In a story on Gigacom, Oyster announced today that they have secured $3 million in funding for a new startup that will provide unlimited access to a library of books for a flat monthly price. The company is developing an application geared specifically for mobile use. It will include social networking functions allowing users to recommend and seek recommendations for books to read as well as “virtual” book clubs. The app will feature content from national best sellers to classics.
Oyster is working directly with publishers, not the authors themselves. Possibly as they get their legs under them they will switch to an Amazon-like model that allows working with authors directly.