Barnes & Noble CEO Len Riggio Predicts only two years remain for B&N’s viability as a business if drastic measures aren’t taken. Riggio admits that while educational toys and games have slowed the decline in sales, he has no idea what the “magic bullet” is to turn things around.
I hate to tell them “I told you so,” but…
The traditional publishing world continues to have absolutely no idea how to determine what people are buying and why. A lot of this has to do with them completely discounting (as in “not considering”) e-book and paperback sales from independent authors. “Data Guy” and Hugh Howey (over at http://authorearnings.com/) have demonstrated this time and again. We’ve grown into a mighty force. Will traditional publishing and book sellers catch up before it’s too late?
There’s room for everyone in this industry. But many of the key players don’t seem to have gotten the memo yet. Time is running out for “big box” book sellers like Barnes & Noble, unfortunately. There are ways to turn this around if they would stop dismissing potential solutions outright.
How about establishing a “Quality Control” board to review and license/purchase titles produced by independent authors? These are the titles people are actually buying, but the true sales figures are hidden or ignored. I can imagine several forms this board could take right now. I’m practically writing their processes in my head as I type this.
If Barnes & Noble would spend a few hours over at Author Earnings, I’m sure they’d come away with some solid ideas.
Click the “source” link for the entire article.
On a call about its just-reported disappointing third-quarter financial performance, Barnes & Noble CEO Len Riggio said that although the company has found success with some new categories, it still hasn’t found a ‘magic bullet’ to stop the overall sales slide.
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