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Hmnn. This doesn't really surprise me. I've believed for a long time that Agency was a big factor in helping Kobo survive; this proves it.
Having to compete on price with an operation like Amazon is extremely daunting. While Amazon doesn't use e-books as a loss leader, Amazon's profit margins are extremely thin. They're a stock darling despite the fact that they don't turn a large profit. Instead, the market has been rewarding their leading (and usually improving) market share for years.
That's tough for other operations to match.
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