Source: Yahoo Finance
Announced today and closing by the end of the second quarter, Amazon announced the acquisition of social reading site, Goodreads.
Goodreads currently has over sixteen million members and a catalogue of over 360 million books, growing at 22 million books a month.
From Russ Grandinetti, Amazon Kindle VP:
Amazon and Goodreads share a passion for reinventing reading. Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.
From Otis Chanlder, Goodreads CEO and co-founder:
Books – and the stories and ideas captured inside them – are part of our social fabric. People love to talk about ideas and share their passion for the stories they read. I’m incredibly excited about the opportunity to partner with Amazon and Kindle. We’re now going to be able to move faster in bringing the Goodreads experience to millions of readers around the world. We’re looking forward to inspiring greater literary discussion and helping more readers find great books, whether they read in print or digitally.
The acquistion should give Amazon a social advantage over competitors such as Apple and a social network built about the sale of digital goods is something any seller is desperate for.
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