The future of e-readers is starting to look pretty bleak, much like the future of certain European economies.

Tablets are here to stay and they are already having a profound effect on the way prople consume content. This means many consumers are choosing tablets over e-readers, in spite of their glossy screens.

Maker of e-paper displays E Ink Holdings has seen its revenues plummet in recent months. E Ink executive Sriram Peruvemba told Retures that the "bottom fell out of the market."

E-readers still have a an edge over tablets thanks to their matte screens and vastly superior legability outdoors. However, this does not seem to be enough to stop the tablet onslaught. Bridgestone, Delta Electronics and Qualcomm are abandoning e-paper production and things are already looking very bad for dedicated e-readers.

E Ink hopes it can use its display technology on other devices, such as watches, cellphone keypads and other gardgets.

More here.