Amazon.com Inc. (AMZN) Gathers Up Goodreads Social Network

Amazon.com Inc. (NASDAQ:AMZN) is not just the world’s biggest e-commerce marketplace; it is developing a reputation as the best online bookstore and book-reading experience with its library of books, e-books and its fleet of Kindles to make book reading more convenient for many people who are on the go. Goodreads is a social network that was built by and for book readers as an opportunity to recommend or not recommend books among friends and neighbors. After all, unless a book is written by a mainstream celebrity or an established nae (like Dan Brown, Tom Clancy or Stephen King), many books get their readership by word-of-mouth advertising. If you read a good book recently, don’t you tend to mention it to friends or colleagues?

Amazon.com, Inc. (NASDAQ:AMZN)Amazon.com Inc. (NASDAQ:AMZN) took a step toward more than just reviews of books and e-books purchased at its marketplace by announcing a deal to purchase Goodreads for an amount that is of yet undisclosed. The expectation is that Goodreads will open up new sales possibilities for Amazon, as members of the social network share  their best recommendations with others, those others might then go to Amazon to buy those books. In converse, Amazon stated it intends to make Goodreads an opportunity for authors to locate book readers who may not know about them Рsuch as, locating readers of books from the same genre as the author.

“Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world,” said Russ Grandinetti, vice president of Kindle content for Amazon.com Inc. (NASDAQ:AMZN).¬†”In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft.”

Amazon.com Inc. (AMZN)What do you think about this acquisition by Amazon.com Inc. (NASDAQ:AMZN)? How do you see it helping its overall business model? Let us know your thoughts in the comments section below.

DISCLOSURE: I own no positions in any stock mentioned.

Please see these related AMZN articles:

The Coming Revlution in Digital Content Reselling

Is Amazon Now Getting into Smartphones?

eBay is Ready to Challenge Amazon

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!