Analyst Ups Kindle Sales Forecast to 380,000

Posted on August 11, 2008

Amazon KindleBloomberg reports that a Citigroup analyst is doubling the projection of the number of Kindles may sell this year. The number has increased from 190,000 to 380,000. The analyst also says, "Kindle is becoming the iPod of the book world."
The company may sell 380,000 Kindles in 2008, up from its earlier projection of 190,000, Citigroup analyst Mark Mahaney wrote yesterday in a research report. Apple Inc. sold 380,000 iPod music players in 2002, the first year they were sold, according to Mahaney. He recommends buying the stock.

"Kindle is becoming the iPod of the book world," Mahaney wrote. "Kindle could be one of the top `gadget' gifts this holiday season.", which began as an online bookseller, introduced the paperback-sized Kindle in November and has increased the number of books, magazines and newspapers offered by two-thirds. Chief Executive Officer Jeff Bezos wants to compete with Apple by offering media services, including movie and music downloads, and reduce its reliance on sales of books, CDs and DVDs.

"Kindle's apparent 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 digitization of media products," Mahaney wrote in the note.
Companies in Germany and France are plotting Kindle killers but can probably can remain the ebook device leader unless Steve Jobs and Apple are also plotting a Kindle killer. Estimates for 2010 make the Kindle a $1 billion business for reports Silicon Alley Insider.