The goal will be to help Inkitt move closer to realizing its vision of building an even more formidable next-gen media company, with Inkitt Original stories to be adapted for film and TV. Other avenues to be explored, with regard to the exploitation of its IP, include immersive reading, audiobooks, video games, and theme parks, to name just a few.
Founded in 2013 by Ali Albazaz, who serves as CEO, Inkitt is a reader-powered platform that has used proprietary technology to identify promising up-and-coming scribes, who have then been assisted in refining and monetizing their work. By examining reader engagement and behavioral data, the publisher has been able to establish a particularly impressive track record in identifying future bestsellers.
Since the San Francisco-based company launched its own publishing and distribution platform, Galatea, 69% of Inkitt authors have achieved bestseller status, with 14 of them grossing over $1M in sales. It’s branching out into Hollywood at a time when there is a huge demand for books with a strong existing fanbase, on the part of studios and streamers, as well as consumers active within online subcommunities like BookTok.
“The partnership with Entertainment 360 will open up avenues for Inkitt’s talented authors to expand their reach and showcase their unique narratives on a broader stage,” Albazaz told Deadline. “We have a really engaged community that is always discussing which actors would portray their favorite Galatea characters. They’re eager to see their favorite titles turned into movies and TV series. We’re also seeing a huge demand in the entertainment industry for new books and with our books like The Millennium Wolves and The Arrangement approaching tens of millions of dollars in sales, we felt it was the right time to approach Hollywood.”