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Bookface.com Officially Closes Down, Unable to Secure Funding

Press release from the issuing company

3/6/01 (WhatTheyThink) Bookface.com has published a letter explaining the closing of the company at its web site. Tammy Deuster, CEO and co-Founder said adverse economic conditions were to blame. Below is an excerpt from the letter: Unfortunately, we must inform you that Bookface has ceased operations. This decision has not been an easy one for us and we bring you this news with a great deal of sadness. Like many other Internet companies, Bookface has been directly affected by adverse economic conditions. The company has not been able to raise the additional financing required to continue as an ongoing concern. The Bookface team and our partners have accomplished a great deal during one year of operation. Bookface built new technology for delivering secure content online and demonstrated the potential of advertising revenue and innovative online promotion to the book publishing industry. Our destination website, Bookface.com, was launched in June 2000 with the involvement of many prominent publishers. During its six-months of operation, Bookface.com acquired the nonexclusive rights for free online display to over 2,000 titles, including many best-selling titles and new releases from dozens of publishers both in the US and internationally. On several occasions, we were also privileged to work directly with noted authors to leverage the reach of the Internet and offer collections or exclusive material to readers. The Bookface model proved to be an effective way of connecting authors with their fans and of maximizing the power of the Internet for publicity and profit. We would also like to acknowledge tens of thousands of dedicated readers who used the Bookface.com website to discover authors, search the collections, and read works of fiction. Thanks to you, Bookface.com was able to boast average user sessions of over 30 minutes and millions of pageviews each month. We also appreciated the supportive and enthusiastic feedback letters from users who shared our excitement for the potential of the website.