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Edition: U.S. Article Comments (0) Technology Hackers falsely claim Obama dead on Fox Twitter feed Baidu teams with Microsoft to power English search Evidence "increasingly against" phone cancer risk Sony set to restore PlayStation network in Japan HTC reports record monthly sales in June New app checks out bar scene in advance Samsung drops lawsuit against Apple: report Fujifilm aims to be world No.3 in cameras Video: HP jumps into the tablet war Follow Reuters Facebook Twitter RSS YouTube Read Thai women cheer first female prime minister 03 Jul 2011 Huge rare earth deposits found in Pacific: Japan experts 2:58am EDT Son of Libya's Gaddafi tells West: "You cannot win" 03 Jul 2011 Quick Guide to the Greek crisis 8:22am EDT Minnesotans frustrated, angry over state government shutdown 02 Jul 2011 Discussed 202 Minnesota government shutdown begins after talks fail 101 White House snubs McConnell invitation to Obama 86 U.S. cost of war at least $3.7 trillion and counting Watched Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 DSK chased by media Sun, Jul 3 2011 Tiny Spanish company launches book-sharing site Tweet Share this Email Print Related News News Corp sells Myspace, ending six-year saga Wed, Jun 29 2011 UPDATE 4-News Corp sells Myspace, ending six-year saga Wed, Jun 29 2011 Federer cut down by inspired Tsonga Wed, Jun 29 2011 HIGHLIGHTS-British Bankers' Association conference Wed, Jun 29 2011 Microsoft rolls out Office in the cloud Tue, Jun 28 2011 Analysis & Opinion AT&T-T-Mobile merger: Why the FTC should hang up Is Airbnb growing too fast? Related Topics Technology » Media » iPad » A woman uses a computer keyboard in this photo illustration taken in Sydney June 23, 2011. Credit: Reuters/Tim Wimborne By Cristina Fuentes-Cantillana MADRID | Mon Jul 4, 2011 9:19am EDT MADRID (Reuters) - Tiny Spanish firm 24symbols has launched a digital book reading and sharing site modeled on European digital music service Spotify, aiming to generate income from publicity and subscriptions. Users can read books for free if they accept viewing display ads in the margins, or pay a monthly fee to read without commercial publicity. The service was launched on Thursday and is currently available on computers and telephones. "The advantage for users is they can read for free, if they view a bit of publicity," said Aitor Grandes, chief executive of the small firm, told Reuters in an interview. The company aims to attract 8.5 percent of its users into premium subscription accounts. Grandes said 24symbols -- the name refers to the Greek alphabet -- would help fight piracy that has plagued the music, publishing, movie and television industry online by keeping material on servers rather than allowing it to be downloaded to individual consumer devices. "If you make available an easy-to-use service with reasonable prices people won't spend time going to pirate networks to download things," he said. "Time is money." 24symbols will be a small player attempting to take on some giant rivals, such as Amazon.com Inc's Kindle for downloadable books, Barnes & Noble Inc's digital books and reading services already available on Apple's iPad. Google is also working on an online books project. Grandes said 24symbols is different from all those competitors because of its subscription model, which means people don't have to pay for each individual title, and because of its integration with social networking sites. The company will distribute 70 percent of revenue to publishers in proportion to pages read by consumers. Also, publishers will be able to see how many their books are shared and recommended through social sites. Currently 1,000 titles are available -- almost all classics in the public domain -- in Spanish, English, Portuguese and Dutch, and Grandes hopes to reach 30,000 titles by the end of the year. 24symbols is also awaiting Apple's approval for its iPad application. Grandes said he was seeking financing. "To market a bit, to keep having a quality product and be able to get international content we will need to get another round of financing. We're looking at risk capital from the U.S. and Europe," Grandes said. (Editing by Inmaculada Sanz and Fiona Ortiz) Technology Media iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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