This industry is in trouble. • 30 April 2008 • The SnowBlog
This industry is in trouble.
Everywhere you look at the moment, there are problems.
The Friday Project goes bust, owing 1.8m (and see here for the latest.) The Works goes bust, owing 20m. Blackwells reports a loss for this and most likely next year (and worryingly announces an overseas expansion plan at the same time.) Words like 'beleaguered', 'collapsed' and 'failed' are on overtime at The Bookseller. I heard a story last week that a well known publisher is having a cash crisis. Powerfresh has gone bust, owing nearly half a million. S&S US's profits are down. Butler and Tanner has gone bust. McGraw Hill sales are down.
Times are not good. This industry may - just may - be in decline. We need new, brave, different approaches or this rot will truly set in.
Coming soon: one such new approach which I'll be presenting at the BA conference in a couple of weeks. Watch this space.