PIP sells well in US children's book market
Phoenix International Publications Inc (PIP), a sub-publisher of Phoenix Publishing and Media Inc (PPM), ranked fourth in the US sales market of children's books, according to data released by Nielsen BookScan in late October.
The data from the industry sales tracker showed that PIP seized fourth place in the tough market with a total sales volume of 17 million books during the period from July 1, 2015 to June 30, 2016, following industry leaders Penguin Random House, Harper Collins and Scholastic.
The publisher also topped the sales list of children's audio books in the US, according to the data provider.
Since it was acquired by PPM in July 2014, PIP has enjoyed stable sales growth and become a leading producer of children's audio books in the US. Thanks to its partnerships with many licensors including Disney, DreamWorks, and Warner Bros, and retailers such as Walmart, Costco, Barnes & Noble, Toys R Us and other online and offline stores, the company earned annual sales revenue of more than 600 million yuan ($87.7 million), with total profits of 45 million yuan.
Creativity and R&D has contributed to PIP's sustainable development. In the past two years, it has increased investment in producing popular children's books and published many bestsellers. Its top seller, the book series based on the animated blockbuster Frozen, has sold a total of 3 million copies since being launched and is still a popular product in US bookstores.
The company has rolled out a series of reforms in order to have a share in the competitive global children’s books market. This year, PIP appointed former president at McGraw-Hill Children's Publishing Vincent Douglas as its new CEO. As an experienced senior publisher, he made reforms in human resources, salary and marketing management to improve productivity and employee motivation.
This year, the company also relocated to a new office building, cooperated with a new logistics provider and adopted an upgraded production management system, which will all pave way for further development.