When the book on 2013 flattening ebook market is written someone is going to have to write a long footnote to explain John Wiley & Sons. This technical and academic publisher defied assumptions today when they released a financial report for their second fiscal quarter.
According to the presentation, Wiley's Q2 revenues were up by 8% over last year ($449.2 million from $417.7 million). The company showed modest gains in their professional division and excellent growth in the education division.
But the important detail is that Wiley's digital book revenues increased by $9 million (from $22.4 million to $31.4 million). And that's not all; Wiley also reported an additional gain of $3 million in revenue from WileyPlus, their online learning environment. This runs counter to the belief that the ebook market is flattening out; it also tends to cast doubt as to Mike Shatzkin's claim that there is no digital market for nonfiction ebooks.
Of course, it's not all good news today; Wiley's increase in digital revenues is outweighed by the drop in paper book revenues, presenting all the appearance of digital growth occurring only at the expense of paper's decline. Also, if you note how the decline in paper exceeds the growth in digital then it makes you wonder if perhaps Wiley is feeling the pressure from freely available information found online (maybe the internet is a serious threat after all).
Wiley via Infodocket