Amazon buries the Hachette to settle e-book pricing battle
Amazon has struck a deal with Hachette Book Group which will see the warring publishers resolve their long-running dispute over e-book prices and physical book sales.
The bitter battle had seen the online retailer refuse to stock the publisher’s books, generating significant adverse publicity for the retailer in the process, as Hachette refused to abide by the pricing conditions set by Amazon.
Now Amazon has relented, allowing Hachette to set its own e-book prices and agreeing to prominently feature Hachette titles in its promotions together with ‘financial incentives’ for it to lower prices.
Amazon accounts for 60 per cent of the e-book market, an industry it pioneered with the introduction of the Kindle in 2007, but has been accused of operating a near monopoly by many authors
Welcoming the deal Michael Pietsch, Hachette Book Group's CEO, said: “The new agreement will benefit Hachette authors for years to come.”