Toronto-based online storytelling company Wattpad has confirmed with Good e-Reader that they are being sold to NAVER, for $600 million in cash. The South Korean company is best known for their digital comics platform, Webtoons. Webtoon is behind some of the biggest names in webcomics, including Lore Olympus, and has worked with the Jim Henson Company and producers behind hit … [Read more...] about Wattpad is being sold to the Korean company NAVER
Business News
Amazon buys planes for the first time ever to expand its air cargo operations
Amazon announced it is buying 11 used Boeing 767-300 planes, providing a major fillip to its air cargo operations. This also marks a change of strategy for the online retail giant since this is the first time it has actually purchased planes. So far, Amazon relied on leased aircraft for its air cargo use.Seven of the planes are being bought from Delta Air Lines, while the … [Read more...] about Amazon buys planes for the first time ever to expand its air cargo operations
Amazon set to become a serious player in podcast space after Wondery acquisition
Amazon announced it has acquired the podcast start-up Wondery, a move that will add more depth to its non-musical offering available via the Amazon Music app. Wondery already has to its credit some popular podcasts such as Dirty John, Dr. Death, Business Wars, and The Shrink Next Door and reaches out to 20 million unique visitors every month. Post the deal, expect to catch up … [Read more...] about Amazon set to become a serious player in podcast space after Wondery acquisition
NetGalley was hacked and bandits made off with user accounts
Netgalley is a company that specializes in sending out early editions of ebooks and audiobooks for people to review, when it is close to the publication date. This is why you will often see your favorite bloggers or newspapers post a synopsis before the book is even released. Netgalley has announced that for the first time they were hacked and all user account information was … [Read more...] about NetGalley was hacked and bandits made off with user accounts
Penguin Random House buys Simon & Schuster
Penguin Random House is one of the largest publishing companies in the world and they have just confirmed that they are going to buy Simon & Schuster for $2.175 billion in cash. The deal is subject to regulatory approval and if the deal closes, Simon & Schuster will continue to run as a separate publishing unit. Jonathan Karp will remain as president and CEO and Dennis … [Read more...] about Penguin Random House buys Simon & Schuster
Penguin Random House, Hachette and Harpercollins most likely to buy S&S
Penguin Random House, Hachette and Harpercollins are the three leading bidders to purchase Simon and Schuster, the 3rd largest publisher in the world. The New York Times is reporting that the sale price is $1.7 billion and the bids must be officially made by Thanksgiving and the deal should be announced a few days later.Simon and Schuster's revenue rose 20% last quarter on … [Read more...] about Penguin Random House, Hachette and Harpercollins most likely to buy S&S
Hachette Book Sales Increase by 19.2% in the US in Q3 2020
Hachette global publishing revenue was €704 million, up 6.3% from the same period last year. E-books as a proportion of total Lagardère Publishing revenue continued to grow, representing 9.9% in the third quarter of 2020 versus 7.8% in third-quarter 2019, while downloadable audiobooks represented 3.7% of revenue compared to 2.9% one year earlier.Business surged 19.2% in the … [Read more...] about Hachette Book Sales Increase by 19.2% in the US in Q3 2020
ByteDance is investing in ebooks
ByteDance is the parent company of Tik-Tok and they are trying to expand their business model into different verticales, such as enterprise software and distance learning. The company has just invested $170 million into China’s largest e-book readers and publishers, Zhangyue.Zhangyue operates an app where 170 million users read novels, magazines and anime and listen to … [Read more...] about ByteDance is investing in ebooks
E INK expects 2020 revenue to be its highest in 4 years
E INK e-paper displays are found on almost every single e-reader and digital note taking device on the market. Due to the global pandemic, there has been an increased demand for digital readers and e-notes. Hisense, iFlytek, iReader, Kobo, Onyx Boox and a myriad of other vendors have been releasing a bunch of new devices all year long. E INK has just announced that their 2020 … [Read more...] about E INK expects 2020 revenue to be its highest in 4 years
Scholastic sales were down 7% in the past 3 months
Scholastic has reported that over the course of the past three months, revenue was $215.2 million, a decrease of 7% compared to $232.6 million in the first quarter of 2020. The decline in revenue was due to the school distribution channels due to COVID-impacted delays in school openings, as well as a shift in the timing of the release, as planned, of new titles in the popular … [Read more...] about Scholastic sales were down 7% in the past 3 months
John Wiley & Sons experiences a digital boom
John Wiley and Sons have experienced a big profit in the past quarter, due to COVID and more people buying research and online access. Digital and online products offset continued declines in print revenue, leading to a 2% increase in sales. Revenue was $431.3 million in the quarter ended July 31, 2020, compared to $423.5 million in last year’s first quarter, total profit was … [Read more...] about John Wiley & Sons experiences a digital boom
