Along the way, he compares Oyster’s economics with those of Amazon’s Kindle Unlimited.
“How can Oyster, Scribd or any bookseller compete when Amazon can pick the pockets of authors and give the savings to readers?” he asks.
On the brighter side, Nate tells how Scribd is now offering audiobooks from Hachette, Macmillan, HighBridge Audio, Tantor Audio and Recorded Books. You’ll be able to read such authors as Jonathan Franzen, James Patterson, Nicholas Sparks, Sherman Alexie and David Wallace.
Related: What Oyster going down demonstrates is not mostly about the viability of ebook subscriptions, by Mike Shatzkin.
“The business model they were forced to adopt for the biggest publishers — paying full price for each use of a book with a threshold trigger at considerably less than a complete read while, at the same time, offering consumers a monthly subscription price that barely covered the sale of one book, let alone two — was inevitably unprofitable,” he writes.