I got my Kindle last month when the priced dropped to $189. It’s my favorite gadget. I like it more than my iPhone 4. The reason is simple – simplicity. On the Kindle all I can do is read. I love the no distractions approach of the technology. Apparently, I’m not alone. Just last week the Kindle reached a “tipping point”, Amazon now sells more books digitally than it does physically! That’s wild when you really think about it. The Kindle was launched less than three years ago!
Since purchasing my Kindle I’ve read two books – The Big Short and Predictably Irrational – both are highly recommended. I’m now in the middle of my third – The Girl with the Dragon Tattoo. Today I read on TechCrunch that more than 1,000,000 copies of Dragon Tattoo have been sold on Kindle. Again, I’m not alone.
For all the fuss that is made about Apple I am blown away by what Amazon has done. They entered a market they had zero experience in – consumer electronics. They disrupted a six century old business. They dominated the marketplace. And now they are making more money from it then their original core business!
Part of the reason for the Kindle’s sucess are the attractive terms that Amazon offers to author’s. When publishing on Kindle authors and publishers take home 70%. This means that selling the Dragon Tattoo at $10 a pop would have made the publisher $7,000,000 – and their are no printing or distribution costs!
I’m excited to watch the development of the eBook market over the next few years. Considering the growth of the Kindle in less than three years, one thing is clear – we ain’t seen nothing yet.