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 – such 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

blog comments powered by Disqus
Insider Monkey Headlines
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 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

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!