eBook Sales to Pass $1 Billion By Year's End
Amazon has unveiled the third generation version of its Kindle.
It's time for trees to rejoice, since annual eBook sales are poised to pass the $1 billion mark by the end of 2010, according to a new report by the corporate analysis firm Forrester Research, Inc. This growth won't slow down anytime soon either, as the report predicts the eBook market reaching $3 billion a year by 2015.
However, this news does not auger the imminent closure of any paper mills. Physical books still account for about $23 billion a year, according to the Association of American Publishers. Additionally, only 7 percent of book-reading adults read eBooks .
But, as Forrester Research blogger James McQuivey notes, that 7 percent represents the people most likely to buy books in the first place, meaning eBooks have made inroads into an attractive demographic. Additionally, since book readers have shown greater willingness to move to a paying model than movie or music fans, digital publishing industry may have a more viable business model than their brothers in the music and film game.