Amazon has reached an agreement to acquire Goodreads, a community for book lovers.
Founded in 2007, the San Francisco-based company has a member base of 16 million avid readers who have collectively formed more than 30,000 book clubs.
Amazon’s selection of eBooks for Kindle, as well as its emerging publishing division, will benefit from the recommendation power of the social network, where members have written more than 23 million book reviews.
As Hugh Howey, best-selling author of WOOL, put it: “I just found out my two favorite people are getting married. The best place to discuss books is joining up with the best place to buy books – To Be Read piles everywhere must be groaning in anticipation.”
In fact, the company reports that Goodreads members have added 530 million books to their “want to read” shelves on Goodreads to date. More than four books per second have been added in the past 90 days alone.
The terms of the sale were not disclosed, but the deal is expected to close in the second quarter of 2013, at which point the Goodreads team will remain at its headquarters in San Francisco.