Current
In 2002, Harlequin published 1,113 romance novels, more than half of all romances released in North America. The next most prolific publisher was Kensington Books, which released only 219 romance titles. In 2006, Harlequin published books in 26 languages in 109 international markets. They sold a total of 131 million books, similar to the company's sales in 2005.
The company is considered one of the most profitable in publishing. Over $585 million worth of books sold in 2003, for gross profits of $124 million and a profit margin of 21%. Its large profit margin can be tied in part to the amount of advance that its authors receive. These advances are often smaller than the industry average, and can total to only a few thousand dollars for a series romance. Despite its profitability, and a 37.2% pay hike for Harlequin President and CEO, Donna Hayes in 2011, there is controversy with its royalty program for authors. In 2011, the Romance Writers Association sent a letter to all members to "exercise due diligence in reviewing contracts" with Harlequin because "several members of RWA have expressed concern regarding" Harlequin's digital royalty rate changes and non-compete clauses. This is not the first time Harlequin had been called out by the Romance Writers Association regarding Harlequin's treatment of their authors. In 2009, Harlequin was called out by the Romance Writers of America, Mystery Writer's Association, and the Science Fiction Writers Association for schemes of making their authors pay for publishing. In 2012, Harlequin faced a class action lawsuit from authors alleging that it had fraudulently licensed e-book publishing rights at low rates to one of its subsidiaries in order to pay royalties only on the licensing fees instead of on the full sales receipts; in response the publisher stated that its authors "have been recompensed fairly and properly".
Read more about this topic: Harlequin Enterprises
Famous quotes containing the word current:
“But there, where I have garnered up my heart,
Where either I must live or bear no life;
The fountain from the which my current runs
Or else dries up: to be discarded thence,
Or keep it as a cistern for foul toads
To knot and gender in!”
—William Shakespeare (1564–1616)
“The current flows fast and furious. It issues in a spate of words from the loudspeakers and the politicians. Every day they tell us that we are a free people fighting to defend freedom. That is the current that has whirled the young airman up into the sky and keeps him circulating there among the clouds. Down here, with a roof to cover us and a gasmask handy, it is our business to puncture gasbags and discover the seeds of truth.”
—Virginia Woolf (1882–1941)
“Reputation runs behind the current state of affairs.”
—Mason Cooley (b. 1927)