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If you wanted to do this, you would need to set up something very similar to Netflix business model.
You'd have to have a huge publisher go in with you to start, (such as Netflix has Starz). You'd have to find your "sweet spot" for the monthly fee, which I guarantee you will not be $30. More like $10. You would need it to be more of a rental situation, rather than a buying situation, where for $10 you get 1 book, when you are done with that book you delete or send it back (virtually, of course) or something along those lines.*
You can also offer the free books (to keep) along with several of your publishers books free to keep. That's basically what the $10 is covering. You would have to limit the books at the $10, but maybe you could make it a sliding scale, 4 books for $10, 10 for $20, or 21 for $30 etc.
*You would have to engineer something stronger than DRM to keep the file from being transferred to ones hard-drive or whatever. It'll happen anyway.
Anyway, thats how *I* would do it. For a class, anyway. It would never work because you'll never be able to get publishers to agree to lose so much money. It isn't like TV, where you might see the Starz old seasons or shows on Netflix, then order Starz to see the new ones. You really don't have anything to offer the publisher for this endeavor.
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