[fjtorres]

First thought; Nate makes a big deal about Kobo not requiring exclusivity but I see it as a moot point. Kindle Unlimited does so any book on Kobo plus will by default be Kobo "exclusive" since none of the other major ebookstores have subscription services and the few startup subscription services have minimal presence and are likely to be steam-rolled by Kobo.

(It's similar to how most Nintendo Wii games were de-facto exclusives simply because the control system had to be tailored for the waggle wands. So being on Wii precluded being on XBOX or PlayStation.)

Unless their TOS are too restrictive, Kobo plus should do pretty well in the near term.