Wiley announced fourth quarter and full year earnings for the period ended April 30, marking a turnaround for the company. For the fourth quarter, including held for sale or sold assets, sales were down 11 percent to $468 million and operating income fell 17 percent to $69 million. Excluding those assets at constant currency, adjusted sales were up 4 percent to $441 million and adjusted EBITDA gained 7 percent to $125 million. For the year, sales were down 7 percent to $1.873 billion with operating income down 6 percent to $52 million. Adjusted sales were $1.617 billion, down 1 percent, […]
AI
AI Annals: PRH’s Book Boost
Bertelsmann commissioned a study from Enders Analysis and Arthur D. Little on various media industry uses of artificial intelligence so far. In publishing, the report touts Penguin Random House’s BookBoost, “a proprietary platform that leverages first-party data, automation, machine learning, and AI to fully automate the process for Facebook and Instagram advertising.” They note the tool “helps to create, execute, and test advertising campaigns at scale with a focus on driving incremental sales and marketing efficiencies. Results to date are very promising, with key metrics on par or above benchmarks with strong performance in driving ad clickers to retail.” The […]
Some Publishers Begin to Add AI Language to Contracts
As publishers continue to experiment with generative AI for in-house processes, three of the big five publishers—Penguin Random House, Hachette Book Group, and Macmillan—have begun including language surrounding AI in their contracts. These three publishers have boilerplate language available stating that the publisher will not license or use an author’s work to train AI without the author’s express permission—a win for agents and the Authors Guild, which updated their model contract with an AI clause last year. In many cases, the new language is not standard to the publishers’ contracts, but will be added if an author or agent asks […]
AAP Has Been Winning Some Battles, But the War with AI Is Harder
The AAP has been so busy and visible the past year in fighting for core values—including pushing back on the unauthorized massive copying and lending of books by the Internet Archive; blocking “misguided and unconstitutional” state legislation aiming to regulate library ebook and audio pricing; and fighting book bans and an attempt to criminalize book sales and borrowing—that their virtual annual meeting, streamed on Thursday afternoon, did not need to dwell for too long on the state of play. Many remarks were focused instead of the battle ahead—or perhaps the fight already lost before we knew it was underway—to protect […]
KDP Virtual Voice Beta Has Produced Over 40,000 Audible Titles
A recent report from Bloomberg noted that Amazon’s beta program allowing invited KDP authors to produce audiobooks using synthetic machine narration has resulted in over 40,000 “virtual voice” audiobooks available through Audible so far. All of the titles are clearly labelled and introduced as having been created by “computer-generated narration for audiobooks.” At least some customers have asked Audible to provide a search filter that would omit the virtual voice titles. An Audible spokesperson writes to Bloomberg, “During the beta we are learning more about what our customers want as we continue to innovate on their behalf.” That person reports that […]
PRH Develops Generative AI Tool for Employees
Further to our reporting last fall on how publishing teams are using generative AI tools for their day-to-day work, and Penguin Random House CEO Nihar Malaviya’s assertion that the company would embrace AI technology, earlier this year PRH introduced its own internal AI application, called PRH ChatGPT. In a statement, the company said, “PRH ChatGPT was launched as a way for our employees to safely experiment with generative AI during their daily work—to learn more about how the technology works and identify potential opportunities to enhance creativity and productivity.” The company made the program available to all employees in the […]