Wiley revenue down as it continues investment in digital

In the US, John Wiley & Sons has reported a total revenue fall of 5% as part of its annual results for the fiscal year ending 30 April 2016, reports Publishers Weekly. Revenue came in at US$1.7bn (A$2.3bn), with operating income falling 21% to US$188.1m (A$253.8m); unfavourable foreign currencies and a change in the method of recording journal subscriptions were given as reasons for the decline. The company’s transition to becoming a ‘digital knowledge and learning’ company also had a negative impact on the latest results, as did a drop in print book sales, which accounted for 23% of revenue, down from 25% in 2015. Digital products accounted for 63%, rising from 60% in the previous year. Wiley’s professional development group, which houses the company’s trade business, posted a 4% decline in print books but recorded increases elsewhere, including 31% in corporate learning operations and a 27% rise in online test preparation. Wiley CEO Mark Allin said the company’s objective ‘is to make our books business smaller as we focus our portfolio on high value digital learning and reference content’.

Category: International news