Canadian eBook company Kobo reported today that its business has tripled in the last year. In January, Japanese e-commerce company Rakuten bought Kobo for $315 million in cash. And now according to Kobo, eBook downloads grew by 400 percent and eReader sales are up 160 percent and the number of people reading with Kobo internationally has grown by 280 percent year over year.
Today the company also reported its new open reading platform, ‘Read Freely.’ The company’s website explains how it works: “The eBooks you buy with Kobo are yours. You’re free to read them on the most popular open devices. Or, you can buy books from other eBook retailers and read them with Kobo.”
Michael Serbinis, CEO of Kobo, stated: “We’re thrilled to introduce Kobo’s open eReading platform and the Kobo ‘Read Freely’ philosophy to new countries around the world. It’s become increasingly clear that the world of eReading is the way of the future and as technology continues to break down geographic borders, Kobo is excited to lead the charge into new markets and continue to shape the future of the multi-billion dollar eReading industry.”