Publishers continue to struggle in down economy
While Congress is mulling a bailout for the "Big 3" automakers, the publishing industry is continuing to suffer under a debilitating economy, with no holiday relief in site. Once again my inbox was filled with grim news this morning from Publishers Weekly. Here’s a quick round-up of the bad news (followed by some good news):
In what has to be one of the grimmest days in publishing in recent years, Simon & Schuster announced today that it has eliminated 35 positions. According to a memo from CEO Carolyn Reidy, the cuts came in all areas of the company, including S&S’s publishing divisions, operations and sales departments and international division.
Thomas Nelson cuts 54 positions
Thomas Nelson CEO Michael Hyatt announced that the Christian publishing house has laid off 54 employees, or 10% of its workforce. The entry, dubbed "The Recession Hits Home," explained that the cuts, which take effect on Friday, affect almost all departments and were necessary because of the slumping economy.
Dohle’s letter on restructuring (at Random House)
I am writing today to tell you about a new publishing structure and a new leadership team for the adult trade divisions at Random House, Inc. here in the U.S., effective immediately. After looking closely and extensively at our organization and its rich diversity of authors and resources, we have created a plan for our future that aligns existing strengths and publishing affinities and fosters teamwork throughout the company. It will maximize our growth potential in these challenging economic times and beyond.
And finally, a little good news!
I think that the Twilight Series, written by Stephanie Myer, is propping up publishers and booksellers alike. Printing of the book just can’t seem to keep up with demand, as this article explains:
Apparently shipping over 22 million copies of Stephenie Meyer’s four bestsellers has not been enough to keep the season’s hottest selling book in stock. With reports from several independent booksellers that all of Meyer’s titles have been difficult to get, publisher Hachette has confirmed that it has gone back to press for 7.5 million additional copies over the last couple of weeks for all of Meyer’s titles in all their different formats.
Indeed, I have seen those books fly off the shelf at my local Barnes & Noble. Looks like we have another Harry Potter to keep the young and old alike reading for a little longer. I haven’t read any of the Twilight books yet, but I plan to since everyone keeps talking about it and I want to see what all the excitement is about.
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Read More: Publishing News
