Swedish audiobook subscription service Storytel published its 2020 annual report, with total sales of SEK 2.39 billion ($268 million), up from SEK 1.84 billion, exceeding its goal for the year despite a strong Swedish krona. The company’s pretax loss was SEK (210) million, an improvement from SEK (380) million last year, though the company remains focused on growth over profit. “Storytel’s strong expansion focus, which prioritizes growth over profitability, will remain in place as long as customer acquisition creates value and contributes to making more markets profitable at a local level.” (One more market reached profitability in 2020, in the […]
eNews
Tencent’s Ebook Outlet Launches North American Platform
China Literature, the ebook venture of the Chinese chat and gaming giant Tencent, has launched a North American platform, featuring more than 200,000 original English-language titles as well as 1,000 works translated from Chinese. (All My Beasts Are Legendary and Rebirth: Pampered Wife’s Counterattack are the two titles currently featured on the front page’s top carousel.) Called WebNovel, the platform seeks to “transplant the strategy proven successful in China to the new market, to build a content eco-system where we could build on our IP,” China Literature’s head of international business Sandra Chen, told Reuters. In China, the ebook platform […]
Digital Briefs: Costco Audiobooks, AAP Opposes Library eBook Legislation
Costco started selling value-priced collections of digital audiobooks recently, playable through their own audiobooks app. For now they offer approximately 175 different collections to members. As Maryland (and other states) considers legislation that would require ebook publishers to also “license the book to public libraries in the state on reasonable terms,” the AAP explains in opposition that such state laws are invalid. “Federal copyright law prohibits this type of regulation of copyrights by state governments,” the organization writes. And such legislation also “raises significant Commerce Clause and Due Process Clause concerns and would likely be found to violate the U.S. […]
Briefs: Barnes & Noble Announces New Tablet, Endeavor Eyes IPO Again
Barnes & Noble will replace their out-of-stock Nook branded tablet with a new model from Lenovo. Like their previous tablet, the new model will be 10.1 inches and priced at $129.99, available as of April 5. After pulling their planned IPO at the last minute in September 2019 and broad layoffs during the pandemic, Endeavor is reported to have filed confidential paperwork for another public offering of shares with the SEC.
Firebrand and NetGalley Sold to Japan’s Media Do
Quality Solutions/Firebrand Technologies and NetGalley have been sold to Media Do International, the US-based subsidiary of Japanese ebook distribution company Media Do Ltd. Founder and ceo Fran Toolan will remain on as CEO for a minimum of three years. Media Do has been NetGalley’s reseller partner in Japan since it launched there in 2016. Media Do International ceo Daihei Shiohama says in the announcement, “We are very pleased to bring Firebrand and NetGalley into the Media Do family. We have long respected the works of the Firebrand Group, and are very excited about the prospects of working closely with them […]
People, Etc.
Elle Keck has been promoted to editor for William Morrow/Avon. Ali Herring has been promoted to literary agent at Spencerhill Associates. Dick Duane, co-owner of Pinder Lane & Garon-Brooke Agency, died January 28 of colon cancer. Acquisitions Prospect Park Books sold their assets, including 100 backlist titles and 11 forthcoming ones, to Turner Publishing. (The former was distributed by Ingram’s Consortium; the latter uses Ingram Publisher Services.) Founder Colleen Dunn Bates said, “Those of you who know me know how much effort I put into linking us all, and I’ve so valued every minute of it. But I’ve also worked my […]