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Another Giant Falls – What Can Publishers Do?

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With the rapid transition from a print-based industry to a digital-based industry, it comes as no surprise that some publishing companies are struggling to adapt. Near the end of May 2012, Houghton Mifflin Harcourt Publishing Co. filed for bankruptcy. Headquartered in Boston, this company was the publisher of J.R.R Tolkien, most known for The Hobbit and The Lord of the Rings.

Houghton Mifflin was mainly an educational and trade publisher, thus “depend(ed) largely on state and local funding” for the schoolbook market.” This “traditional print-book” company failed to adjust to the rapid changes within the industry with hardcover and paperback books falling by 18% from 2010-2011. Bloomberg Businessweek covers additional details. Only a few days after, another publishing company called Boston Hannah International LLC filed for bankruptcy as well.

Thomas Woll, author of Publishing for Profit, discusses these rapid changes in his book, which has been called “The bible of the Industry” by Associated Press. He points out that though the publishing industry is relatively easy to break in, it is extremely difficult to sustain due to low profitability, especially for smaller companies. In the end, a publishing company is still a business.  According to Woll, the key to surviving in this industry is fulfilling the three C’s:

  • Commitment
  • Consistency
  • Credibility

 

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