Booknet Launches in the UK
By Megan Whitlock
In exciting news for bookscription fans, the Ukrainian company Booknet has launched in the UK after seeing large success in other markets. The company has joined forces with publishing PR agency, Literary PR, to introduce UK readers to its publishing model that aims to empower self-published authors and readers alike.
First launching in Russia in 2015 under the name Litnet, Booknet works on a subscription-style model that allows authors to upload their stories onto the platform as they write them, chapter by chapter. This process allows readers to follow along with the writing process and uncover and respond to plot points in real-time with the author. In turn, the readers pay for the book as they would a standard ebook, the majority of which writers will see in royalties far higher than industry standard (with BookBrunch reporting that commercial authors can receive up to 70%). Another advantage to this payment model is that authors are able to earn consistent money as they write, rather than relying on small advances and royalties that arrive long post-publication.
The platform itself functions akin to a social network, where writers and readers can connect via blogs and comment sections. The social network aspect of the platform allows authors to respond to readers’ feedback as their stories unfold and readers to connect on a new level with their favourite authors. Writers are also able to monitor data concerning their readership numbers, giving them control over their stats, whilst readers on the platform frequently follow multiple books at once.
Booknet has previously seen large success in Latin America, and the move to launch in the UK reflects a change in company direction towards English speaking markets following the sale of the Russian branch in light of the ongoing war.
The CEO of Booknet, Sergiy Grunshko, has described the platform as “a literary Youtube,” elaborating that “the traditional publishing industry is not able to move quickly to react to trends and audience habits” (BookMachine, 2022). To find out more about Booknet, you can check out their website here.