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Last week Random House announced that pensions would be frozen at current levels for existing employees and future hires would receive no pension amid declining sales and a gloomy forecast for 2009. This week they announced that they are broadening their digital book business by expanding their e-book offerings to include titles by authors such as John Updike and Harlan Coben, as well as an old-time kids favourite the “Magic Treehouse” series, plus thousands more. Sounds like they are getting their house in order? (sorry).
Random House currently publishes just over 8,000 books in electronic format and will expand their catalog by roughly 7,000 additional books. Great news for e-book enthusiasts.
Random House’s vice president for digital operations, Matt Shatz, told AP that e-book sales have increased by triple digit percentage points in 2008, thanks in part to Amazon.com’s Kindle reader. Unfortunately there are not hard figures on just how many e-books are sold each year, but according to AP, e-books are only estimated to make up 1 percent or less of the overall publishing market.
Things can only get better for e-books right?
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