Bertelsmann reported results for the first half of the year on Tuesday morning, with book publishing as one its more resilient divisions during the pandemic. Sales at Penguin Random House were down 1.4 percent, or €23 million, at 1.627 billion. Operating EBITDA was 7.9 percent lower, at €209 million, €18 million lower than a year ago. As at other publishers, a 15 percent increase in digital sales (which had been roughly 20 percent of overall sales) helped offset declines in print sales during the pandemic. Unlike other publishers, remember that PRH’s accounting practices now count the full consumer price paid […]
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Dawn Davis, founder and publisher of 37 Ink, is leaving Simon & Schuster to become editor in chief of Bon Appetit magazine. She succeeds Adam Rappaport, who resigned in June after photos surfaced of him in an offensive Halloween costume in 2004. Canadian independent publishers ECW Press and Annick Press will begin a partnership in January, in which majority ownership of Annick Press will transition over five years from publisher Rick Wilks to ECW co-publisher David Caron. The companies will “remain separate entities, with staff, brands, finances, and editorial mandates unchanged, but will embark on a new collaboration between the […]
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Bridget Monroe Itkin has been promoted to senior editor at Artisan Books. Wah-Ming Chang has been promoted to vice president of company culture and senior managing editor, books at Catapult/Counterpoint/Soft Skull. In the UK, Lucy Hale has been hired for the new role of publisher for Pan, reporting to Jeremy Trevathan. She had been deputy ceo of Hodder & Stoughton, Headline, Quercus and John Murray until last October, when her position was eliminated. Before working for Hachette UK, Hale had been at Pan Macmillan as UK sales director and international sales director. Audio New publisher Levine Querido has an exclusive […]
China Literature Says “Lack of Resilience” Led to Big Operating Loss
Online literature and entertainment platform China Literature announced results for the six months ended June 30, with sales of RMB3.26 billion ($460.5 million), up from RMB2.97 billion in the first six months of 2019. Most significantly, however, the company recorded a major operating loss of RMB3.56 billion ($502.2 million), compared to earnings of RMB527.7 million last year — mostly due to the devastating impact of the pandemic on film and TV production and consumption. Company ceo Cheng Wu said, “The sudden outbreak of the COVID-19 pandemic and a complex and changing macro-environment had a negative impact on our business. The […]
Storytel Continues Strong Growth in Second Quarter
Swedish ebook and audio streaming platform Storytel reported earnings for the second quarter ending June 30, with net sales of SEK554 million ($63.4 million), up from SEK402 million in Q2 2019. EBITDA was a loss of SEK(37.8) million, improved from a loss of SEK(78.6) million last year’s quarter. The average number of paying subscribers was 1,257,000, up from 887,500 last year, or 42 percent. Streaming revenue was SEK459.1 million, up from SEK 320.1 million, or 43 percent, with the company forecasting 32 percent growth for the year as a whole. Print revenue — from Storytel-owned publishing houses Norstedts, People’s Press […]
Harper Sees Profits Rise On Small Sales Decline, But Finishes Behind Previous Year
HarperCollins’ parent company News Corp. reported fiscal fourth quarter earnings on the Thursday. The publisher saw sales decline only 3 percent, down by $12 million to $407 million. As with Simon & Schuster’s report in the morning, Harper increased earnings even as sales fell, with EBITDA of $47 million, compared to $43 million a year ago. The company said the earnings rise was “primarily due to cost savings and the mix of titles.” Sales were supported by “a great performance from our children’s division,” with books for children in high demand during the lockdown. Digital sales rose 26 percent in […]