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Digital technologies have wreaked havoc on media like newspapers and music. Might books be next?
Well, Amazon.com's (NASDAQ: AMZN) Kindle has shown that people are willing to curl up with a device when reading a book. But how big is this market really?
It's too early to tell. But this isn't stopping the competition. On Thursday, Google (NASDAQ: GOOG) said it will launch its own digital book selling service. It's called Google Editions and is expected to hit the market in the first half of next year (in the U.S. and Europe).
So, what makes this different? Google says it has a so-called cloud library, which means readers can access a book from any device (so long as there is access to a web browser). Yes, it does sound like big feat of technology. But, Google likes to solve tough challenges, right?
Because of existing deals, Google will have a library of about 500,000 books. What's more, the company plans to allow book retailers to use Google Editions to distribute titles, which will certainly be a big savings. At the same time, it will be a nice way for Google to monetize its book efforts.
So, will Google have its own ebook reader, like the Kindle? So far, the company says no. And this is probably a good idea since the market is getting crowded, such as with Sony's (NYSE: SNE) offering, as well as one planned by Barnes & Noble (NYSE: BKS).
Tom Taulli is the author of various books, including The Complete M&A Handbook
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