Time Inc has quietly launched its much delayed and much-anticipated online magazine subscription website Maghound. The service, in beta, borrows concepts heavily from Netflix, in that it allows users to choose up to 15 magazines from a broad range of titles for one set monthly fee, with the ability to switch titles at any time. At launch, it has 240 titles, about 40 less that what Time Inc said at a trade show in June, Folio notes. In addition to all Time inc titles, of course, it has titles from Conde Nast (not all), Rodale, and others. Notably missing is any magazine from the Hearst stable, including Esquire, Cosmopolitan and others. Some of the other notables I checked on which are missing are The Atlantic, Business Week, Wired, The Economist, Reader’s Digest, and National Geographic .

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The membership pricing is tiered—three titles for $4.95 a month, five titles for $7.95, seven titles for $9.95, and $1 per title for eight titles or more, and no annual contract. Memberships can be managed online, from changing magazine title selections to updating personal information and even placing magazine delivery on hold for a temporary period, a la daily newspapers. Additionally, Maghound users will be able to view the titles that are available for a specific month and the expected date of arrival.

From an ad sales and circulation tracking standpoint, all titles sold on Maghound will be classified as single-copy sales, the company says. From a revenue-sharing perspective, it will pay the publishers a fixed fee for every copy of each title that is sold. More details in release.