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AUTHORLINK NEWS ARCHIVESEarly April, 1997
may NOT be linked or re-distributed without written permission by Authorlink!
Amazon.com
SEATTLE, WA/ MAR 97 -- Amazon.com, Inc. has registered with the US Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO) for 2,500,000 shares of common stock, in a bid to raise $29.4 million. The on-line book store offers 2.5 million titles for sale through its World Wide Web site at http://www.amazon.com, allowing customers to search its massive database by title, author or keyword, order books on-line by secure credit card transaction, and have the order shipped within about five days. Amazon.com currently offers 1.5 million books in print and 1 million out of print. About 700 titles are priced at 40 percent below retail, including 500 current and potential best sellers. Major competitors, including Barnes & Noble, Borders books & Music, and Simon & Schuster, are gearing up for head-to-head confrontation with electronic book stores of their own. Amazon.com, one of the few websites said to be making money on the Internet, posted 1996 sales in excess of $15.7 million, and a loss of $5.8 million, compared to 1995 sales of $511,000 and losses of $303,000. Under the SEC 's required "quiet period" prior to and immediately following any IPO, the company cannot comment on its financials. But when the SEC filing is complete, detailed financial figures will become public knowledge. Deutsche Morgan Grenfell will underwrite the sale of Amazon.com shares, along with Alex Brown & Sons, Inc., and Hambrecht & Quist. Amazon.com plans to trade under the symbol AMZN on the NASDAQ Stock market. The preliminary prospectus, when available, can be obtained from Hambrecht & Quist LLC, One Bush Street, San Francisco, California 94104.
Barnes & Noble
NEW YORK, NY/ MAR 97. -- Barnes & Noble, Inc. (NYSE: BKS), the world's largest bookseller, has launched its on-line retail site on America On-line (NYSE: AOL), the world's largest Internet on-line service. Barnes & Noble On-line is the exclusive bookseller in AOL's Marketplace. Customers can access a proprietary database of more than one million titles at discounts said to be greater than offered by any other on-line or retail bookstore--worldwide. Barnes & Noble's On-line offers AOL customers immediate delivery on over 400,000 in-stock books, at in-stock discounts of 30% off hardcovers and 20% off paperbacks. Special orders for books not in stock will be ordered from any of the more than 20,000 publishers with whom Barnes & Noble does business and will be sold at the publisher's list price. Features of Barnes & Noble On-line include detailed book reviews, text excerpts and author information; top ten lists and editors picks; and interesting editorial contributions. Consumers can also perform searches of the vast Barnes & Noble database by author, title, keyword and subject.
St. Martin's Press
NEW YORK, NY/ MAR 97--St. Martin's Press has named Bob Wallace editor in chief to succeed Thomas McCormack, who retired last year as president, chief executive officer and editorial director. Wallace, who has never worked for a book publisher, comes to St.Martin's after having served in positions at the Denver Post, Rolling Stone and Newsweek magazines. He also served as a producer of the television show, "Prime Time Live"
Simon & Schuster
NEW YORK, NY/ MAR 97--Simon & Schuster's consumer publishing division, reported $2.3 billion in revenues for 1996, a 7% increase over the previous year. Earnings before interest, taxes, depreciation and amortization, also increased 7% to $365 million. Growth was attributed to strong fourth-quarter increases in its Higher Education, Macmillan Publishing USA and International divisions. Consumer group president Jack Romanos said a good year for the Pocket Books mass market operation, and a very good year for children's publishing boosted performance, while adult trade sales remained about even with 1995. Simon & Schuster is owned by Viacom.
Books-A-Million
Books-A-Million, Inc. (NASDAQ/NM:BAMM) reported a 14% increase in sales to a record $97.1 million for the fourth quarter of fiscal 1997, compared to $85 the previous year. Net income for the final three months of fiscal 1997 was $4.3 million ($0.25 per share), down from $6.1 million ($0.35 per share) for the same period in 1996. Net sales for the full 1997 fiscal year increased 21% to $278.6 million from $229.8 million in fiscal 1996.
