LOS ANGELES (KTLA) — If you’ve ever wondered why digital books cost so much you’re not alone. Their high prices set by publishers caught the eye of federal regulators and now, consumers are getting cash back.
It turns out customers have been overpaying for the privilege to read on electronic screens. After being sued by the government, three major publishers have agreed to pay 69 million dollars back to consumers who bought ebooks.
For every best-seller you bought between April 2010 and May 2012 you’ll get a dollar credit. All other books will get you a quarter back. The credits will automatically be deposited into your Amazon, Barnes and Noble, or iTunes account. Sony and Google buyers will get a check.
The settlement represents something bigger than just pocket change, its an agreement to change the way ebooks are priced in the future.
Although the publishers haven’t admitted any wrongdoing, it all comes down to who says how much the consumer should pay.
In the early days of e-books, Amazon heavily discounted them. Then Apple entered the market and allowed publishers to have a say on pricing, which pushed prices elsewhere.
Apple and two other major book publishers haven’t agree to the settlement, they want to continue fighting the price fixing allegations in court.
For more details on the settlement, click here.
For more tech stories head over to RichOnTech.tv