John “Trip” Adler is the co-founder and CEO of Scribd. Scribd is an online library and document-sharing site and it has 100 million users. Adler grew up in California and went to Harvard University. He got the idea for Scribd after talking with his dad, who had trouble publishing a paper in a medical journal. Adler built Scribd with co-founder, Jared Friedman. The two launched Scribd from San Francisco in the summer of 2007. By 2008, Comscore ranked Scribd in the top 20 social media sites. In 2009, Scribd released Scribd Store and closed a deal to sell ebooks on their site. Scribd started to turn a profit in 2012. The first official profit that Scribd made actually came from Adler playing saxophone on the street outside of the Scribd’s office. It was $17 in revenue. In 2013, Scribd made a deal with HarperCollins to have their books available as part of Scribd e-book subscription service. Scribd was known for being a source of unlimited books and audiobooks. In a turn of events, Scribd had to reduce its subscription service after realizing that they were taking a loss in some of the book genres in 2016. They accomplished this by limiting readers to three e-books’ and one audiobook per month. In 2017, the company partnered with Zinio which added 30 new magazines to Scribd’s site. In February 2018, Scribd changed the subscription model to now allow unlimited access until customers reach the upper limit for that month. After consumers reach the limit, they will be given a narrowed selection of titles to choose from. As of now, Scribd has approximately 300,000 titles from 1,000 different publishers and 800,000 monthly subscribers.
I think this is a successful idea and business because so many people us their phones, ipads, laptops, etc. to do their work or pleasure reading and the easy access to articles/books through Scribd is even more efficient!
It’s great that the company can offer so many books and audio books to consumers. I also appreciate that they recognized their company starting to lose revenue and made a change to the way their subscription services are run.