Publishing revenues of $164 million for the first quarter of 2019 increased 3% from $160 million for the same prior-year period, driven by higher print book sales. Bestselling titles for the first quarter of 2019 included Five Feet Apart by Rachael Lippincott and Supermarket by Bobby Hall.
Publishing operating income of $17 million for the first quarter of 2019 increased 6% from $16 million for the same prior-year period, mainly as a result of the higher revenues. The two main factors that contributed to more profit was primarily attributed to print books and digital audio.
Sales of audio were up 7% in the quarter, a growth rate slower than the format has experienced over the last several years, but CEO Carolyn Reidy said the modest gain in the period was due in part to the mix of titles and that she still expects audio to remain a robust segment. The increase in sales of digital audio offset declines in e-book sales, keeping overall digital revenue even with the first quarter of 2018.
Michael Kozlowski is the Editor in Chief of Good e-Reader. He has been writing about audiobooks and e-readers for the past ten years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times.