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PRH’s End-of-Year Letter: A Positive Note

by | Dec 20, 2023 | News

 

Nihar Malaviya, global CEO of Penguin Random House, has sounded an optimistic note in his end of year letter.  While acknowledging the difficulties that saw PRH US lose 60 staffers in the summer and PRH announce the loss of 38 roles at the end of this year, he said: “We have sold more books this year than last year, our overall revenues are higher and we have gained market share in many of the countries where our businesses operate.

 

“I’m incredibly proud of the work that everyone has done that has led to these results, as well as the many publishing successes throughout the year—whether it is publishing a global phenomenon such as Spare [Prince Harry’s memoir], nurturing a debut author, expanding our audio list, creating numerous bestsellers, or focusing on our illustrious backlist. Let’s celebrate the momentum we’ve built and carry it into the new year.”

 

Looking ahead he said the publisher’s aim for 2024 was “to focus on empowering our publishing teams to pursue acquiring and publishing the books that are right for them.  We will continue to invest in enhancing our marketing, sales, supply chain, and data and tech capabilities to navigate an ever-changing marketplace. And, most important, we will continue to support all of you to do the best that we can to bring more of our authors’ ideas and books to our readers, especially in these volatile times in the world.”

 

Meanwhile, in the UK PRH confirmed that 38 roles will go by the end of this year.  PRH UK CEO Tom Weldon said that the action was necessary in the face of “longer-term challenges” around growing profits “in the face of increasing cost pressures”.

 

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