An interesting Authors Guild consumer survey sheds light on the true size and richness of demand for books, reminding us that the market may be far larger than what common sales statistics reflect. Unfortunately, the headline—”Only 25 Percent of Readers Paid for a New Copy of a Print Book or Ebook Read in the Previous Month”—positioned the results as suggesting that authors are getting cheated by the many legal ways in which books can be acquired and read, and seemed to criticize people who love their local libraries. (“The study upends a common assumption about library borrowing: the readers most […]
WH Smith Drops to 16-Year-Low on Profit Warning, Capital Raise
WH Smith’s stock fell well over 15 percent in Wednesday trading after the company warned of soft sales and profit expectations for the second time this year. “Given the ongoing uncertainty from the Middle East conflict and pressures on gross margins, including the recent deterioration in the North America division,” the company expects profit before tax and non-underlying items of £75 million – £90 million. That’s down from a previous forecast of £90 million to £105 million issued in April, when they suspended their dividend. Due to restructuring across various parts of the company, they expect to take “a significant […]
Obituary: David C. Nelson
David C. Nelson, 78, died in New York City on April 26 from complications of dementia. He began his publishing career at Micawber’s Books and the wholesaler Bookman in the Twin Cities before joining Viking Penguin as a Midwest sales representative in 1978 and rose to become vp, director of sales for adult hardcover and children’s books in 1991. Thereafter, his roles included vp, director of sales at Harcourt Brace; vp and publisher at Beaufort Books; executive editor at Sterling Publishing, where he founded the Ethos imprint; and finally literary agent at Waterside Productions. A celebration in his memory will […]
Cruz Leaves NYTBR to Become NYT’s First “Canon Editor”
The well-regarded editor of the New York Times Book Review since mid-2022 Gilbert Cruz is leaving his position for another job at the newspaper. Tina Jordan will serve as interim editor while the paper looks “for the next editor of The Book Review in the coming months.” Cruz is taking new, and new-fangled, role of Canon Editor. “Gilbert will build a team dedicated to expanding our embrace of those moments when we invite experts and readers alike to help us declare the definitive works in a given discipline. While The Times will continue to publish an array of news-driven lists throughout […]
Imprints: Penguin Workshop’s Tinker
Penguin Workshop will launch Tinker, a new publishing program, starting with six titles in spring 2027. Publisher Daniel Moreton and editorial director Nick Magliato will lead the line, with art direction by Lynn Portnoff. Tinker will publish “commercial design-forward board and picture books ‘built for play’ for readers ages 0-10,” featuring everything from “accordion die-cuts to pop-up alphabet books—to books that transform into steering wheels, where the book itself becomes the toy.”
Literary Arts Fund Names First Recipients of $7.7 Million In Grants
The Literary Arts Fund announced the first 40 literary arts organizations and publishers to receive $7.7 million in unrestricted general operating grants. The recipients “organize local book festivals, present readings and conversations with authors, host writing workshops, offer writers’ retreats and residencies, and are responsible for a vast amount of poetry and works in translation published each year.” Over half of the recipients have annual budgets of under $1 million. The full list is posted here. The fund’s next grant opportunity—supporting new, one-time innovative projects—opens on June 8, when they will post guidelines for applying. Announced last October, the fund […]