Startup snapshot: Exact Editions
Having spent the past decade turning complex consumer magazines into their precise digital doppelgangers, Exact Editions launched their new digital books service in May. Here we interviewed Adam Hodgkin, Chairman and Co-Founder of Exact Editions.
1) What exactly is Exact Editions?
Exact Editions is a platform for publishing and licensing content on the web and through apps to individuals and institutions. Exact Editions helps publishers by delivering services which generate subscriptions.
2) What problem does it solve?
The Exact Editions platform ensures that digital publications look exactly the same as their print sisters; and it does this in a way which is efficient for searching and sharing.
Exact Editions uses PDF files to build a database for each publication on the platform. The service delivers a solution that looks exactly like the book or magazine in print, but it is an access solution not a file delivery protocol. So the access management side of the business is at least as important as the content management side.
We also provide customer support and statistics to our users since cross-platform solutions for users that range in size from the largest universities to the private individual will, from time to time, present new questions.
3) Who is your target market?
Exact Editions launched by focusing on the consumer magazine space and selling subscriptions direct to consumers and through app stores. We were among the first magazine solutions to deliver apps for the iPhone and then for the iPad. Never neglecting our roots in the web.
In the last 5 years a growing sector for us is the university, college and library market. Also selling site licenses for corporates.
Exact Editions is unusual among digital magazine solutions in providing access to complete archives (we work with magazines that have archives that stretch back to the 19th century). A concern with archives leads us to support the librarians’ requirement for perpetual access.
4) What results do you hope to see over the next few years?
Once Exact Editions was selling some magazines for perpetual access, it was clear that there is demand for a similar service for books. The Exact Editions platform works well for book publishers that have complex and rich page designs that are poorly served by the most commonly used ebook file formats. But equally important the Exact Editions service offers publishers the opportunity to sell books with a perpetual access to institutions that need to have a multi-user, site license for the campus or organisation.
We launched our book service three weeks ago and it seems that the multi-user, site license access management that we provide for book publishers is an important offering. Book publishers also get to set the price level for their individual titles on the Exact Editions platform, and they have ownership of their subscriber lists.
5) What will be next for Exact Editions?
Exact Editions is a platform, not a publisher, so we are keen to work with as many publishers as can use our services. We are primarily aimed at the library and institutional market, at this point mainly universities and colleges, but we can already see that there is a good market among schools and corporates for many of the books and magazines which are using our platform. Opening up these broader markets is on our wish list. We also have some very successful French magazines and we would like to add books and magazines from all the major European languages.