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I suspect if the ads consisted of a few unobtrusive pages throughout the book and resulted in a significant discount relative to the ad-free version (say, more than 50% off), then many people claiming they wouldn't buy them no matter what the price would soon change their mind. Alas, I don't think the ads would yield much revenue so we won't ever see if I'm right.
Honestly, if there is a book you are mildly interested in but not willing to buy and there is a free version with a few ads, are you going to flat out refuse to read the free version?
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