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:
“Without the Empire we should be tossed like a cork in the cross current of world politics. It is at once our sword and our shield.”
—William Morris Hughes (1864–1952)
“The current of our thoughts made as sudden bends as the river, which was continually opening new prospects to the east or south, but we are aware that rivers flow most rapidly and shallowest at these points.”
—Henry David Thoreau (1817–1862)
“Men perceive that equating love and domestic work is a trap. They fear that to get involved with housework would send them hurtling into the bottomless pit of self-sacrifice that is women’s current caring roles.”
—Debbie Taylor (20th century)