Magzter's Plan to Become the Youtube of Magazines

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Aug. 30 (Bloomberg) -- Girish Ramdas, co-founder and CEO of Magzter, and Vijay Radhakrishnan, co-founder and president, discuss the company's app and growing business. They speak with Carol Massar on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

The offer digital versions of magazines to over 12 million users.

We're happy to welcome the ceo and president.

It is great to have you with us.

Talk to us about how this idea came about.

Was it both of you getting together?

Did someone approach you?

We used to run our own software company and magazine in india.

We wanted to reach out to a global audience.

At that time, the ipad was being launched.

We made our own app, the first for a magazine in asia.

There were a lot of devices coming up like the iphone, the ipad, the android.

With one magazine, it is difficult to put it on all the vices of the same time.

We thought we would create one app every publisher in the world could use.

That was the eureka moment where we decided to create a platform for the world to use.

What was it like when you approached publishers initially?

I think they were quite interested.

At that time, tablets were new in the market.

They wanted to explore new avenues of revenue for the magazines.

Magazines are always looking for new channels to reach new customers.

The publishers were wow , can you really sell to a global audience through your newsstand?

They were excited.

You have the website, automotive, technology, science.

It runs the gamut.

How does it work?

Do you collop a publisher and overnight you can have their stuff?

We have created a self- service single click publishing tool.

Publishers all over the world in 30 languages and expanding every day can click a button and a blow their content and make it available to worldwide users.

Tell me about how quickly your adding subscribers.

You have more than 13 million.

We're adding 1 million users per month.

Are you losing any?

We do not have a track on it.

There are users that come and download it.

We do various things to keep them on track.

We want them to use the app again and again.

We have a lot of mechanisms to do that.

What is the cost for subscription?

It depends on the magazine.

In some cases, it is more than 90% off of the current pricing -- print pricing.

It is great for the consumers.

I can use it on both devices.

The same superscription works on both.

I am sure investors are curious about how you are making money.

I understand you are getting a cut.

Publishers are ok with that?

That is higher than some online publishers.

We're doing more than just putting their magazines on our newsstand.

We also hope to brand them in app stores.

There is a lot of cost involved for any publisher to do that.

We are not charging any money for these publishers.

We do this kind of revenue sharing.

Iran you want to become the youtube of magazines.

Where do you want to go.

We started off with magazines.

We want to be the destination for reading.

Anything you want to read -- when you think of video, you think of you to.

You are going after amazon?

At some level, yes.

We will leave it there.

Good luck.

Thank you.

We appreciate you coming in on "taking stock." next, we talk to bonnie fuller on the business of celebrities in the direction of media.

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