Amazon Acquires Goodreads, a Social Reading Site With More Than 360 Million Books Catalogued

The Web’s giant retailer Amazon has said it will buy the popular book-recommendation and social networking site Goodreads for a undisclosed amount.

The San Francisco-based Goodreads was founded in 2007, and currently has 16 million members. It is one of the most prominent online communities for readers to review and rate books. It also enables users to follow friends and others with similar interests and have discussions about books with them. The 16 million members have contributed more than 23 million reviews and the site has catalogued nearly 360 million books.

The acquisition will provide Amazon with another way to get readers to buy books from it, both digitally and from its warehouses. It will not just revamp Amazon’s book reviews and recommendations, but will also boost up the sales.

Here’s a look at the spike in books added per month in a graph from last August as shared by TechCrunch:
Goodreads - Books Added by Month

“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon Vice President, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.”

Goodreads co-founder, Otis Chandler, said the deal would allow the company to move faster in bringing its user experience to more people around the world.

One of the most prominent features of Goodreads is the books recommendation technology. Although Amazon has its own recommendation engine, Goodreads’ technology adds a bit more value to the growing self-publishing industry.

The best part about it is that the service enables authors to create their own author pages. Readers and fans can follow this page and interact directly with the authors using the comments section. Authors can also run private blogs, send out giveaways, and publicize events using the service.

The acquisition in every possible way is certainly good for Amazon. The complete details of the acquisition including the financial terms were not disclosed, however, it looks like it is worth every penny. The acquisition is expected to be completed in the next quarter.

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