Ahead of reporting results for the first half of 2017, Quarto Group warned that its earnings guidance “for 2017 and beyond has been set too high.” That’s due to both “a lower-than expected trading performance in the year to date” during “the ongoing soft retail environment” as well as an accounting adjustment from the previous year. With their publishing program weighted towards the fall, they still expect “to perform significantly better in the second half.” The wording sounds mild, but the stock market reacted strongly: Quarto’s have fallen over 25 percent since the announcement. Additionally, Brian Porritt has been appointed interim […]
Financing/Start-Ups
Corporate: Ingram Pairs with Optiqly; BISG On Rights
Marketing technology and services startup Optiqly — still in private beta and launching shortly — will provide a version of their tools through Ingram’s CoreSource as a subscription service, adapted to focus on servicing the company’s distribution clients. The deal provides Ingram an exclusive among a limited set of large distributors and wholesalers. Ingram Content Group Ventures was the investor in Optiqly’s first seed funding, and they are leading the second seed funding round, underway now. Director of data services at ICG Margaret Harrison says in the announcement, “Publishers understand the importance of metadata and online marketing to access consumer […]
Digital: Kobo Acquires Shelfie, Lost My Name In JV with Roald Dahl Estate
After taking on Shelfie’s customers in February after the service closed, Kobo has now acquired what was left of Shelfie itself — including their technology assets, IP, and the infrastructure on which the ecosystem runs, plus the hiring of Shelfie’s teams. Kobo says that in “the coming months,” it will “work to integrate the Shelfie platform into its Android and iOS apps, enabling readers to add their print libraries to their reading history to generate ever more tailored eBook recommendations, as well as the option to get digital versions of print titles they already own.” Rakuten Kobo ceo Michael Tamblyn says […]
Digital: Shelfie Shutters, Radish Raises
Shelfie, the ebook bundling app that provided users with ebooks to go along with some of the print books they already own, told users with almost no notice that the service will close today. Founded as BitLit, the Vancouver-based company had received seed funding former Kobo ceo Michael Serbinis among others. In contrast, mobile app-based short-form serialized fiction platform Radish formally announced having raised $3 million in seed financing from funders including UTA, Bertelsmann Digital Media Investments, and Amy Tan, among others. Larry Kirshbaum is serving as a senior adviser.
Briefs: Diversion Spins Off Radius Book Group; Marie Force Launches Publisher; and More
Diversion Publishing is launching a new self-publishing division, Radius Book Group, led by vp, business development Mary Cummings and managing editor Fiona Hallowell. Radius will sell aspiring authors packages ranging from DIY options through Ingram Spark to comprehensive publishing services. Bestselling self-published author Marie Force is launching a new contemporary romance company, Jack’s House Publishing. Force says in the announcement, “Jack’s House came about after many authors contacted me to ask when I was going to get into the publishing business.” She notes, “I had all the players already in place after four years of running my Formatting Fairies business, which I founded […]
Samhain Publishing “Winding Down”
Samhain Publishing announced to authors via email on Friday that the digital publisher is “beginning the process of winding down due to our market share’s continuing decline. We’re approaching the point where we cannot sustain our business.” Christina Brashear adds, “We prefer to go out gracefully and not get to the point where our overhead compromises our ability to pay the authors’ royalties. That’s would just be wrong. We want to stay on the high road and keep your respect.” Samhain says their objective is an orderly shrinking of operations, underscoring that, “We are going to continue on with selling our […]