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Online retailer Amazon.com Inc unveiled a slimmer version of its Kindle digital book reader on Monday, with more storage and faster page turns, but kept a high price tag that could discourage mass adoption.
The new Kindle, still priced at $359 on Amazon's website amazon.com/kindle2, is available for preorder, and will ship February 24, the company said. Amazon shares fell nearly 1 percent to $66 on Nasdaq.
Bernstein Research analyst Jeffrey Lindsay said the new Kindle was an improvement, but its price showed Amazon was not moving aggressively to make the device mainstream.
"Really we don't see them as having taken the device to the next level," he said. "We think it's an incremental step of improvements. They're advancing very conservatively."
While the previous Kindle could store over 200 titles, the new version holds over 1,500 and includes a feature that reads text aloud to users, Amazon said.
Customers awaiting their first versions on back-order will be automatically upgraded to the new Kindle, Amazon said.
The new Kindle is "thinner, faster, crisper, with longer battery life, and capable of holding hundreds more books," said Amazon Chief Executive Jeff Bezos in a statement released alongside a company event at New York City's Morgan Library.
First launched by the Seattle-based company in November 2007, the Kindle allows users to read books and newspapers wirelessly on a device weighing less than a typical paperback.
The device is a tiny part of Amazon's web retail business, but attracts out-sized interest from investors and analysts as a potential source of new growth.
It took sales away from Sony Corp, whose Sony Reader beat Amazon to market, and Amazon touted its existing relationships with book publishers as a plus.
KINDLE FIXES
But Kindle users had criticized the device's less-than-inspired design and complained about the placement of its buttons, lack of backlighting, slow page turns and high price.
The new version fixes a problem with involuntary page turns and sports a new five-way controller that allows users to jump between articles and sections of newspapers. A power charger is more portable and a cover that comes with the device is more secure, the company said.
The new "text to speech" function converts words on a page to speech. Users can choose a male or female voice to read to them and choose a speed.
, "Ur," exclusively on Kindle.
The company has not disclosed Kindle sales figures. Citigroup analyst Mark Mahaney has estimated Amazon sold a half-million Kindles in 2008, about one-third more than the number of iPods sold by Apple Inc in its first year.
The latest model of the Sony Reader retails for about $400. Its display is about the same size as Amazon's new Kindle, but the Sony Reader holds only about 350 digital books. It can play MP3 and AAC digital music with headphones.
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