Harlequin Enterprises is feeling financial pressure as sales figures show it may have jumped on the erotica bandwagon too hastily.
According to The Globe and Mail, the Torstar-owned publisher, which has sold 6 billion books to date, anticipated growth in its readership after the success of Random House’s Fifty Shades of Grey, but hasn’t seen its plans materialize. Revenue dropped 5.4 per cent in the first six months of the year to $202 million, while operating profits fell 28 per cent to $27.6 million.
Earlier this summer, Q&Q reported that Harlequin is teaming up with Cosmopolitan magazine. Launching on Aug. 15, the partnership will feature two monthly 30,000-word titles designed for reading on mobile devices.