Here’s the good news, (excerpted by Colleen Gleason’s Member News article in the online RWA Update) –
Book Sales Increase at Start of 2008
According to the Association of American Publishers (AAP), book sales in January 2008 rose 7.2% to $745 million (based on domestic net sales at 79 publishers as reported to AAP).
http://www.publishers.org/main/PressCenter/January08StatsRelease.htm
• Adult paperbacks sales rose 37.6% (with sales of $135.2 million)
• Children’s/YA paperbacks were up 28.2% ($34 million)
• E-books rose 26.1% ($3.1 million)
• Adult Mass Market increased 17.3% ($65.3 million)
• Audio Books gained 16.8% ($13.5 million)
• Adult Hardcovers were up 4.2% ($94.4 million)
And some not-so-good-news!
Borders Possibly Up for Sale
Book retailer Borders Group, Inc. is considering putting the company up for sale. Borders took a loan from Pershing Square Capital, its largest shareholder, for $42.5 million to keep the company operational and to grow. Borders executives believe this capital will “give them time to fully explore all strategic alternatives, while also providing the necessary capital to implement their strategic plan.” ( Publishers Weekly , 3/24/08; http://www.publishersweekly.com/article/CA6544012.htmlq=borders. Forbes.com, 3/20/08; http://www.forbes.com/2008/03/20/borders-sale-barnesandnobles-markets-equity-cx_md_0320markets10.htmlpartner=alerts)