Shares of 3M Company (MMM) remained flat on Mar 7 following announcement about the introduction of eAudiobooks (Electronic Audio Books) to its 3M Cloud Library Digital Lending System.
3M announced a distribution deal with digital content provider Findaway World for the initial introduction of 40,000 titles in the eAudiobook category. With an expertise in the highest quality listening experience, Findaway World will help 3M to get content from all major publishers in the eAudiobook space. The 3M Cloud Library is expected to grow its digital circulation faster in comparison with a single platform.
3M also announced the successful implementation of a system named CloudLink to drive circulation with title sharing across a consortium. The first consortium achieved a 67% increase of eBook check-outs with a 25%drop in holds. Also, the recent expansion of automated buying tools helps to reduce the time required by library staff to manage their collections.
With updated applications, check-out and listening capabilities, the addition of eAudiobooks to the 3M Cloud Library will be a flawless transition for both readers and librarians. The eAudio will be compatible and user friendly for the users and will be easily accessible on all devices using 3M Cloud Library applications. Also, eAudiobooks are automatically bookmarked across the Cloud and available across all devices making it easier for the users.
The company will be presenting these new additions to its 3M Cloud Library Digital Lending System portfolio at the Public Library Association (:PLA) 2014 Conference to be held from Mar 11–15 in Indianapolis.
3M, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 70 countries. The company aims to deliver innovative security solutions to businesses and governments worldwide, thus ensuring the security of people and documents.
3M remains focused on inventing new products and maintaining its competitive advantage worldwide. The rise in demand for such innovative 3M product services is likely to augment its overall revenues.
3M currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look include Noble Group Ltd. (NOBGY), Marubeni Corp. (MARUY) and Mitsubishi Corp. (MSBHY). While Noble Group holds a Zacks Rank #1 (Strong Buy), Marubeni Corporation and Mitsubishi Corporation carry a Zacks Rank #2 (Buy) each.