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[Photo provided to China Daily] |
In 2012, the bookstore was in financial trouble and even launched an online fundraising drive "One Thousand New Owners" in an attempt to raise 100,000 yuan ($16,000) from 1,000 donors to help pay the bills. The result was beyond expectation－not only did they reach their fundraising goal, they also raised more than 230,000 yuan on the first day.
The turning point for the bookstore came at the end of 2013 when they received $10 million in venture capital from Trust Bridge Partners.
Besides opening up two branches in 2014, Owspace started to experiment with other revenue streams.
"We have around 2,500 titles for sale in this store," says Zou Donglin, the manager of the Owspace Chaoyang Joy City branch. "We also sell coffee and gifts, such as notebooks, pens and designer T-shirts.
"All the products are selected to fit the feel we are trying to create in our bookstore," Zou says, wearing a One-Way Street T-shirt with a quote from Argentinean writer Jorge Luis Borges: "I have always imagined that Paradise will be a kind of library."
If selling items other than books has become a common way for bookstores to make ends meet, then moving into media is something new for bookstores in China.
Wezeit, a news app and website with light-hearted articles and lists, was launched by Owspace in 2014.
"We wanted to make the bookstore a platform of culture," says Zhang Fan, the chief operating officer of Owspace. "And there are a lot of similarities between operating a bookstore, a website and a new media app."
Before releasing the news app, the bookstore opened a public account on social-networking sites and instant-messaging platforms, sending articles on cultural trends, book reviews and events schedules.
"The Internet and social media are reshaping our understanding of the world, and Owspace is doing an experiment," writes Xu. "We read the world not only on paper, but also through our ears, eyes, touch and taste ... We hope our space can not only present thought-provoking discussions between great minds but also encourage a new generation of greats."
Shi Jing contributed to the story.
