Looks like the e-book revolution is happening swiftly. Simon & Schuster is reporting that while overall sales are down 6 per cent, digital sales grew 233%. That is, from $3 million to $12 million in the first quarter of 2010. Digital sales now represent 7.9% of total S&S revenue. At that sort of growth rate, it won't take very long before digital sales are the majority of S&S sales. While S&S didn't say, I'd bet that digital sales represent an even greater share of S&S profits.
The interesting part to note is this is occurring before truly widespread acceptance of e-readers, and while e-book pricing is still based on print book prices. And while S&S, along with other old-line publishers, still would like to pull the covers over their heads and hope the nasty e-book monster disappears.
Sorry, while pulling the covers up may have worked when you were a kid, it is not effective against real-world monsters.
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