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Economy

Kindle E-Book Sales Surpass Hardcovers: Amazon

Amazon.com CEO and founder Jeff Bezos speaks in May 2010 at the annual Amazon.com Shareholders Meeting in Seattle.  Ted S. Warren/AP hide caption

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Ted S. Warren/AP

We have finally crossed the Rubicon, at least when it comes to Amazon.com sales of e-books versus hardcover books.

The on-line retailer said its e-book sales on the Kindle overtook its hardcover sales for the first time this year.

An excerpt from an Amazon news release, in which Jeff Bezos sounds like Malcolm Gladwell:

"We've reached a tipping point with the new price of Kindle—the growth rate of Kindle device unit sales has tripled since we lowered the price from $259 to $189," said Jeff Bezos, Founder and CEO of Amazon.com. "In addition, even while our hardcover sales continue to grow, the Kindle format has now overtaken the hardcover format. Amazon.com customers now purchase more Kindle books than hardcover books—astonishing when you consider that we've been selling hardcover books for 15 years, and Kindle books for 33 months."