Google Inc (NASDAQ:GOOG) wants to further digitalize the way we read. They just struck a few deal with French publications after a few lawsuits for copyright infringement. A bigger part of the deal allows the French author association to halt their pending litigation.
According to Sam Schechner of Dow Jones in a recent post on NASDAQ.com, the deal allows publishers to sell digital versions of some of their books via Google and in turn, the search engine giant will provide financial support for authors and publishers. This is major progress for Google, which has been scanning millions of out-of-print and rare books into their system since 2004. They have been also facing several lawsuits and legal challenges throughout the years over this.
Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Point72 Asset Management losing about 10% in January, Millennium Management on a hiring spree, and hedge fund industry's assets under management swell to nearly Read More
Another recent and similar lawsuit, a United Stated federal judge allowed a class-action certification to a seven-year lawsuit hinders the search engine’s efforts to scan books in libraries, colleges and universities under the pretenses that Google isn’t allowed to scan entire books due to copyright restrictions.
Right now the e-book market is dominated by mostly popular titles and new books but Google Book’ strategic partner manager in development in France said in a recent conference call with reporters that they want to obtain out-of-print titles and older books for their collection.
Back in 2008, Google reached an agreement with authors and publishers in the United States, which was very similar to the recent agreement with France.
It sounds like Google is well off to stock their huge collection of books in hopes to boost their competition with the likes of Amazon. With a huge demand for digital books, it’s no surprise that Google is trying to capitalize on the trend. Although they still have quite awhile to go regarding all their pending lawsuits. At least this settlement means that they’re one step away from their goals.