Legible Takes eBookstore Global With UK and Ireland Content Offering

Rhea-AI Summary

Legible Inc. has announced the launch of its Rest of World eBookstore, expanding its reach into the UK and Ireland, where digital book sales reached GBP 3.2 billion in 2021. This strategic move aims to accelerate readership and revenue growth. CEO Kaleeg Hainsworth emphasizes that this expansion will enhance their market presence and drive profitability in 2022. Additionally, Legible is developing new revenue streams including 'Living Books' and Audiobooks, supported by robust marketing campaigns. These efforts position Legible for significant growth in the digital publishing sector.

Positive

• Launch of Rest of World eBookstore targeting UK and Ireland markets.
• UK digital book sales totaled GBP 3.2 billion in 2021, indicating a lucrative market opportunity.
• Expansion expected to increase readership and revenue.
• Development of new revenue streams such as 'Living Books' and Audiobooks.

Negative

• None.

Rest of World Content to Add to New Streams of Revenue

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Legible Inc. (CSE: READ) (FSE: D0T) (OTC: LEBGF) ("Legible” or the “Company”) is pleased to announce the launch of its Rest of World eBookstore, adding content for sale in the UK and Ireland. This initiative spearheads Legible’s strategic expansion into international English-speaking markets. In 2021, UK digital book sales alone generated GBP 3.2 billion. By expanding into these markets Legible will be able to accelerate both readership and revenues. Access to additional global markets is forthcoming.

“Expanding access to Legible’s award-winning titles from globally recognized publishers and distributors on our browser-first, device agnostic platform will unlock additional revenue and broaden market reach for both Legible and our eBook partners,” stated Kaleeg Hainsworth, Legible’s CEO and President. “This is the next step in Legible’s mission to transform the way people access and enjoy books, anytime, anywhere.”

The addition of the Rest of World eBookstore is just one of several revenue streams that Legible is deploying to gain market share and drive toward profitability in 2022.

In April, Legible released Bookshelves, a social feature which allows account holders to create shareable libraries including Sponsored Bookshelves, Legible’s new B2B bespoke commercial service. Sponsored Bookshelves offer branding and marketing opportunities for major organizations keen to promote key reading selections, create new forms of customer engagement, and participate in literary events such as book awards. In early May, Legible partnered with global literacy organization Room to Read to launch its first Bookshelf, ensuring every child with access to a browser-enabled device can access beautiful, fun, animated eBooks.

Earlier this month, Legible launched Legible Publishing Services, a digital development, and conversion service that creates ‘born-accessible’ eBooks and remediates existing eBooks to improve their accessibility, as well as develop media-rich (video, audio, animation, augmented reality) “Living Books” - exclusive and original to Legible. Legible is in discussions with multiple companies to enter into new partnerships and unique publishing opportunities with Legible.

Legible is currently developing its Audiobooks offering, to be offered first for a la carte purchase and then as part of Legible’s Unbound Subscription Offering, which will provide unlimited access to Legible’s subscription catalogue.

Each of these revenue sources will be supported by robust marketing campaigns, designed to generate revenue and global brand recognition for the Legible eReading Entertainment Platform.

“Legible’s primary focus for the coming months is to capitalize on our strategic investment in planning, marketing strategy and product development as we launch and maximize our multiple revenue streams,” said Hainsworth. “We are poised to take Legible to the next level.”

About Legible Inc.

Legible Inc. is a book entertainment and media company with a mission: Millions of books for billions of readers, globally. Legible has developed two high-value verticals; firstly, a browser-first accessible B2C eBook entertainment platform for the emerging web with high-growth potential called legible.com - a global eBook entertainment platform delivering beautiful, accessible & immersive reading for next-generation readers; and secondly, a global B2B eBook conversion and production service with high-revenue potential called Legible Publishing - a world-class high-volume digital conversion service for publishers and organizations and a remediation service of eBook content for the accessibility community. Legible Publishing creates multimedia eBooks, branded as Living Books, that empowers authors and publishers to deliver dynamic and unique content.

Founded and led by a team of technologists, authors, eBook publishers, designers, and publishing industry insiders, Legible is transforming the digital publishing industry and gaining market share through innovative, 21st century publishing and global reading experiences. Legible provides innovative eBook reading experiences to the masses through any browser-enabled device. Legible is committed to providing access to readers that value immersive entertainment experiences through well-constructed and content dynamic books. Legible embraces sustainability, accessibility, and global literacy.

Please visit Legible.com and discover the place where eBooks come to life. Readers are invited to visit Legible’s continually evolving curated Staff-Picks Bookshelf: https://legible.com/ca/list/staff-picks

Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking ‎statements are not based on historical facts, but rather on current expectations and projections about future events, many ‎of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks ‎and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the ‎forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative ‎thereof or similar variations. These statements include forward looking statements regarding new revenue sources and growth plans for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the ‎Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those ‎projected in the forward-looking information and statements are the following: changes in general economic, business, and political conditions, ‎including changes in the financial markets; changes in applicable laws; ‎and the diversion of management time. Should one or more of these risks, uncertainties or ‎other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, ‎actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or ‎expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-‎looking statements and forward-looking information. The forward-looking information contained in this release is made as of ‎the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-‎looking information that are incorporated by reference herein, whether as a result of new information, future events or ‎otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking ‎information contained herein. All subsequent written and oral forward-looking information and statements attributable to the ‎Company or persons acting on its behalf is expressly qualified in its entirety by this notice.‎

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005885/en/

Legible Inc.

Kaleeg Hainsworth, President & CEO

1 (672) 514-2665

invest@legible.com

www.Legible.com

Investors.Legible.com

Source: Legible Inc.

FAQ

What is Legible Inc.'s new initiative related to the UK and Ireland?

Legible Inc. has launched its Rest of World eBookstore to expand into the UK and Ireland markets.

How much did UK digital book sales generate in 2021?

UK digital book sales generated GBP 3.2 billion in 2021.

What are some new revenue streams Legible is developing?

Legible is developing 'Living Books' and an Audiobooks offering as new revenue streams.

How does Legible plan to support its new revenue initiatives?

Legible plans to support its new revenue initiatives through robust marketing campaigns.