The holiday sales period ended on a high note with unit sales of print books increasing 5.8% over the week ended December 24, 2022 at outlets that report to Circana BookScan.
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Wall Street Journal's Hong Kong edition will no longer be distributed after October 7 as the paper is moving to a digital only strategy. This is part of the paper's continued effort to scale back its print operations in Europe and Asia as it shifts savings and focus to digital. Luckily for the Wall Street Journal, digital has been on the rise with 1.27 million daily digital subscribers which is more than print subscribers. Click Read More below for more of the story.
National Retail Federation (NRF) President and CEO Matthew Shay said a nationwide rail strike during the peak holiday season will be “devastating” for American businesses, consumers and the U.S. economy — particularly amid today’s increased prices due to persistent inflation. Shay's statement was made yesterday when members of the nation’s largest rail union rejected a contract agreement with freight rail management that had been brokered by the White House among the labor unions and freight railroads. The vote raises the possibility of a strike in the coming weeks that could seriously damage the U.S. economy. "Millions of hardworking Americans rely on the freight rail system for their jobs and the economic security of our country," said Shay. He added that American businesses and families are already facing increased prices due to inflation, and a rail strike will create greater inflationary pressures and will threaten business resiliency.
In a move that surprised many in the self-publishing community, Macmillan has announced that it will cease all operations at Pronoun, a self-publishing platform that it acquired in May 2016. Jeff Seroy, senior v-p of publicity and marketing at Macmillan's Farrar Straus and Giroux unit, confirmed the shutdown. Asked why Pronoun was being shuttered 18 months after the acquisition, Seroy said despite Macmillan investment in the platform and “terrific” feedback from Pronoun authors, “we came to the conclusion that there wasn't a path forward to a profitable business model and decided to shut down the platform." Seroy said Macmillan will, “continue to invest in the data and analytics side of the company as we have found it of great value.” He also said that former Pronoun CEO Josh Brody and former chief product officer Ben Zhuk left Macmillan earlier in the year. Click Read More below for additional information.