DIY self-publishing service Lulu have abandoned plans to sell shares on the Canadian stock market in an effor to raise investment to finance expansion in their distribution and sales sectors. Lulu had also intended to use the investment to pay off outstanding debts. CEO Bob Young has commented recently on Bloomberg.com that the market was not ‘enthuastic’ and they were in no rush to get a deal done. It is expected Lulu may consider selling shares when the markets pick up in the future.
Lulu has been losing money since day-one, despite charging much more than its competitors charge. That does not seem like a good investment to me.
Lulu boss Bob Young told Publishers Weekly, “We publish a huge number of really bad books” and revealed that the average Lulu print run is for fewer than two copies.
With many small print runs of bad books, it’s easy to lose millions of dollars.
More at http://bookmakingblog.blogspot.com/2010/03/you-cant-make-money-by-losing-money-and.html
Michael N. Marcus
— Independent Self-Publishers Alliance, http://www.independentselfpublishers.org
— “Become a Real Self-Publisher: Don’t be a Victim of a Vanity Press,” http://www.amazon.com/dp/0981661742
— “Stories I’d Tell My Children (but maybe not until they’re adults),” http://www.amazon.com/dp/0981661750
— http://www.BookMakingBlog.blogspot.com
— http://www.SilverSandsBooks.com
Hi Michael,
I think the average figure printed per title is about 1.5, not even two copies.