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News & ArtsThursday, December 4, 2008
Books Black Wednesday
Posted by Paul Constant on Thu, Dec 4, 2008 at 11:27 AM
Wow. When I reported on Random House yesterday, it turns out I was missing a lot of the story. It seems as though every publisher on earth cut people yesterday:
The New York publishing world, which has had its own shivers of layoffs, got seriously rattled by major announcements today by Random House, Simon & Schuster and Thomas Nelson. Publishers Weekly editor Sarah Nelson is not the only one calling it Black Wednesday.
Thomas Nelson is a Christian publisher. They cut 54 people. Harper Collins and Penguin have both announced salary freezes. All this is due to exceedingly low bookstore sales. It's enough to make you wonder who's going to be around in publishing in six months.
1
Strangely enough, I think that these firings are premature--I think if bookstores are smart, they'll do well this season... Past bleak holiday seasons have proven that shoppers turn to books as a relatively cheap, yet thoughtful gift, and this year we'll see that made even clearer. Even if most shoppers wait till the last week or so of Christmas to have this realization...
3
I once heard that of all books sold only 10% are ever read.
Of all those read, only 10% are read past the 1st chapter.
Definitely a Reading Bubble.
Of all those read, only 10% are read past the 1st chapter.
Definitely a Reading Bubble.
5
@2 very funny! and I have to say I am surprised that even the Xtians are feeling the pinch as they seem to buoy themselves with a steady flow of 'literature'.
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