I picked up this piece of news off my favorite publishing site, GalleyCat as reported by Jason Boog (Guatemala 2000-02)

Net sales revenue from eBooks have surpassed hardcover books in the first quarter of 2012 according to the March Association of American Publishers (AAP) net sales revenue report (collecting data from 1,189 publishers), adult eBook sales were $282.3 million while adult hardcover sales counted $229.6 million during the first quarter of 2012. During the same period last year, hardcover accounted for $335 million in sales while eBooks logged $220.4 million.

The report also say, “In Q1 2012, net sales revenue for eBooks was higher than that for Hardcover; this represents a switch of positions in the category vs Q1 2011. In both quarters, however, Trade Paperback remained a clear #1 in net sales revenue despite some erosion. While eBooks continue to show growth, downloaded audiobooks also keep accelerating vs last year - as some experts have said, tied to ongoing popularity and acquisition of smartphones and mobile devices.”