Amazon to buy book lovers social networking site Goodreads
March 30 , 2013
Online retailer Amazon announced on Friday it is to buy Goodreads, a social networking site for book lovers.
San Francisco-based Goodreads was set up in 2007. With 16 million members, it is one of the largest online communities for readers.
The financial terms of the deal, which is expected to be completed next quarter, were not disclosed.
"Amazon and Goodreads share a passion for reinventing reading," Russ Grandinetti, vice-president for Kindle content at Amazon, said in a statement.
Meanwhile, Goodreads co-founder, Otis Chandler, said the deal would enable the company to bring its user experience to more people around the world.
In addition to recommending and discovering new books, Goodreads users can also purchase books from online retailers such as Amazon and Barnes and Noble.