Unlocking the true benefits of the sharing economy, “Billbook” has officially launched its sharing service to reduce students’ financial burden on pricy college textbooks. Billbook holds a massive library of unused textbooks collected from students and rent out to those who need them in exchange for a reasonable service and rental fee.
Billbook will accept textbooks at no cost for shipping. Renters will receive 10% for every textbook they list out based on its marketed price and receive 40% if actually sold to an individual. Because any textbook can be rented for up to 5 years, textbooks that are frequently rented out will accrue benefits higher than its initial purchased price. Users can rent or buy from a list of 2500 different textbooks, and those who has submitted some textbooks before are exempted from a deposit fee when they need to rent one. After the launch, the service has been touted by many students.
Lee JunSeung, the CEO of Planatory and owner of Billbook, stated “First, we evaluated and validated the market demand through a successful pilot program at Korea University last year. Then, we improved the overall service and built the website for the last three months as a preparation for the expansion to major cities in Korea. Billbook will continue to focus on solving the illegal copying of textbooks issue within school campuses and freeing up financial budget for many students.
College textbook rental market has long been existed in the US since a decade ago, and one company even has a history of getting listed on NASDAQ. However, this textbook rental service is unprecedented in Korea, and hence many eyes are on the future growth of Billbook.