-connected device.
Although eBook devices such as Kindles and Kobos have popular methods of consuming and reading books, Legible differentiates itself through its browser-first, device agnostic-reading system and by providing an immersive reading experience for 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 that the company is a “globally accessible eBook entertainment platform” that is looking to bring joy to the world one eBook at a time.
“We are also looking to support global literacy with Legible,” he said, “and we want to give the gift of reading to children around the world.”
The Legible advantage
As a browser-based, mobile-first, globally accessible eBook platform, Legible aims to empower and connect authors, storytellers, creators, and readers from all around the world with an added focus on providing access, resources, and attention to undervalued communities. In order to do so, the company is also developing various partnerships with charitable organizations all around the world.
At present, the Legible platform is only available through a web browser or internet connection, although Hainsworth told Stockhouse Editorial the company anticipates launching an offline, app-based version of the platform by the summer. He explained the added advantage of the platform is that because it is web browser-based, there’s no extra baggage or weight in carting around an extra device because it can be used from a smartphone.
In line with this, the company said it has been working on the technology for roughly 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 searches recommend, reports and provides analytics and publishing
- A publishing ingestion pipeline that can search millions of titles from a wide range of publishers
- A data analytics system that captures key use and engagement of the Legible website
- A bookshelf technology that is curated by a team that puts together trending lists and provides merchandising and allows readers to create their bookshelves
- A payments system that collections and tracks payments on all titles based on region, and then calculates the price in real-time
- A database system that can host millions of titles with metadata as well as millions of reader’s accounts while also being globally accessible
“[Legible wants] people to read when, where, and how they want,” Hainsworth told Stockhouse Editorial. “We want people to know they’ll be able to carry their very own library of millions of books in the device they already have.”
Hainsworth added that what makes its platform beneficial over eReaders is the entire experience it can provide its users and described the platform as “the whole store.”
“[Legible] is also developing a social component so people can engage with authors and each other about the books they’re reading and share those books,” he said. “[Legible will be] offering total access to books and a totally immersive experience.”
Hainsworth also said that Legible is the first one to bring out an entire product line of immersive multimedia integrated books that he said the company calls Living Books.
“These books are filled with multimedia components and animations so that people can have a full entertainment experience around a book.”
How Legible stands out
When asked what makes Legible different from its peers in the space, Hainsworth explained that the company is a book entertainment platform and that it is coming out with features that “will light up the global publishing industry.” He said this includes coming out with its Living Books, which will be differentiated in and of themselves within the industry.
“No one will ever have encountered the kinds of books that we are coming out with now,” he said.
The second differentiator for Legible is that the company is a values-driven organization. What this means is that the company is able to support global literacy and philanthropic efforts in a commercial way.
“We are not a purely philanthropic company, but we understand that our technology, which is so innovative, has an opportunity to make a positive impact in the world,” he said. He added that the company is reaching out to communities around the world who are underprivileged or don’t have access to reading.
A third key way Legible stands out from its peers in the space is that it is browser first, meaning users can buy books, read books, and more, and “have a totally immersive experience without ever having to buy an extra device or download a separate app.”
One of the key benefits to being browser-based, Hainsworth explained, is that because users don’t need to purchase a device or an app, users can be in any part of the world and have the same access to the books as anybody else.
“Because [Legible] is browser-based, it moves us from a single marketplace to a global marketplace,” Hainsworth said. He added that being browser-based also enables the company to serve books by its publishers — in the millions — in a compelling way. He reiterated 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 the codebases to make the books we’re presenting that 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 gearing up to launch its user-generated bookshelves at the end of March, which will allow every Legible reader who has an account to create a customized library of their own directly on Legible’s website.
He explained this will allow users to organize all of the books onto bookshelves with titles and descriptions, while also being able to add books and take them off the shelf. He said users will also be able to share their bookshelves with others and be able to add books to bookshelves together.
Hainsworth said the company will also be launching its app, which will be called Legible Wander, which will allow for offline reading and continuously synchronize to Legible’s website.
What the company is most excited about this year, Hainsworth said, is a subscription experience Legible will be launching. He explained users will be able to subscribe for a low monthly fee every month and have access to its vast catalog of books in addition to having the ability to purchase books that might not be available in the subscription service.
The company will also be bringing in 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 eBooks with just the tap of a finger.
Hainsworth said 2022 will be the year the company establishes itself in English-speaking markets before expanding so that people can get to know and trust the company.
The investment opportunity
At present, Legible has a market capitalization of $20.216 million and a share price of $0.32.
In a word, Legible is renovating the eBook space as a whole, offering a unique experience to its users through its browser-first and device-agnostic book entertainment platform.
Because of this, the company is tapping into a large addressable market with 5.3 billion unique mobile phone users worldwide. In line with this, the company has been working on its technology for over 10 years backed by a leadership team that is building a platform for book lovers, by book lovers.
As the only eBook platform in the world that is browser first and offers immersive reading experiences, Legible is certainly a cut above the rest, which makes for a sound investment opportunity — and one that investors will want to get in on before it taps into other markets.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.