Simon & Schuster Has Record Year
Simon & Schuster had an increase of 6% in total revenue although profits were hampered by teh AMS bankruptcy. S&S decided to absorb the AMS bankrupcty in 2006 and sums recovered from the bankruptcy proceedings will be pure profit in 2007. Mass market sales were flat but the higher priced premium paperbacks helped offset that. Trade paperbacks had good sales. The children’s group sales were up 3% and digital downloads of audio books were up. Digital downloads account for 10% of audio sales.
For its ebook efforts, S&S hopes to have 13,000 of its backlist in ebook format by end of 2007 and the entire backlist including any out of print titles that are saleable by mid 2008.
Via Publishers Weekly.