Amazon said it reached a milestone, selling more e-books than hardbacks over the past three months. But publishers said it's still too early to gauge for the entire industry whether the growth of e-books is cannibalizing sales of paperback books, a huge and crucial market.
Amazon's Jeff Bezos, countered the perception that sales of Kindle had suffered due to competition from other devices, such as Apple's iPad. He said the growth rate of Kindle device sales had "reached a tipping point," having tripled since company lowered its price to $189 from $259 last month, following a similar move by competitor Barnes & Noble Inc. to cut the price on its Nook e-reader.
"Barnes & Noble, also has "seen a big uptick" since it cut the price of its Nook e-reader," a spokeswoman said. Sony, too, said that "its sales of e-books were growing steadily, while second-quarter sales of its e-reading devices were about triple the level a year earlier."