Random House Looks Sick (and not in a Hip Phat way)
I’m beginning to see my google reader as the publishing death watch notice. Every day I wonder, who is teetering on bankrupcty today. While not on the verge of bankruptcy, Random House still looks sick and has a dismal outlook. According to the article at Publishers’ Weekly, total revenue fell 6.5% and earnings were down 20.8%. The U.S. division saw a decline in sales in the second half of 2008. The cost cutting measures even cost money. The book, Brisingr, was it’s biggest selling title with four million in sales. Random probably cannot have Peter Jackson’s movie of Naomi Novik’s books soon enough. Both sales and revenue are projected to be down in 2009.
The only positive note is that digital sales are increasing tremendously.