Reflections by award-winning maritime historian Joan Druett, author of many books about the sea
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Saturday, November 6, 2010
Huge increase in e-book sales helps S&S turn a profit
Publisher's Lunch reports that though sales at Simon & Schuster declined by $12.7 million in their third quarter, or 5.5 percent, at $217.7 million, their profits rose by 10 percent, to $31.2 million.
So how did they do it?
Partly because of cost cutting measures, according to CEO Carolyn Reidy.
The other factor is electronic sales. Reidy says "the strength of the ebook market is quite remarkable" and notes that a number of their continuing authors are seeing sales increases for print and ebook sales combined.
While gamely claiming that the changes in the book trade are "very healthy," Reidy does admit that adjusting to the rapid metamorphosis is not "without its concerns," mostly trying to work out "where the audience is" and how best to reach them.
eBook sales for the year-to-date in the US comprise 7.1 percent of net sales, which is an increase of 173 percent over last year, and they are continuing to rise quarter over quarter.