Monday, July 19, 2010

Amazon CEO Bezos says a 'tipping point' has been reached: eBook sales now have passed hardcover sales

In a press released this afternoon Amazon Founder and CEO Jeff Bezos announced that for the first time eBook sales through its Kindle and Kindle software solutions has passed those of its hardcover book sales.

"We've reached a tipping point with the new price of Kindle--the growth rate of Kindle device unit sales has tripled since we lowered the price from $259 to $189," said Bezo. "In addition, even while our hardcover sales continue to grow, the Kindle format has now overtaken the hardcover format. customers now purchase more Kindle books than hardcover books--astonishing when you consider that we've been selling hardcover books for 15 years, and Kindle books for 33 months."
Amazon is reporting accelerating growth in eBooks. "Over the past three months, for every 100 hardcover books has sold, it has sold 143 Kindle books. Over the past month, for every 100 hardcover books has sold, it has sold 180 Kindle books," Amazon reported.

Amazon also said that the publisher Hachette is reporting that James Patterson had sold 1.14 million eBooks to date, and that 867,881 of those were Kindle books -- again no breakout of Kindle books being read on a Kindle itself, or with Kindle software on an iPad.