Breaking News: Agency Price Controls Reduce eBook Sales | The Digital Reader
There's still no proof that Amazon is behind the return to agency, but evidence continues to grow that publishers have shot themselves in the foot by taking control of their ebook prices. PW noted last week that three major US publishers have reported declining ebook revenue. E-book sales at HarperCollins fell 23% in the quarter ended Mar. 31, 2016, compared to a year ago. HC CEO Brian Murray attributed the decline in part to extremely strong e-book sales ofAmerican Sniper and the Divergent trilogy in 2015. He also noted that sales of print books have been up for the first nine months of HC’s current fiscal year (which ends June 30) compared to the same period in fiscal 2015. Murray said the market seems to have found an equilibrium between print and digital sales, which he believes is a healthy thing. For the quarter, revenue at HC fell 10.9% and EBITDA (earnings before interest, taxes, depreciation, and amortization) declined 35.7%. Murray expects results in the fourth quarter to improve. First-quarter e-book revenue at Simon & Schuster was down slightly in the quarter, CEO Carolyn Reidy said, but sales of digital audiobooks were up by double digits. Reidy said she believes e-book sales [...]