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The iPod of the book world is a Amazon hit

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The Amazon Kindle (Amazon)

The Amazon Kindle (Amazon)

Online retailer (UK site) is set to see revenue from its Kindle electronic book reader reach beyond $1.2 billion by 2010.

Amazingly, in a report, Citigroup revealed that’s over 4 percent of Amazon’s total revenue for the same year.

Analyst Mark Mahaney said: “The Kindle has become the iPod of the book world.”

500,000 Kindle units were sold on the Amazon website in 2008. Relatively that’s 32 percent more than the number of Apple iPods sold in its first commercial year.

Mahaney had originally estimated the sale of 380,000 Kindles in ’08.

Amazon topped analyst estimates for the fourth quarter of last year and also forecast first-quarter of 2009 sales above expectations.

The e-retailer is planning to launch the latest version of the Kindle on 9 Feb.

“Kindle’s success highlights the very significant and consistent innovation focus that Amazon has maintained over the past five years and helps hedge the company against the digitisation of media products,” said Mahaney, who labeled the company with a ‘hold’ rating.

In the marketplace Kindle competes with Sony’s e-book reader.

The wireless version of the Kindle can download titles from 17 websites including Amazon (naturally), Project Gutenberg, Free Kindle Books, The World Library and Fictionwise. For a full list of sources click here.

Watch the guide to Kindle below:

Does anyone own a Kindle or a Sony E-Book Reader? What do you make of them? Do they make reading easier? Would you recommend it?

Words: Dean Samways

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