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Simon & Schuster CEO Carolyn K. Reidy's Year End 2009 Letter

Simon & Schuster CEO Carolyn K. Reidy's Year End 2009 Letter

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Published by Mediabistro
GalleyCat obtained a copy of Simon & Schuster CEO Carolyn K. Reidy's year end letter for 2009--looking at a rough year for the publishing industry.
GalleyCat obtained a copy of Simon & Schuster CEO Carolyn K. Reidy's year end letter for 2009--looking at a rough year for the publishing industry.

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Published by: Mediabistro on Dec 18, 2009
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09/19/2010

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S I M
 Carolyn K.President &Chief Execu
 
Dear Coll At the endhave felt tconfrontinsuccessesSimon &challengeaccompanyear will b But as cowith a bequality boreaders—publishersdoubt belimited onlskill that w I am confito meet twhich weus to quicbooks todifficult; oboth for inreadinessIn 2009 th The U.S.of our mauthors, ain years pour listsultimately,performansoft marke But what’Anticipatin
 
O N
Reidytive Officer
ague,of what has
 
he direct, ona multitudethe last twchuster—anwe have faying news string its own snsumers areildering arraks for readill play an e(as well as fifficult, andy by the rese bring to theent that thee challengeacquire andkly adapt toarket; on othe relentledividual booto focus andose qualitiesookselling jor customes well as ourast, we capitnd seizingdespite grces from ourtplace was ibeen encog that the b
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undoubtedlyoing effectsof complex llve months.d I’m proudced. Thoseories have set of difficultioverwhelmey of possibilirs—and weven more esor newspapthe rate of clve we bringscience of pculture we hwe face.ublish the burrent condiur willingnesss drive wits and througet the hardwere as evidarketplace hrs have dechigher-marglized on ourpublishing oat growth iUK and Canpossible forraging to mokselling cli
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sential role irs, magazinhange greatto the task,ublishing.ve createde have alwoks that reations; on thes to do the rwhich weh larger pubork done.ent as ever.as been trullined significin backlist, aindustry-leapportunitiesn our consadian divisious to overcoe is how yoate might
S T E
h year in ourmic collapsees, I am pleaa defining min which wre ongoing,ve every rece.aught of infasing booksunprecedeour culture.s, and everer than at athe imaginatit Simon & Says prided oers want; ospeed withight thing foursue everylishing andlackluster,antly. Booksre selling at ling ability tobased on crvative ands, the lowere.u have respot recover a
 
R
Dbusiness, onof 2008 whilsed to pauseoment—in ohave togetand as receson to expermation and, those publited ability tWhile the roother contey time in hion we applyhuster makurselves ona flexible apwhich we arour businepossible oparketing prond year-on-from manyevels well bepublish quicrrent eventteen publisales volumended to thet any point tecember 17,e during whie our industrand reflectur industry aer addressent events ant that this cmedia, and
 
shers who prreach milliad ahead fornt medium)tory, our futto the art, as us ideallythe expertisproach thatable to brins no matteortunity forrams; andear sales atof our contilow their pely, adding titand trendshing, andattributablese circumstahis year, we2009h wewasn ournd atd thed themingfacedovidens ofbookill noure isd theuitedwithllowsg ourr howsales,n ourmostnuingk. Asles to. Buttrongto thences.were
 
 
2-
determined to operate and publish with the utmost fiscal discipline from beginning to end, andI have been heartened by the seriousness with which each and every one of you treated ourcompany-wide cost-savings efforts. Time and again, we sought your input, ideas, andcooperation, and time and again, you helped us to find new ways we could tighten our belts.Against such a background, our accomplishments this year stand taller. Despite themarketplace, in the critical measure of how we fare against the competition we are excelling,as we customarily do, with 164
New York Times 
bestsellers, and 25 #1 bestsellers,maintaining our market share at the top of the lists.We have had a slew of year-end “best of” citations, awards, and nominations that point to thevitality of our publishing efforts, including:
Three books—HALF BROKE HORSES by Jeannette Walls, A SHORT HISTORY OFWOMEN by Kate Walbert, and RAYMOND CARVER: A WRITER’S LIFE by CarolSklenicka, all published by Scribner—were selected for
the New York Times Book Review 
’s list of the 10 Best Books of 2009.
Also at the
Times Book Review 
, we had 12 of the “100 Notable Books of 2009” citedby the editors, and the Children’s Division claimed 4 out of 10 of the TBR’s “BestIllustrated Books of 2009.”
HORSE SOLDIERS by Doug Stanton and ALL THE WORLD by Liz Garton Scanlonwere selected by
Publishers Weekly 
as among the best books of the year.
In Audio, we have two 2010 Grammy Award finalists: WE CAN HAVE PEACE INTHE HOLY LAND by Jimmy Carter and WISHFUL DRINKING by Carrie Fisher, andearlier in the year Al Gore’s AN INCONVENIENT TRUTH won the 2009 Grammy.And we continue to refine our publishing organization in response to marketplace realities,with the creation of the Gallery Books imprint and the changes at Howard Books, including anew publishing and editorial team and Howard’s relocation to Nashville, where they canbenefit from proximity to a thriving Christian publishing community.In January, the launch ofwww.simonandschuster.comset a new standard for a publisher’sability to highlight and showcase authors. The opportunities offered to us by digitaltechnologies have enormous appeal, be it prospects for more efficient distribution, the abilityto capture a sale on a 24/7/365 basis, new and intriguing ways to find consumers and engagethem with our books and authors, and new formats, hybrids, and business models. In 2009we pursued these possibilities with ever more vigor, determined to take advantage of ourability to reach readers and make our books and authors ever present wherever and howeverconsumers are getting their information. Among our innovations, we:
Created Apps for the iPhone and iPod touch based on historical publishing strengths,like 365 CROSSWORDS, THE KLINGON LANGUAGE SUITE, Pimsleur’s P2Goseries, and new bestsellers like the Bro2Go app.
Launched the PulseIt site for teens, combining pre-publication reads with advancedsocial networking capabilities that allow teens to share their interests andenthusiasms with peers.

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