(Alliance News) - Arnoldo Mondadori Editore Spa on Thursday announced its entry, with Mondadori Libri Spa, into a startup to develop the webnovel market at the European level.

The initiative, which involves an initial investment in 2024 of EUR1.5 million and an additional EUR1.5 million planned for 2025, stems from an agreement with Bookrepublic, an industrial partner with specific know-how and capable of supporting future operational growth, the company explained in a note.

"The operation will take shape with the launch within the year of a dedicated app - to be called Narae - with a proprietary character, developed by an internal team, initially with content in Italian and French, but which will be able to progressively expand its reach by expanding to other European countries," as the note reads.

Arnoldo Mondadori Editore trades in the green by 0.7 percent at EUR2.28 per share.

By Claudia Cavaliere, Alliance News reporter

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