As long term readers will know, I’m amazed by the way in which the music business spent more than ten years missing every business opportunity the Internet brought them, effectively handing their entire business over to the pirates. Services such as Spotify should have turned up a long time ago.

Could the same kind of thing work for ebooks? Is there enough ad money to go round? Do book readers want to social network?

we have real-world equivalents for both its free and subscriber services. Libraries give books away for nothing – or seem to; in reality authors get a little bit of money in the form of Public Lending Right (PLR) royalties, a gap that online ad revenues could easily plug – while book clubs have offered heavily discounted prices to subscribers for decades.

Could similar ideas work online?