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Amazon widens its stream
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December 1, 1998: 8:49 a.m. ET
Pioneering web retailer will sell books, music via Broadcast.com and Hoover's
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NEW YORK (CNNfn) - Amazon.com, the pioneering Internet retailer, expanded its virtual gateway to more than 3 million books, CDs and videos Tuesday by unveiling back-to-back promotional deals with two leading lights of the burgeoning electronic-commerce industry.
In one of two e-commerce agreements unveiled simultaneously, Seattle-based Amazon said it has agreed to become the exclusive bookseller for Hoover's Online, an Internet provider of information about more than 13,500 of the world's largest companies.
Under the second deal, visitors to Broadcast.com, a leading provider of round-the-clock live and on-demand music programming, will be able to order Amazon books and music titles by clicking on an Amazon link at various places on Broadcast.com's site.
By clicking on Amazon.com's "Order Now" button, for instance, Broadcast.com visitors -- estimated at around half a million daily -- will be able to order Amazon products geared toward the user's interests. A music fan watching a concert will be able to link to an Amazon book or CD about the featured band or artist.
Under the agreement with Hoover's, Amazon will receive promotional placements on the Hoover's Online homepage, on 13,500 Hoover's "Company Capsules", on Hoover's IPO Central, and in Hoover's Online Store.
Amazon's latest forays into e-commerce come less than two weeks after the company declared a 3-for-1 stock split as euphoria swept the high-flying Internet sector.
On Monday, however, the shares of Amazon (AMZN) plunged 24-5/8 to 192 on the Nasdaq amid a sell-off across the Internet sector that led a broader market decline. Broadcast.com (BCST) stock slid 10-1/4 to 66 on the Nasdaq.
Aside from its main Internet site, launched in July 1995, Amazon also operates two international Web stores, in the United Kingdom and Germany.
The company reported revenue of $147.8 million in 1997. In the past year, it has run into mounting competition from online retailing rival, Barnesandnoble.com.
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