Online retail giant Amazon is planning a massive push into the book publishing business, cutting out key publishers which are also the suppliers of the books and eBooks that it sells through its online portal.
Amazon has plans of publishing 122 books this year alone, striking deals directly with authors and cutting out the publishers, New York Times (opens in new tab) reports.
Under the deals, the company will publish both physical books and eBooks under its newly formed publishing division which is run by Laurence Kirshbaum. Amazon has moved from an online book retailing platform which helped publishers reach a massive market to a director competitor, with the might of its retail store and Kindle brand behind it.
Amazon recently signed a book deal with self-help author Tim Ferris and another reportedly worth $800,000 with director Penny Marshall.
Meanwhile, sources within the publishing circles have informed that publishers are terrified of Amazon’s aggressive moves and are clueless about their next move. Some publishers are also claiming that Amazon is wooing some of their top writers.
“If you’re a bookstore, Amazon has been in competition with you for some time. If you’re a publisher, one day you wake up and Amazon is competing with you too. And if you’re an agent, Amazon may be stealing your lunch because it is offering authors the opportunity to publish directly and cut you out,” publisher Richard Curtis told NYT.