Novelplus Technology aims to expand e-book content for SEA market

KUALA LUMPUR: Online social reading and writing platform developer Novelplus Technology Bhd plans to expand the content of its library to include e-books published in both Bahasa Melayu and Bahasa Indonesia, well as other languages from Southeast Asia.

Currently, Novelplus has an e-book library comprising over 37,000 published novels in Bahasa Melayu and Bahasa Indonesia with an ecosystem comprising over 2.1 million users, of which about 10,000 are registered as writers and the rest are readers.

According to statistics provided by the company, e-books have seen healthy growth in Southeast Asia from US$308.1 million (RM1.3 billion) in 2016 to US$382.9 million (RM1.6 billion) in 2019, which is a compound annual growth rate (CAGR) of 7.5 per cent.

The e-book market size may register a CAGR of 6.4 per cent between 2020 and 2022 to reach US$461.0 million (RM1.9 billion).

Novelplus was today listed on the LEAP Market of Bursa Malaysia at 25 sen, above the offer price of 15 sen.

Chief executive officer Crystal Lai said the company is now better positioned to focus on new business expansion and pursue future growth opportunities after the successful listing.

“Novelplus continues to innovate and evolve for the needs of our users. This is the beginning of an evolution for our company, and we will continue to make improvements that mirror our users’ needs,” she said in a statement today.

TA Securities Holdings Bhd is the approved adviser, placement agent and continuing adviser for the listing exercise.

The platform operates under the name NovelPlus, with the content being accessed through the company’s mobile application and web browser.

It operates on a freemium model where readers can access the platform for free or pay a subscription fee to enjoy an advertisement-free reading experience.

The NovelPlus platform allows readers to browse and select e-books, personalise their experience and manage their profile, and interact with writers registered on the platform.

The NovelPlus platform allows writers to write, edit, and self-publish their serialised novels, build readerships, and receive reviews and tokens of appreciation from readers.

Advertisers can also advertise on the mobile application and web browser, with the advertisements targeted towards users who are not subscribed.

Source: NST