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netLibrary, Inc. Files for IPO

Magazine article Information Today

netLibrary, Inc. Files for IPO

Article excerpt

netLibrary, Inc., an e-book technology company that has digitally converted more than 28,000 printed books, has filed to raise $82 million in an initial public offering (IPO). netLibrary, which also provides copyright protection, said the traditional publishing industry has been slow to adapt to the Internet as a distribution means for published works, partly out of copyright worries and concerns about damaging relationships in the book industry.

netLibrary said its success lies in large part on widespread public acceptance and use by library-goers and consumers of electronic books as a replacement for, or supplement to, traditional hard-copy books.

The Boulder, Colorado-based company pointed to a study by Andersen consulting that projected total retail revenue for e-books will be between $1 billion and $3.4 billion by 2005.

But it also cited problems: "Connection errors and other problems hampered the Internet-only distribution of Stephen King's 66-page novella Riding the Bullet by other electronic book vendors on the first day it became available for download. …

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