There was already one that existed in the web 2.0 era. Founded in 2012, raised a $3M seed from Founders Fund and a $14M A. Completely failed though and was acquihired by Google to have the founders lead Google Play Books.
Amazon now has Kindle Unlimited but I think it's mostly romance slop and self-published books. Seems like publishing rightsholders were just too inflexible to let the business model take off.
There was already one that existed in the web 2.0 era. Founded in 2012, raised a $3M seed from Founders Fund and a $14M A. Completely failed though and was acquihired by Google to have the founders lead Google Play Books.
Amazon now has Kindle Unlimited but I think it's mostly romance slop and self-published books. Seems like publishing rightsholders were just too inflexible to let the business model take off.