Date:12 June 2012
Sainsbury’s moves into ebook market
Sainsbury’s has taken a 64% stake in online ebook seller Anobii, for a nominal fee of £1, from struggling music retailer HMV. The supermarket chain said the acquisition supports its drive into the growing online and digital entertainment market. Sainsbury’s launched its entertainment business in November 2010, and in October 2011 it acquired entertainment company Global Media Vault followed by the launch of a music download service earlier this year.
Anobii currently has over 600,000 users worldwide and a library of 60,000 ebooks. The company’s other shareholders are publishers HarperCollins, Penguin and Random House. The site allows users to rate and review books and share comments with other members and on various social networking sites.
Mark Bennett, Sainsbury's Head of Digital Entertainment, said: "Anobii's innovative use of social media is a clear differentiator. This acquisition is a valuable addition to our digital portfolio and shows our commitment to becoming a key player in the digital entertainment market. It further demonstrates how we are constantly looking to innovate and seize opportunities that will support the future growth of our business. We're excited about working together with the Anobii team and our fellow shareholders in supporting Anobii to become a leading retailer of e-books."