Giant book publishers back Oyster, an online competitor to Amazon and Apple

April 8, 2015 12:08 PM

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Giant book publishers back Oyster, an online competitor to Amazon and Apple

Oyster is hoping so. The startup, often dubbed the "Netflix for books", now wants to let users move past a subscription model of "renting" books and into owning them. Oyster will announce on Wednesday that it is launching an e-book store, which will for the first time give its readers the option to purchase digital books— and its effort is backed by the world's biggest publishers, which are eager to have some competitive leverage over Amazon.

By expanding its business model, Oyster has secured support from all of the big five publishers, including Hachette and Penguin Random House, which had both refrained from embracing the subscription concept. One source close to Hachette said the publisher would not have joined Oyster if it remained ...

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