Amazon Acquires Social Reading Website Goodreads
Ryan Martin / 5 years ago
Amazon have recently announced that they have signed a business deal to acquire the social reading site “Goodreads”. Goodreads is a website which helps people find a new book to read based on what books and genres they have read in the past, it is a typical “you may also like..” style algorithm. Amazon did not discuss the terms of the acquisition but the deal will be sealed in Q2 of this year.
Currently, Goodreads has 16 million members and 230 million titles in the site’s database. The site has hosted 30000 book clubs and in the past 90 days those 16 million members have been adding “I want to read” books to their virtual shelves at a rate of four per second. All this looks impressive for Amazon as they look to start shifting more books and ebooks. The majority of the focus will likely be on ebooks as Amazon looks to generate money from its Kindle range.
Goodreads founder Otis Chandler has commented on his excitement about the deal for three reasons. Firstly, Goodreads can introduce more readers to their community with the growth opportunity from Amazon. Secondly, members of Goodreads wanted an ebook service which is something Amazon can easily deliver. Finally, Otis believes Amazon will help the company to grow rapidly. He stresses they will remain unique, independent and that the Goodreads team will not being going anywhere – suggesting that Goodreads have no been fully bought out.
This news has probably sent chills down the spines (get the book pun…) of major book publishers as Amazon continues to exercise a stronger grip over books and ebooks. What do you think of Amazon’s latest acquisition?