Google to open "iBook" store

As a part of the long talked about project to scan all books and make them available on the web, Google has agreed to open an online store as a part of its $125MM Book Search settlement according to Silicon Alley Insider.

Anticipated to be an iTunes for books type of offering, the initial collection of books will consist of copyrighted, out-of-print books. The format for the books is currently unclear as is the timing of the service.

However one thing is clear. Google will be doing a big time service to the academic and other communities by making the out-of-print books of the world available to all on the Web.

Pricing will be based on an algorithm (not surprising as Google seems to run its company on algorithms) and Google will keep 37% of proceeds for itself with 63% going to the rights holders.

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