American Express
American Express Publishing Corp. plans to beef up its custom publishing operation this year by acquiring, starting, expanding or increasing the frequency of several custom magazines and books. The company owns a group of special interest magazines, including American Express Golf (an annual publication), Food & Wine, Business News (distributed three times per year to Office Depot customers), Fresh Thoughts, mailed to 3.5 million 1-800-FLOWERS customers last year). It also handles custom newsletters for Kraft Foods and Johnson & Johnson. The current expansion plan takes advantage of the publishing operation's ties to AmEx's massive database of cardholders. American Express President Daniel Brewser said AmEx would expand into the golfing arena through acquisitions or startups, and likely will increase its American Express golf annual (circulation: 150,000) to a quarterly publication. The company, which expects custom publishing to reach $10 million or more per year, also plans to expand the Kraft Foods and Johnson & Johnson newsletters into full custom magazines. AmEx pays Time Inc. a fee of about $2 million per year to manage its publishing properties, though it still technically owns them.
Thomson Eyeing
STAMFORD, CT/ MAR 97--International Thomson Publishing will expand its educational operations to include multi media products for K-12 and college markets. ITP Group CEO Wayne Oler said the company will form strategic alliances and create new products to fuel the company's growth. He said ITP plans to help schools and colleges plan strategies and determine content for alternative learning methods, and then will provide on-going customer support for the resulting products. Other companies, such as Simon & Schuster and McGraw-Hill have launched software, on-line services and strategic alliances designed to add value to their textbook content and give educators a range of teaching options. ITP has appointed two executives experienced in developing technology products and strategic alliances to lead the expansion. Paul Jensen has been named senior vice president and chief technology officer, and Robert Carlton is the new vice president and director of strategic alliances.
Macfarlane To Head
MINNETONKA, MN/ MAR 97-- Iain Macfarlane has been named president of Cowles Creative Publishing (CCP). He succeeds Inino Tarantino, who is leaving the company. Cowles Creative Publishing, in Minnetonka, is a specialty publisher of books in the home arts, do-it-yourself and outdoor markets. The parent Cowles Media Company, headquartered in Minneapolis, owns newspapers, consumer magazines and information services. McFarlane, a native of Australia, comes to Cowles from Knox International, where he served as president and CEO. Previously, he served as Group publisher with Whittle Communications in Knoxville, TN, and as a group senior vice president with Doyle Dane Bernbach, advertising and marketing firm. Special Conference Report:
Editors, Agents Offer Insights
Also see a Special Interview
HOUSTON, TX/ MAR 97--Several hundred writers, editors and agents gathered at Houston's Renaissance Hotel out March 21-22 for the 1997 Houston Writers Conference sponsored by the Houston Writers League and Houston Council of Writers. Well organized and leisurely paced, the event nonetheless offered 50 sessions packed with information about improving one's craft and marketing a finished work, and ended with a banquet announcing winners of the New Horizons 1997 Writing Contest. Here are brief highlights from numerous sessions and a list of new Horizons first-place winners: Agents/Editors Forum:
Q: Do you charge reading fees? A: (Cynthia Sterling- Shore Agency) $120 per manuscript evaluation for unpublished authors. No reading fee for published authors. " I can't get someone to clean my house for free. Writers' can't expect agents to read their work for free. A: (Cameron- Shore Agency; Volpe- Northwest) No reading fees. Q: What is the best way to query you and what sorts of material do you like? A: (Alice Volpe-- Northwest) Keep your query letter short, sweet and to the point. The shorter the better. Seduce us! A: (Cameron- Reece/Halsey) Tell us a story, get us involved. Give us a feel for the characters. There is room for both literary and genre, indeed, every kind of writing in this business. A: (Coatright- Avon) We want character driven stories. Include a short writing sample with your query. A: (Richman-Silhouette) Ethnic and native American stories are of particular interest now. A: (Sterling-Shore Agency) Novels should always be character driven. Follow our guidelines, then send the entire manuscript.
