On Wednesday, a federal judge issued a damning finding that Apple conspired with five major book publishers to fix the price of ebooks. The ruling is a chronicle of these firms’ incredible stupidity. In 2009 and 2010, the judge says, Apple and the publishers conspired more or less in the open, telegraphing their moves to the press, memorializing their discussions over email, hinting at their anti-competitive agreements in public statements, and strategizing in swanky restaurants. For a short while, they succeeded in their goal of raising book prices: Overnight, the average price of ebooks rose by nearly 20 percent, with some best-sellers shooting up by close to 50 percent. Books that used to sell for $9.99 were now $12.99 or $14.99, prices that Apple and the publishers believed would threaten Amazon.com, the undisputed king of ebooks. Continue reading at 'Slate'
[ Slate | 2013-07-12 00:00:00 UTC ]