S&S sees revenues slide by 9% to $217m

S&S sees revenues slide by 9% to $217m

Worldwide revenues at Simon & Schuster have dipped by 9% to $217m for the third quarter of 2019, from $240m for the same period last year, parent firm CBS has revealed.

The parent company’s earnings statement showed that for the three months ending September 30th, S&S’ revenues stood at $217m. The company attributed the $23m reduction to lower book sales citing last year’s Fear: Trump in the White House by Bob Woodward as “record-breaking”.

Publishing operating income of $52 million for the third quarter of 2019 increased 2% from $51m for the same prior-year period, primarily reflecting lower production costs from the mix of titles. UK figures were not disclosed separately.

Bestselling titles for the third quarter of 2019 included The Institute by Stephen King and The Book of Gutsy Women by Hillary Rodham Clinton and Chelsea Clinton.

The publisher’s c.e.o. Carolyn Reidy told Publishers Marketplace that audio was looking more positive. “The one bright spot was digital audio. I would agree that the market seems quiet at the moment  but it often feels that way before end of year sales ignite.”

In particular, Reidy cited “the proliferation of all these wonderful book clubs” that helps to “broaden the publicity and cultural talk about novels” and “stimulate the market,” particularly since “they are not picking the same books that the media is focusing on.” The company expects to have something to say shortly about their own holiday rapid replenishment program.”

The news follows a more optimistic state of affairs from the quarterly report posted in August. Worldwide revenues for S&S were up $11m compared to the same period last year, hitting  $218m in the second quarter.