From The New Publishing Standard:
When India’s Prime Minister extended one of the world’s harshest national lockdowns to May 3, as the country tries to ensure the coronavirus tragedy in West Europe and the USA is not replicated, it became clear publishers needed to adapt, and fast.
Penguin Random House India did so in style, launching a 400-title ebook store within the Kindle India store on Amazon, to make sure eager readers could still access the books they want to read.
. . . .
In a press release, PRH India’s senior vice president marketing, digital and communications Niti Kumar said:
India is an up and coming market in ebook consumption and we are confident that with over 500 million internet users, there is definite potential that more people can take to reading ebooks.
Initiatives built on ebooks can bring the spotlight on a mode of reading, which in addition to being safe and easily accessible, is also more affordable and comes with additional features that make reading more pleasurable and informational.
The press release adds in broader terms:
In a time when so many people find themselves housebound, reading has come up as one the top activities they are engaging in. Getting hold of new books can pose a challenge since many e-commerce websites are prioritizing deliveries to essential products and delivery of physical books has been affected. So, in these strange and difficult times, ebooks are gaining popularity as a convenient, accessible and safe ways to keep one occupied, entertained and fulfilled.
. . . .
As the country’s largest English language trade publisher Penguin Random House India pushes out 250 new titles each year and has an active backlist of over 3000 titles.
It’s not clear from the press release why the PRH India ebook store features only 400 titles, given a 3,000 title catalogue. Possibly this reflects the level of digitisation PRH India has achieved thus far and the other books have yet to be made available in digital format.
Link to the rest at The New Publishing Standard
PG suspects that Penguin Random House India would not have taken this step without prior approval from the PRH Mothership.
Assuming that PRH operates in a reasonable way on Amazon (or its contract with Amazon for the PRH store requires it to do so), this potentially implies that it will release books to the PRH Amazon bookstore at the same time it releases them to bricks & mortar stores.
As PG has suggested before, after a long Coronavirus shutdown of traditional bookstores in many parts of the world, an unfortunately large number of these stores may be unable to open again or will open in a manner that carries a scent of going out of business.
If several B&M bookstores (or one large bookstore) in a geographic area are pricing in a manner that expresses or implies they’re going out of business, that’s going to be a drag on the sales and profitability of other bookstores who are reopening with traditional product pricing.
Then there’s the new ownership of Barnes & Noble, hedge fund Elliott Management.
Billionaire Paul Singer’s Elliott Management said global stocks could tumble more — ultimately losing half of their value from February’s high— as the world braces for the deepest recession since the 1930s-era Great Depression, according to a letter sent to clients on Wednesday and reviewed by Reuters.
The New York-based hedge fund firm, which controls $40.4 billion in assets and whose views on markets and economics are closely watched by investors, wrote that the sharp market decline seen between late February and late March “provided a heavy bookend to a dozen years of basically nonstop positive returns in global stocks, bonds and real estate.“
And the rout is likely not yet over.
“Our gut tells us that a 50% or deeper decline from the February top might be the ultimate path of global stock markets,” the letter said.
Link to the rest at CNBC
Will Elliott be in the mood to drop a bunch of additional money into helping Barnes & Noble to stagger to its feet?
PG was not able to find any reliable online sources that opined one way or the other. Given the scope of the worldwide financial disaster, Barnes & Noble is a very small fish indeed.