Leading e-book subscription service, Oyster, going out of business

Markets Associated Press

A leading e-book subscription company is going out of business.

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Oyster, which has touted unlimited access to more than 1 million books for $9.95 a month, announced on its blog Monday that it was "taking steps to sunset the existing Oyster service over the next several months."

Simon & Schuster, HarperCollins and other publishers have looked to streaming services such as Oyster and Scribd as ways to generate new revenue, but many in the industry have been skeptical that the Netflix model works for books and fear that subscriptions will drive down prices overall. Oyster also faced competition from Scribd and Amazon.com's Kindle Unlimited program and an e-book market that has been flat in recent years.