Just a year into its shift to a subscription-based, online library, Scribd is already seeing big benefits including 80 million monthly readers from over 100 countries. Starting out in the free, digital document-sharing business, Scribd switched things up last fall, banking instead on a subscription-based, online library reminiscent of Netflix. At a cost of $8.99 per month, its readership translates into $719.2 million in revenue – a big payoff for Scribd, named one of Fast Company’s top 10 most innovative media companies in 2010.A year in, Scribd offers subscribers access to more than 500,000 book titles from 900 publishers, so readers from around the globe can download an unlimited number of books to their favorite devices, creating personal libraries of bestsellers, trending books, eBooks, documents and more. Despite the “unlimited reading” claim, there is some fine print. The licensing agreement does not allow Scribd subscribers to share Scribd’s commercial content, so you can’t share your account with a family member. In addition, some content is not included in the subscription service, but can be purchased individually.The Scribd shift benefits authors and publishers too – getting them in front of new audiences. What isn’t clear is how this arrangement plays out financially for authors and publishers. The Scribd website says it pays publishers when a book is read as if the subscriber had purchased the book in a retail eBook store, but it doesn’t specify a percentage. The site also says that authors are paid in accordance with their publisher’s contract.Though more established, Scribd isn’t the only game in town, however. It competes with Oyster, which calls itself the leading streaming service for eBooks and also boasting more than half a million books. The two online portals are similar and offer comparable content, but Oyster charges $9.95 a month and a 14-day trial while Scribd’s trial is 30 days. Amazon’s Kindle Unlimited is also a rival, with 700,000 ebooks in its library, a monthly price tag of $9.99 and a 30-day trial.Staying ahead of Oyster and Amazon will require more than just the best price, however. To keep subscribers engaged and loyal, Scribd will need a steady stream of bestselling authors, popular titles and unique content, and it must continually evolve to meet the needs of its digitally-savvy subscribers.