Simon & Schuster will have “record profits,” “a healthy gain in revenues” and “best-ever margins” if its projections for sales in the last few days of 2013 hold, Simon & Schuster CEO Carolyn Reidy said last week in a note to employees.
Reidy credits a healthy crop of best-sellers, award winners, the rise of digital and indie authors for the company’s success. The company had 326 New York Times best-sellers, including 37 No. 1 titles. It won Audiobook of the Year from Audible for Stephen King’s Doctor Sleep and a National Book Award for Young People’s Literature for Cynthia Kadohta’s The Thing About Luck, among other awards.
Digital content accounted for more than 27% of the company’s revenue, she wrote. And, Reidy takes some time and space to point out, Simon & Schuster had great success working with indie authors like Colleen Hoover and Abbie Glines, “We have not missed a beat in adopting the fast publishing pace of these writers.”
Reidy also credits the company’s use of new digital marketing and distribution for its success, specifically citing direct-to-consumer marketing efforts through the establishment of online communities like XOXO After Dark, a romance and “urban fantasy” portal.
Through the launch of digital-only plays like the Pocket Star imprint and the company’s new Pimsleur Language Program, a language instruction business, Simon & Schuster has embraced new ways of doing business, Reidy wrote.
“We are testing new business models and markets,” she wrote, the company’s latest pilots with selling ebooks to libraries.
Reidy ended her note to employees with thanks to their effort and a look back at the company’s past: Next year is the 90th anniversary of Simon & Schuster and the 75th anniversary of Pocket Books.