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E-Books Outsell Hardcovers on Amazon

Thanks to a price cut and the growing popularity of e-books, digital tomes are now outselling hardcovers on Amazon, the online retailer announced this week.

After slashing the cost on its digital reader Kindle, Amazon saw an increase in the sales of the popular gadget and e-books.

“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,” CEO Jeff Bezos said. “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.”

The U.S. Kindle Store offers more than 630,000 books, including new releases and 106 of 110 New York Times Best Sellers. More than 510,000 of these books are $9.99 or less, including 75 New York Times Best Sellers. More than 1.8 million free, out-of-copyright books are also available to read on Kindle.

Amazon reported that over the past three months, for every 100 hardcovers sold, it has sold 143 Kindle counterparts. According to the Association of American Publishers’ latest data, e-book sales grew 163 percent in May and 207 percent year-to-date through May. Kindle book sales in May and year-to-date through May exceeded those growth rates.

Currently, the bestselling e-books on Amazon are the late Swedish author Stieg Larsson’s Millennium trilogy: The Girl Who Kicked the Hornet’s Nest, The Girl with the Dragon Tattoo, and The Girl Who Played with Fire.

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