Ebooks up, Overall Sales Down at Penguin in Third Quarter
While revenue from ebooks was up 35% at Penguin, overall sales were down 1% compared to the third-quarter in 2011.
From Penguin parent Pearson’s third-quarter earnings note:
At Penguin, sales were down 1% compared to 2011 with the third quarter benefiting from ebooks revenue up 35% on 2011, and, as expected, a stronger publishing schedule. Key titles included Mark Owen’s No Easy Day, Ken Follett’s Winter of the World, Junot Diaz’s This Is How You Lose Her, Zadie Smith’s NW and Jamie Oliver’s 15 Minute Meals. Penguin has a strong fourth quarter publishing schedule including bestselling authors Patricia Cornwell, Nora Roberts, Tom Clancy and Jared Diamond in the US and Jeff Kinney, David Walliams, Pippa Middleton and Dawn French in the UK. In a separate statement, Pearson and Bertelsmann have today announced an agreement to create the world’s leading consumer publishing organisation by combining Penguin and Random House in a newly-created joint venture.
The company also noted in the statement that the fourth quarter is its biggest quarter each year.
Today, Pearson and Bertelsmann announced the merger of their publishing units, Penguin and Random House, respectively. The combined firm, Penguin Random House, will be the largest publishing company in the world.