April 1, 2013

Amazon acquires popular social-reading site

Amazon made a big move in the tech world this week with its acquisition of the online social-reading site Goodreads. The technology acquisition makes serious headway against other e-reader competitors such as Apple, according to TechCrunch, as Tim Cook's company does not have a social component to its products.

Specific details of the acquisition were not disclosed, but the news source said that it should be completed by the end of the second quarter.

In August, Goodreads had over 10 million members and had cataloged more than 360 million books, adding 22 million each month. Now, the site has over 16 million users, according to TechCrunch.

Goodreads CEO and founder, Chris Otis, wrote in an announcement on the company website that he was excited about the new opportunity.

"We are joining the Amazon family. We truly could not think of a more perfect partner for Goodreads as we both share a love of books and an appreciation for the authors who write them," the statement said. "We also both love to invent products and services that touch millions of people."

Otis added that the partnership will benefit Goodreads customers by finally being able to offer them an e-reader option. He said that Amazon will support the online business and let the Goodreads brand remain in place and continue to operate with its own unique culture.

Goodreads was known for being a "neutral" hub for readers, as publishers and authors could market and promote their books without being tied to a specific retailer. According to Otis, being an "open place for all readers" is still his company goal, it is just now also tied to promoting books for Amazon.

Even with the technology acquisition, Otis said that Goodreads will continue to let users discuss and share books they have read and connect directly with their favorite authors.