Amazon, founded by Jeff Bezos on July 5, 1994, began as an online bookstore operating out of a garage in Bellevue, Washington. Originally named “Cadabra,” the company quickly changed its name to Amazon, inspired by the vast South American river, symbolizing its potential to become a vast online marketplace.
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Amazon Prime debuted in February 2005 as a membership program offering fast and free shipping on eligible purchases for an annual fee. Initially, Prime members enjoyed unlimited two-day shipping within the contiguous United States. The program quickly gained popularity, prompting Amazon to expand its benefits.
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In January 2008, Amazon acquired Audible, the leading provider of spoken audio entertainment, information, and educational programming, for approximately $300 million. Audible, founded in 1995, had built a vast library of audiobooks, radio shows, and audio versions of magazines and newspapers. The acquisition allowed Amazon to expand its digital content offerings and tap into the growing demand for audiobooks and spoken word content.
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