Afictionado plans subscription lending service

Afictionado plans subscription lending service

Internet venture Afictionado plans to launch a pay-monthly e-book library in 2012.

The company is yet to approach publishers to take part in the scheme, but is promising to offer "strong returns" to publishing partners, paying them 60% of subscription revenues.

The scheme involves e-books lent to subscribers, with access blocked once the loan period is finished. The scheme is intended for monthly subscription plans only, and will not use advertising.

Company founder Michael Scott said: "We're confident it's the right approach for the market. We believe people will happily pay a premium price for a service they enjoy. That creates value for publishers, and, ultimately, for writers."