Bloomsbury looking at Literary YouTube
This from The Independent: Bloomsbury, the publisher ravaged by a profit warning last December, yesterday revealed it is seeking to fill the void left by Harry Potter by creating ‘the MySpace of the books world.’The company, which saw its profits crash 75 per cent last year, will publish its seventh and final Harry Potter title on 21 July, leaving it with a giant hole to fill. It intends to step up the pace – and size – of its acquisitions and is looking for companies that will take it into new media markets.Nigel Newton, the chairman and chief executive, said he was looking for deals in its core markets of the UK, Germany and the US. “We are now actively seeking larger acquisitions and looking at companies that not only complement existing activities but broaden our media involvement,” he said.
He said the company was seeking funding from a third party to help it launch a literary alternative to the likes of online communities such as YouTube and Bebo.
While they have grabbed the digital headlines in the music and video online community space, Mr Newton said “no one has yet done the same for books, especially in a way which will benefit all the main players in the book business”.
