Amazon has announced its intention to purchase audiobooks provider Audible for $300 million, reports The New York Times.

Amazon will likely integrate Audible's catalog of 80,000 titles — ranging from audiobooks to audio versions of newspapers — into its MP3 store. The added inventory may help Amazon gain much-needed traction in the music selling business.

Alongside the Audible announcement, Amazon gave a status report on the sales of its Kindle e-book reader.

CEO Jeff Bezos said demand for the device is running ahead of expectations, with Amazon scrambling to increase production. The ultimate goal is to have Kindles ready to ship on-demand.

Bezos also said more bandwidth was used by Amazon's cloud computing service than all its other online operations combined. Start-ups and other firms that lack integrated solutions use Amazon's servers to host their sites and services.