The Business Of Publishing:
Robert Skimin, a Pulitzer Prize nominee for Apache Autumn, and the author of 14 books, offered to writers sound, hard-hitting advice concerning how to get published. "This is a tough, tough business," Skimin said. "There're ten-million people out there writing." He advised querying incessantly, and with multiple-submissions. Finding the right agent is important--the one who will work best for you. And, Skimin said, "If you're still not selling, and really want to know why; if you can afford a free-lance editor--hire one." He recommended consulting with editorial services and book doctors, checking out their reputations and credibility, and then forging ahead.
Write Funny
Paul Seaburn, a former computer salesman turned comedy writer, author and instructor, has written for comedians such as Jay Leno and Joan Rivers and for TV shows. "A joke is the foundation for all humor writing," said Seaburn. "If you can write a joke about a holiday, you have a greeting card. If you can write 20 jokes on a single theme you have a joke book. If you can write 90 minutes of jokes you have a movie. If you can write 366 jokes, you have a humorous calendar" A joke is a short story with a beginning, middle and end. The more jokes you write, the more good jokes you'll have. Seaburn offered this quick-start exercise for the beginning joke writer: 1. Read or tape one of your favorite comedians, print out the jokes and highlight where they tried to be funny. Study them. See how you can "top" the punch line--make it better 2. Write 20 jokes on a personal experience 3. Go to the book store and live in the humor aisle.
Robert Gleason
Robert Gleason discussed not only how publishers buy manuscripts, but how they market the finished products. "The book business is really author driven," Gleason said, cautioning writers not to write for "trends." Gleason is the author of seven novels, including historical westerns written under the pen name, Jackson Cain. The overwhelming number people buy books because they like the author, according to Gleason, or because someone has recommended a book to them. "Advertising is very unsuccessful. Gallup studies show that less than 1% of people buy a book because of an ad. Less than 1% buy because they read a review. It's all word of mouth and impulse buying." He also noted that women comprise 85% of the readership. Authors must keep plugging until they develop a readership base. "Some movement (a sales base) usually starts at around the fourth book release." Gleason said. "It took Robert Parker nine. So, consider this business a 20-year war, not a 20-yard dash." TOR publishes more first novels than most houses, and virtually everything they buy is agented. Gleason urged writers to be realistic. Of the hundreds of thousands of submissions editors receive, there are 55,000 books published each year. Of the 138 books optioned by a motion picture studio last year, only one was actually produced. Tips on querying TOR:
Laura Anne Gilman
"Science fiction is the literature of ideas and possibilities," said Laura Anne Gilman, who heads Roc, the Dutton Signet imprint, and also co-edits an anthology. "It's the literature that always stays one second ahead of time, pushing us that one step forward, helping us preserve our sense of wonder." Clarifying the difference between science fiction and fantasy, Ms. Gilman said, " Science fiction always has an external goal. Fantasy is about internal growth, from fairy tales to myths. "What sells a published book is the first page; word of mouth and good packaging. "To sell a manuscript to Dutton Signet, you have to have that special element that makes a book stand out. We desperately need new blood in the science-fiction field, writers who can not only tell a story but make people think, open new paths, show readers something they've never seen before."
African-American
Three panelists discussed how white and African-American publishing differ. "We have seen a resurgence in African-American Literature," said, Rhona Richardson, whose Houston-based bookstore hosts readings and signings with both local and nationally-known authors. Anita Bunkley, who self-published her first book and is now published by Penguin USA, urged black writers to maintain their own integrity. "If you ever let someone else determine your destiny, tell you where you're going, you're lost." Rob Cohen addressed how bookselling has changed, and how that impacts the African-American author. Cohen opened her own agency after ten years with the Richard Curtis Agency. Many major publishers have no contact with the African-American market, and don't know how vast it is, she noted. "The author and agent have to bring that information to the publisher." Stereotypes still exist, Cohen said, but "It's easier to go in and let people think they can categorize you, then surprise them."
New Horizons, 1997
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