Amazon to buy social network site for readers Goodreads

Online retailer Amazon has said it will buy Goodreads, a book discovery and recommendation website.

San Francisco-based Goodreads was founded in 2007, has 16 million members and is one of the most prominent online communities for readers.

The financial terms of the deal were not disclosed, and it is expected to be completed in the next quarter.

Amazon's electronic book service competes against a number of rivals including Google and Apple.

Goodreads is a social network for readers, where they can recommend, review and discover books. Users can also buy books from online retailers, including Amazon and Barnes and Noble.

"Amazon and Goodreads share a passion for reinventing reading," Russ Grandinetti, vice-president for Kindle content at Amazon, said in a statement, external.

Goodreads co-founder, Otis Chandler, said the deal would allow the company to move faster in bringing its user experience to more people around the world.