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Originally Posted by ebusinesstutor
Yes, this is the mistake they made. If they had instead created a pool of money from the subscriptions and then shared it amongst the authors based on how much their books are read, that would make sense.
A membership like this isn't meant to replace ebook sales, rather it is meant to provide an additional revenue stream for authors more like a library.
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I read that back before the 80's and the boom in hardback books, libraries made up a majority of the hard back sales for many books. The book industry has had massive changes over the last 40 years and author revenue streams have changed quite a bit since the days of authors making most of their money selling stories to magazines.