Amazon (AMZN - Free Report) has added a vast repertoire of traditional Chinese language books on its reading device, Kindle.
The company has added more than 20k books to its Kindle store, which is in sync with the expansion of Amazon’s e-books portfolio. These books are not only available on Kindle devices but also on the Kindle app on iPhone, iPad, Fire Tablets, and Android phones and tablets.
Further, the authors and publishers of these Chinese books will get a platform to showcase their works and writings. They will also be able to reach out to the interested readers efficiently.
The expanded book offering will likely attract more readers to the platform. Consequently, this will boost Kindle devices’ sales as well as download of Kindle app, driving revenues.
With the latest move, the company intends to cater to the growing global demand for Chinese books among Chinese readers as well as other readers.
Strong E-Book Market Growth
Amazon continues to focus on expansion of its books portfolio to cater to the rising demand for e-books worldwide due to the growing internet and mobile phone usage.
Moreover, e-books, which are easily available for purchase as well as for free of cost in many cases, are gaining traction in this tech-savvy world.
Per the latest report from Statista, the global e-book market is expected to generate $13.7 billion revenues in 2019. Furthermore, the revenues are anticipated to witness a CAGR of 2.7% between 2019 and 2023 and to reach $15.3 billion by 2023.
We note that the availability of the wide range of books in Chinese as well as in other languages such as English, German, French, Italian, Arabic, Spanish, Japanese, Chinese, Russian and many more, will keep aiding the company in capitalizing on this growing market.
Amazon is well poised to cater to the growing demand for e-books with its robust Kindle features.
According to data from Statista, revenues in the U.S. e-book market are expected to reach $5.9 billion between 2019 and 2023. In addition, e-book user penetration is anticipated to hit 26.5% by 2023.
Per the company’s recent announcement, Kindle store now contains famous and award-winning Chinese books from leading authors namely Ni Kuang, Qiong Yao, Liu Cixin and PaiHsien-Yung. A few bestsellers on offer are The World Between Us and You Are The Best, classics available are Dream of the Red Chamber and Louis Cha Jing-yong Collections, among others.
Consequently, introduction of Chinese books is an effort to break the language barrier. This will boost the global expansion of Kindle.
Thus, Amazon Kindle will continue to gain momentum in the market driven by its expanding collection of books in several dialects and global penetration of Kindle use.
Zacks Rank & Stocks to Consider
Currently, Amazon has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Facebook, Inc. (FB - Free Report) , IAC/InterActiveCorp (IAC - Free Report) and AXT, Inc. (AXTI - Free Report) , each carrying a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for Facebook, IAC/InterActiveCorp and AXT is currently projected at 20.2%, 20.5% and 15%, respectively.
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