HarperCollins releases 2016 full year results
In the US, HarperCollins has reported its full year results for the year ending 30 June 2016, which saw a drop in revenue of 1.2% to US$1.65bn (A$2.14bn), while earnings (EBITDA) fell 16% to US$185m (A$240m), reports Publishers Weekly. The performance was attributed to declines in the first three quarters compared to the same period in fiscal 2015 when the publisher benefited from strong sales for the ’Divergent’ series (Veronica Roth) and American Sniper (Chris Kyle, Scott McEwen & Jim DeFelice). Overall digital sales also dropped, with combined ebook and digital audio sales accounting for 19% of revenue, compared to 23% in fiscal 2015. However, HarperCollins CEO Brian Murray told Publishers Weekly that digital audio by itself as a category grew, with HarperCollins increasing its digital business with libraries, while print formats also saw a gain. Highlights of the year included Go Set a Watchman (Harper Lee), for which HarperCollins has the North American rights, and the inclusion of Harlequin. Although Harlequin was acquired by HarperCollins in 2014, the integration of the two publishers in 2015 resulted in US$20m (A$26m) in savings for HarperCollins’ bottom line, said News Corp CEO Robert Thomson. Thomson also said the Harlequin has been able to grow its brand beyond the romance category into bookstores due to HarperCollins’ distribution into the trade.
Category: International news