Readbug: The Spotify for magazines – Readbug is an “all you can eat” digital magazine app

Readbug

Introduction

“Readbug is the Spotify for magazines”.

The magazine industry is broken. We want to fix it. For magazines, stepping into the digital age has been difficult.

Today’s readers want accessibility, immediacy and convenience, print publishing has struggled to deliver against new and emerging digital platforms. The problem isn’t the content, it’s the delivery method.

Readbug brings together the world’s top publishers, digitally optimising their content for a global, mobile-first audience. We help expand the reach of our titles, whilst providing a trusted source of quality content for our members.

Our members can read the absolute best in fashion, music, film, travel and lifestyle from the likes of Dazed, Sight & Sound, Huck, Oh Comely and many more.

Users can flick from cover-to-cover, select their favourite titles, scroll through their personalised article stream, share stories and read the best magazines wherever they want, however you want for a monthly subscription.

Intended impact

The subscription model offers a value proposition. It is proven that users are attracted to this model and greater revenues can be achieved through a larger user base.

By removing the per issue pay wall barrier our members have the freedom to read as much or as little as they like. At the point of engagement it feels free whilst still generating more attractive revenues for our publishers.

In return we believe this will drive rapid user growth and unlock the true potential of the content.

• Product – provide an exceptional user experience that is market leading.

• Content – curate premium and unique content from the World’s best content creators.

• Audience – deliver quality content to a global audience – think Spotify (75m users) and Netflix (70m subscribers).

Substantial accomplishments to date

– Development and launch of the Readbug app
(available in the Apple App Store, please download and try it for yourselves).

– Global content agreements with 60 publishers and growing.

– Hit number 66 in the US App Store News rankings.

– Relationships with commercial partners – The Hospital Club, 5 select universities.

Use of proceeds

Readbug intends to use the proceeds of this round as follows over the coming 18 months:

– 10% Operations
– 12% Product
– 51% Marketing*
– 17% Overheads
– 10% Contingency

*marketing spend includes heads.

During the next 12 months we plan on refining our marketing and growth strategy and gaining critical user traction. We plan to onboard a minimum of 100 publishers, expanding our library of titles.

After 12 months trading we will look to raise Series A funding allowing 3-6 months to close the round.

Source: ICNW