BDMI invests in Book.io, the first ever NFT eBook platform
Venture capital firm BDMI, the wholly owned subsidiary of media, services and education company Bertelsmann, has closed an investment in Book.io, the leader in NFT e-books.
DALLAS, 17 October 2022 /PRNewswire/ — Book.io is creating the new digital ownership platform in book publishing by putting e-books and audiobooks on the blockchain through their proprietary technology, Decentralized Encrypted Assets (DEA). Instead of the current licensing model in digital publishing, readers can own their digital books and sell them if they choose to do so, creating a secondary market where publishers and authors earn royalties on each resale in perpetuity. For the first time, publishers and authors will be able to generate income from digital “used book” sales. Launches its first book sale at 20 July 2022the total volume of secondary market sales has already exceeded half a million dollars, including the sale of a single collectible e-book of over $4000.
Co-founders Ben Illian (left) and Joshua Stone
“This investment is more than just a capital injection,” said Joshua Stone, CEO. “It’s a partnership with a venture capital group, BDMI, that understands the value of intellectual property and has invested in media for over 15 years. We have a huge vision for Book.io with our product roadmap expanding well beyond e-books to include audiobooks. and other types of digital media in the future. We look forward to building our relationship with BDMI and their network of media experts throughout Bertelsmann.”
Keith Titan, Partner at BDMI, added “We are excited to be part of the Book.io team via our recent investment. We have been closely following the explosion of NFTs in various media, including images, video and music , and now Book.io is creating a new market for NFT ebooks. Their first NFT ebook releases quickly sold out and generated hundreds of thousands of dollars in sales with an immediately active secondary market as well. Josh and Ben are delivering on their mission to launch innovative digital products that will attract both traditional book buyers and a whole new group of e-book collectors. We look forward to helping Book.io continue its success.”
Book.io is hard at work building an e-book and audiobook marketplace, mobile reading apps and a self-service portal for publishers and authors. They are in discussions with various international publishers and New York Times bestselling authors will release their titles on the platform this fall.
About Book.io
Book.io is the leading platform for NFT e-books and digital content in the Web3 era. Their proprietary technology, Decentralized Encrypted Assets (DEA), allows all types of media to live forever, protected on the blockchain – a seismic shift for blockchain tools. Book.io is hard at work building an e-book and audiobook marketplace, mobile reading apps and a publishing portal for independent authors.
About BDMI
BDMI is a wholly owned subsidiary of the global media, service and education company Bertelsmann. As a financially driven corporate investor, BDMI draws on Bertelsmann’s global reach to provide not only capital but also access to their network of businesses within Bertelsmann and across the media and technology industries. BDMI has invested in over 100 startups since 2007 and is currently focused on the next generation media, web3, enterprise SaaS and fintech categories. For more information visit: www.bdmifund.com
About Bertelsmann
Bertelsmann is a media, service and education company that operates in around 50 countries around the world. It includes entertainment group RTL Group, trade book publisher Penguin Random House, music company BMG, service provider Arvato, Bertelsmann Printing Group, Bertelsmann Education Group and Bertelsmann Investments, an international network of funds. The company has 145,000 employees and generated revenues of €18.7 billion in the financial year 2021. Bertelsmann stands for creativity and entrepreneurship. This combination promotes premium media content and innovative service solutions that inspire customers worldwide. Bertelsmann aims to achieve climate neutrality by 2030. For more information visit: www.bertelsmann.com
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SOURCE Book.io, Inc.
