That HarperCollins US staff have gone on another strike this week — in response to the announcement the company was making redundancies “to help with cost pressures” — is significant in a few ways, a senior publishing figure tells Crikey.
Firstly it’s obviously an irritant for News Corp, which owns the company. And, of course, the publisher notes: “If News Ltd and Fox merge it will send those unionists into a frenzy. Publishing staff are traditionally the most liberal of liberals.”
But it also points to wider points of stress all over the industry, as the economy recoils worldwide.
“[It’s] a bit of a shock to the industry that thought it had found the future with a surge in front- and back-list sales through lockdown,” they said. “Now it seems the only thing anyone wants is Colleen Hoover [whoever she is] — her extraordinary sales and her publishers are the only things holding the market from steep declines.”
“Booktopia shares hit new lows as it announced a $15 million loss and even Amazon is suffering. It doesn’t release its book sales but publishers are reporting declines in Amazon sales by 25% and more as it has to compete with bricks and mortar again. Penguin Random House, who is still awaiting approval for their acquisition of Simon & Shuster from the US competition authorities, must be regretting the massive price it promised in the good times.”
