Amazon's Kindle Book Sales Surpass Their Print Counterparts
First Published Thursday, 19th May 2011 02:13 pm - © 2011 Dow Jones
Dow Jones NEWSWIRES
Amazon.com Inc. (AMZN) said it is now selling more electronic books for its Kindle e-reader than physical books, the latest milestone in the reshaping of traditional media industries by digital technologies.
Amazon is one of a handful of players jockeying to capture the growing market for digital books, which was $966 million last year and is expected to triple by 2015, according to Forrester Research. The Kindle competes with devices such as Barnes & Noble Inc.'s (BKS) Nook and Apple Inc.'s (AAPL) iPad.
Consumers' appetite for new digital offerings has manifested itself across the media industry. Cable providers have moved to let users of Apple's iPad stream live TV on the device. In November, online video-rental company Netflix Inc. (NFLX) said customers were using its streaming service more than its DVD rent-by-mail offering.
Amazon said Thursday that since April 1, it has sold 105 Kindle books for every 100 print books sold, including books for which there is no Kindle edition. Its sales of Kindle books so far this year have tripled from the like period in 2010, it said.
The company also said its least expensive $114 version of the Kindle is its bestselling device in the five weeks since its introduction. The version displays on-screen advertisements on its home page and screen saver.
Amazon shares recently traded at $199.68, up 1.3%.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; firstname.lastname@example.org