Fear the Kindle

It’s hard not to love Amazon’s (AMZN) new e-book reader. For starters, it’s gorgeous. Unlike its bulky predecessor, the redesigned $359 Kindle, which came out this week, is light, thin, and disappears in your hands. If you think there’s no way you could ever get used to curling up with an electronic reader, you haven’t given the Kindle a chance. Load up a good book and you’ll soon forget you’re reading plastic rather than paper. You’ll also wonder how you ever did without it. The Kindle makes buying, storing, and organizing your favorite books and magazines effortless. You can take your entire library with you wherever you go and switch from reading the latest New Yorker to the latest bestseller without rolling out of bed. In my few days using it, I was won over: The Kindle is the future of publishing.

And that’s what scares me. Amazon’s reader is a brilliant device that shanghais book buyers and the book industry into accepting a radically diminished marketplace for published works. If the Kindle succeeds on its current terms, and all signs suggest it’ll be a blockbuster (thanks Oprah!), Amazon will make a bundle. But everyone else with a stake in a vibrant book industry–authors, publishers, libraries, chain bookstores, indie bookstores, and, not least, readers–stands to lose out.

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