Leading library ebook distributor OverDrive was sold to Rakuten on March 19 for $410 million cash, more than 16 times OverDrive’s annual earnings of $25 million. The purchase from private equity firm Insight Venture Partners, OverDrive’s majority owner since 2010, is scheduled to close in April. OverDrive will become a subsidiary of Rakuten USA, the U.S. arm of Japanese e-commerce company Rakuten. CEO Steve Potash will continue to lead OverDrive, and its headquarters will remain in Cleveland, OH.
OverDrive was sold to Rakuten, a Japanese company today for $410 million. It’s a cash deal and is scheduled to close next month (April 2015). Overdrive will be part of Rakuten USA. Rakuten is an e-commerce company headquartered in Japan. Here’s a list of Rakuten’s major businesses. The Rakuten announcement notes that OverDrive achieved EBITDA of […]
Libraries in Central Florida are getting ready for their closeup. The Tampa Bay Library Consortium (TBLC), which represents 113 public, academic, school, and special libraries in the Sunshine State, has brought on a full-time videographer to serve each branch, and the consortium as well. Now special events, chats with authors, and even monthly newsletters from TBLC members are getting professional video treatment.
Library streaming media provider hoopla digital has launched LightSpeed, the 3.0 version of its user interface, which includes a faster signup process for new users, a recommendation engine, multi-tiered genre-based searching, and an algorithm designed to tailor recommendations for patrons based on the usage history.
In a significant victory for supporters of Net Neutrality, the Federal Communications Commission (FCC) today reclassified broadband Internet as a public utility, and established a new Open Internet Order that applies to both fixed and mobile broadband. The new Open Internet Order includes three “bright line” rules, specifically banning broadband providers from blocking access to legal content, applications, and services; impairing access to content, applications, and services; and prioritizing Internet traffic in exchange for “consideration of any kind.”
Five experts discussed the latest in library tech during the Library Information Technology Association (LITA) Top Technology Trends panel at the American Library Association (ALA) Midwinter 2015 conference in Chicago. In front of a full house despite the snowstorm outside, the lively discussion of trends ranged from coding classes for girls to the growing infrastructure demands of open access publishing.
Officials at Amazon believe subscription-based ebook consumption is an inevitability, and will continue to invest in and build the company’s Kindle Unlimited service as part of an effort to stay ahead of the emerging trend, Russ Grandinetti, senior VP, Kindle, at Amazon explained during a candid general session interview on January 14 at the Digital Book World Conference and Expo 2015. In a separate panel, publishers expressed enthusiasm for Oyster and Scribd as discovery platforms.
Public and school libraries that are part of OverDrive’s global network circulated 137 million ebooks, digital audiobooks, and other digital media in 2014—a 33 percent increase compared with 2013, according to statistics released by the company. Ebook circulation rose 32 percent, to 105 million, while digital audiobook circulation grew 38 percent, to 32 million. The OverDrive network also recorded 401 million visits to public library and school library websites powered by OverDrive, a 77 percent increase.