On Wednesday, Apple put an end to a very long and eager wait and unveiled its tablet device, under the name iPad, and apart from some notable exceptions, the print world has, overall, welcomed the device with open arms. The industry is now eager and looking forward to tapping into the 125 million customers who already possess an iTunes account, and are more than happy to buy more content from the technology giant.

After holding detailed talks with Apple, publishers have agreed to a business model which would end up giving them much more power over the price that customers end up paying for e-books.

"We have learned that it is never wise to stand between a consumer and a preference for how they get their content", said John Makinson, chief executive of Penguin Group.

Under the terms of deal with Apple, publishers will be able to charge a price of about $12.99 to $14.99 for most general fiction and nonfiction publications, which is higher than the common price received of $9.99, through Amazon.

While Apple would be keeping 30% of the sales, 70% would go to the publishers.