Archives for February 2024
“Digital Disruptions” Continue to Hit Indigo’s Sales
Indigo released its earnings report for the quarter ended December 30, reporting sales of $370.6 million Canadian ($272.3 million USD), down 12 percent from $422.7 million in the same period the year before. The company continues to attribute the downturn to “disruptions throughout 2023” that actually happened before the reporting period, including a cyber attack last February and “the pre-mature launch of a new digital platform.” When asked on a call with investors on Friday, CEO Heather Reisman declined to share what the problems with the digital platform were. Of the online business, she did say, “it has certainly stabilized […]
People 2/8
Chrissy Heleine will be joining Hachette Book Group on February 26 in the newly created role of svp, deputy group sales director, reporting to Lauren Monaco, evp group sales director. She was most recently at Penguin Random House, where she spent over a decade, most recently as vp sales.
Digital Formats Boost Harper Sales
News Corp announced earnings for its second quarter ended December 31, reporting sales at HarperCollins of $550 million, up 4 percent from the previous year. In a release, News Corp CEO Robert Thomson said the company “believe[s] there are strong prospects for further growth as difficult macro conditions ease in some of our markets.” The company attributed the sales increase to lower returns and an increase in digital sales, which were up 15 percent, “driven by strong market growth for downloadable audiobook sales, as well as the contribution from a new Spotify partnership.” Digital purchases made up 21 percent of […]
Acquisitions: Belt Publishing
Arcadia Publishing has acquired midwest publisher Belt Publishing. They write in a release that Belt will maintain editorial independence and publish under its existing brand. Arcadia ceo Brittain Phillips said, “Belt provides Arcadia with two terrific opportunities in one acquisition. It strengthens our local and regional catalog in the Midwest, where Belt has been publishing remarkable books for a decade. And as we look to the future, Belt helps to expand the way we think about local-interest publishing, with new voices and fresh ways to define sense of place.”
IPG, Books International Launch Hardcover Short-Run Digital Printing Program
Independent Publishers Group has partnered with Books International to launch a new hardcover short run digital printing program at a lower price point. They write in a release, “The cost of the average black and white, 200-page, 6 x 9 casebound title with foil stamping and dust jacket is now deep into the single digits per copy and may approach half the price of what many are used to seeing in the marketplace. If all that is needed is case laminate, the price drop is even more pronounced.” The program debuts at the end of March. David Hetherington, Books International’s […]