xigxag

Idea

Introduction

At xigxag, we aim to lead the biggest-ever innovation in digital reading and shape the future of books.

We’ve set out to build the most advanced digital reading app in the market, with a proprietary listen-and-read x-book concept and market-first features for audiobooks.

Users get the audiobook and ebook in a single format without paying twice. They can listen to their favourite authors tell them a story in their own words and their own voice.

Our proprietary technology allows users to navigate the audiobook without interruption, but also see illustrations, search in the text, lookup words, take notes and share quotes. They can switch between reading and listening or read along.

Our app is live on Android and iOS. Over 9,000 users have downloaded our app since December 2020.

We have over 30,000 brilliant titles live on the app, including leading British authors like Sally Rooney, Richard Osman, Stephen Fry and Zadie Smith, with more being added every week.

Substantial accomplishments to date

We have assembled a highly experienced team supported by industry-leading advisors who have collective knowledge across media tech, D2C product development, e-commerce, digital marketing and publishing from ITV, Whitbread, McKinsey, Gelato, Deluxe Digital Media and Hachette.

This team is committed to building the most engaging digital reading app ever, with the potential to challenge the dominance of physical formats in the £100B book publishing industry, making reading more flexible, engaging, accessible and sustainable.

We launched our app on Android and iOS simultaneously in August 2020. Since December 2020, over 8,000 users have downloaded the app, with 6.5% purchase conversion and nearly 40% repeat purchase.

We have created a new audio format, the x-book, a fully integrated audiobook and ebook, with file extension .xxm. We successfully registered the trademark for the term x-book.

We have signed distribution agreements with twelve publishers, including Penguin Random House, Hachette, HarperCollins and Faber.

We've built one of the most advanced automated content processing platform in the industry with automatic QC and validation of metadata/media and four-hour time to publish.

85% of customers have used our 'killer app' feature - refer to text. This allows users to deepen their understanding of something they have just heard by referring briefly to the text.

We were awarded an Innovate UK Smart Grant in 2020.

Monetisation strategy

xigxag earns revenue primarily from the sale of digital audiobooks and x-books (audiobook and ebook in one). We offer a frictionless in-app purchase experience.

We have developed an innovative pricing strategy that encourages demand by offering consumers rewards for reading more without the pressure of a monthly subscription. Customers on average buy more books per month (1.92) as a result.

Longer-term, we have the ambition to create deeper learning experiences for users by cleverly integrating rich content overlays and links, superior to the best digital news apps. This has the potential to open up additional revenue streams (e.g., affiliate revenue and, potentially, advertising).

We are currently focused on the UK, but we are confident in our ability to scale globally at pace, once we nail our product and marketing mix. We have global publishing contracts, access to global content, a global cloud-based technology platform and global marketing channels.

Use of proceeds

xigxag has ambitious plans to drive further distinctiveness in our product offering and tech capabilities.

The primary use of funds will be to expand the capacity of the development team to deliver further experience innovation in the app and improve content processing automation via the application of machine learning.

Development is led by Mark Chaplin, an experienced CTO with over 25 years experience in digital media technology, and the former Director of Production Technology at ITV.

The funding will also accelerate customer acquisition and broaden marketing channels, following the launch of a new, SEO-optimised website, to grow the xigxag community.

Product and tech innovations combined with broader and more effective marketing and community activation will be focused to improve the cost of acquisition, boost conversion rates and accelerate repeat purchase across all channels.

xigxag is revolutionising digital 'reading' and shaping the future of books. Join us on the journey.