Random House Reports Earnings, 200% E-book Sales Growth
To further nurture our publishing potential, we have launched several new print and direct-to-digital imprints, introduced new formats and business models, and acquired the leading digital media studio Smashing Ideas. We are continuing to strengthen our supply chain to help make our retail partners’ business more efficient and more profitable with Random House titles. And we are working together in a global effort toward our immediate and long-term top priority: connecting and communicating directly with readers through marketing innovation. Our cross-company collaboration and cost consciousness are yielding many internal benefits, ultimately helping us broaden our investments in author acquisition and development, which will always be the heart of our business.
With our local economies showing increasing fragility in recent weeks, maintaining our first-half fiscal momentum won't be easy. Fortunately, we go into the fall with an exceptional publishing lineup comprising new books by Harry Belafonte, Lee Child, Paulo Coelho, Joan Didion, Charles Frazier, John Grisham, Robert Harris, Toni Hill, Diane Keaton, Dean Koontz, Ami McKay, Walter Moers, Erin Morgenstern, Haruki Murakami, Jo Nesbø, Christopher Paolini, James Patterson, Terry Pratchett, Condoleezza Rice, Dr. Seuss, Alexander McCall Smith, Danielle Steel, and Martha Stewart, among many others.
What all of you have been accomplishing together is more than remarkable: thank you for your extraordinary contributions to our company and for making the culture of teamwork a reality here at Random House. That collaborative spirit is evident every day within our companies worldwide, and it extends to our authors, their agents, and to our booksellers and readers.
It is exciting and humbling to be part of one of the most important cultural and commercial shifts of our lifetimes: how our beloved books are being published, purchased, and read. I look forward to working with you to make the most of every opportunity during these transformative times.