Amazon To Use Its Own Honor System to Try to Raise Money
West Filabucket, WA /DenounceNewswire/ -- March 21, 2001 -- Amazon.com (NASDAQ: AMZN) today announced that the company will begin to use its recently-launched Amazon Honor System on its own Web pages. The Amazon Honor System, launched on February 6, enables online visitors to easily "tip" their favorite Web sites or pay for access to premium content. The patent-pending technology is based on Amazon's patended 1-Click system for making it easy and simple to purchase products.
The company decided that it could not wait several years before receiving a patent grant for the technology, at which point it could demand license fees from everyone from the largest Web company to the poor street musician with a tip jar.
"We realized that we're sitting on a wonderful revenue generator that we ourselves can take advantage of right now," said Jeff Bezos, former billionaire and CEO of Amazon.com. "Now our loyal customers can help our bottom line by tipping us if they think we've done a good job."
"A brilliant, if desperate, move", quipped Indu Strypundit, an industry pundit. "Whatever it takes to make money. I guess they've realized they can no longer just make it up in volume."
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