Online Libraries

In recent years digital libraries have largely replaced the traditional book. A study conducted in the USA among people between the ages of 18 and 29, found that today young people are reading 30% less "printed" books than 20 years ago.

The majority of online libraries are specialized in specific categories, Tapas is specialized in comics, Tor in science fiction, Radish in novels.

Now Wattpad, one of the most popular digital libraries specializing in novels, is trying a new approach that apparently goes against the trend.

Wattpad was established in 2006 and today it has more than 600 million books in 60 languages and approximately 100 million users-readers. Users can digitally upload their own books on Wattpad, where they are read and rated by the readers. Wattpad will now print the most popular.

Traditional book publishing is very risky and requires a large investment. For every bestseller there are dozens of failed published works. Wattpad claims to have found the formula for success, an algorithm that evaluates the characteristics of the digital books uploaded in the platform by its users, the users’ comments and then concludes which books will become the next bestsellers. Wattpad will publish said books.

Wattpad’s project has apparently attracted investors. Wattpad recently raised €60 million from investment funds. What remains to be seen is if Wattpad’s algorithm will actually detect the next bestsellers or if it will lead to publishing failures.