Penguin eBook Sales More than Double During 2011, “Not There Yet” With a Library Business Model
February 28, 2012 | 8:36 am
From The Guardian:
Total revenues across the group, which includes book publisher Penguin and educational holdings, grew 4% to £5.9bn. Within this total digital revenues grew 18% to £2bn to account for a third of all sales.
Penguin reported a revenue decline of 1%, although on an underlying basis growth was 1%, to £1.05bn. Adjusted operating profits grew 5%, or 8% on an underlying basis, to £111m.
Penguin also reported a massive increase in digital book sales, up 106% year-on-year, with ebooks accounting for 12% of total revenues and 20% in the US market.
In 2010, ebooks accounted for 6% of total Penguin revenues.
Ebooks accounted for 12% of Penguin revenues worldwide in 2011 – up from 6% in 2010 – which are expected to increase significantly again this year. Big Penguin sellers were cookbooks by celebrity chef Jamie Oliver and Kathryn Stockett’s The Help.
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From Publisher’s Weekly
Asked about the two hot-button issues of the moments, library e-book lending and Amazon, [Penguin Group USA CEO David] Shanks said, Penguin continues to talk to the ALA and libraries and hopes to work out a business model that is acceptable to all parties, but admitted “we are not there yet.” As for Amazon, Shanks said the entire market is helped by maintaining as many accounts and channels as possible and that is Penguin’s overall goal. “Amazon is a very important customer and someone we like to have a good relationship with,” Shanks said.