×

E-Book Subscription Service Scribd Raises $58 Million

Digital reading subscription service Scribd has raised a $58 million round of funding led by Spectrum Equity. The new funding round brings the total amount of money raised by Scribd to $106 million.

Scribd launched in 2007 as a hosting service for digital documents, and has since evolved into a subscription service for e-books, audio books and magazines. The company announced in early 2019 that it had surpassed 1 million subscribers. Its website attracts some 100 million visitors a month, and readers have spent a total of over 190 million hours reading on the platform, the company said Monday.

“By partnering with the world’s best publishers of all types of content, Scribd has introduced a first-of-its-kind experience for readers, while unlocking a new revenue stream for the publishing community,” said Scribd founder and CEO Trip Adler in a statement. “This funding will enable us to continue to operate sustainably and efficiently while accelerating our growth, product innovations, content acquisition and continued investment in our employees.”

By combining e-books and magazines under one monthly plan, Scribd is effectively competing with both digital bookstores like the ones operated by Amazon and Google as well as news subscription services like Apple News Plus. In fact, Scribd did partner with the New York Times last year to launch a dedicated plan that offers access to both the Times website as well as the Scribd book and magazine catalogue.

Popular on Variety

 

 

 

 

More Digital

  • Gary Levine and Jana Winograde Showtime

    Showtime, HBO Broaden Scope as Parent Companies Aim to Grow Their Audiences

    For years, the halo around premium cablers such as HBO and Showtime has been integral to their branding. Their parent companies in a past life — Time Warner and CBS, respectively — seemed to be content with the tens of millions of subscribers each had accumulated. But now, shepherded by new corporate owners — AT&T’s [...]

  • Josh Simon - Netflix

    Netflix Hires Nike Exec Josh Simon as VP of Consumer Products

    Netflix’s burgeoning consumer products group has a new boss: Josh Simon, who is leaving Nike to join the streaming giant. Simon, who’s also a Disney and Color Force alum, has been named VP of consumer products for Netflix. Based in L.A., he will start at the company the week of March 2 to oversee the [...]

  • Bob Chapek Disney CEO

    Why Wall Street Is Unhappy (for Now) With Disney's CEO Change

    We all knew the end was coming. Bob Iger had promised, time and again, that the end was coming. But the rather abrupt announcement Tuesday afternoon that he would relinquish his longtime role as CEO of the Walt Disney Co. — and that theme parks head Bob Chapek would succeed him at the top of [...]

  • FandangoNow - Amazon Fire TV

    Fandango's Video Streaming Service Lands on Amazon Fire TV

    FandangoNow, the on-demand transactional movie and TV service from NBCUniversal-owned Fandango, is now available on Amazon Fire TV devices and Fire TV Edition Smart TVs. The expansion to Amazon’s TV hardware platform comes as Fandango vies to get a bigger slice of the digital-entertainment pie — competing with Amazon Video, as well as Apple, Google [...]

  • The Spanish Princess Starz

    Starz CEO Jeffrey Hirsch Lifts Lid on Local Originals Drive for SVOD Starzplay

    Starz CEO Jeffrey Hirsch has outlined the local originals strategy for Starzplay, revealing that a slate of shows are being planned out of the Middle East and India as the business looks to complement its U.S. and English-language pipeline of content. Speaking at the Berlinale Series Market and Conference on Wednesday, the executive told Variety that the [...]

  • Netflix-logo-N-icon

    Netflix Adds Deals With Six Anime Creators in Japan

    Global streaming giant, Netflix is partnering with six different Japanese creators in order to expand its slate of originals anime content. Among the deals are ones with Clamp, the female manga collective that was responsible for the “Cardcaptor Sakura” franchise. Another is with Mari Yamazaki, whose “Thermae Romae” manga was turned into two hit live-action [...]

More From Our Brands

Access exclusive content