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How did bookbub build a list of ~5 million subscribers (3)

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I'm trying to build a similar site to bookbub.com. My rough plan at the moment is:

1. Build subscriber list
2. Negotiate exclusive deals
3. Profit off affiliate links, and once list is big enough, charging for promotion.

I'm stuck at step 1 - how would you go about starting out?

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Create a great website, provide lots value to users ... oh and raise about $10 million in venture capital to build up operations

http://www.betaboston.com/news/2015/...bal-expansion/

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True, true. They raised money, then raised a heap more. And it all looks to have gone into advertising. I wonder what they did to get early traction though, I mean they must have had some initial user base to raise the first $3.8M

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