Scribd says it has 500,000 paying subscribers, $50m-plus turnover and is in profit

Scribd claims to have over 500,000 subscribers paying $8.99 a month for its ebook, magazine and audiobook subscription service.

The company also says it is now in profit and is adding newspaper articles to its line-up of content.

That figure of 500,000 subscribers gives Scribd an annual turnover of around $54 million, which is impressive considering the changes of business model the firm has made over the last few years,

Scribd was set up 10 years ago in 2007 as a document-sharing site but launched an ebook subscription service in 2013.

At the time it did not limit subscribers on the number of ebooks they could borrow but that proved unsustainable and it moved to a cap of three ebooks and one audiobook per month per month.

The big USP for Scribd is that some of the major traditional publishers offer their books through its subscription service while they refuse to distribute on Amazon’s Kindle Unlimited.

However, as a comparison, the Kindle Unlimited KDP fund paid out $186 million to authors in 2016 and nearly 4 billion pages (Kindle Edition Normalized Pages) were read through KU in April this year.