From a Lagardère press release discussing 2015 first half results:
In the United States, the decline in activity, which had been expected (-7.8%), can be explained by the high level of activity in the first half of 2014 (including The Silkworm by Robert Galbraith and The Goldfinch by Donna Tartt) as well as a decline in e-book sales.
. . . .
Digital: in the 1st half of 2015, the weighting of e-books in Lagardère Publishing total sales declined to 10.7%, compared to 11.3% at the end of June 2014. This transition remains limited to English-speaking countries and to the General Literature segment:
– in the United States, in a declining digital market (slowdown seen since the beginning of 2014), sales of e-books have dropped (24% of sales for Trade vs. 29% at the end of June 2014), given a less successful slate of new releases and the implementation of the agreement with Amazon;
– in the United Kingdom, the market is stabilising and has been impacted by the January 1, 2015 VAT increase. E-books represented 33% of sales in Adult Trade(8) vs. 36% at the end of June 2014.
Link to the rest at Lagardère press release
“Implementation of the agreement with Amazon”
PG suspects this means Hachette’s agency pricing agreement with Amazon which allowed Hachette to increase its ebook prices. Is it possible that Amazon knows more about the optimal pricing of ebooks than Hachette?