Book of the Month Club, founded by Harry Scherman in 1926, is one of the oldest in the history of the books club. This media company of Manhattan, New York city is familiar among almost everyone who is fond of reading books because this book club was one of the most influential players in the book industry.
Change of the scenario of book selling
The scenario of book selling was reshaped by Amazon that shifted readers interest from book clubs to online books. This caused setback for Book of the Month Club as a result of shrunk in the membership of the Club. The company underwent company’s ownership change several times. The company was being operated as a joint venture between Time Inc. and Bertelsmann, but later bought out Time Inc. The Bookspan was then managed by media investor Jahm Najafi.
Lippmann’s idea of relaunch
The major change in ownership was affected in 2012 for Book of the Month Club. This was the period when John Lippman, 43, bought a majority stake in Bookspan from Najafi. The deal of this change was not disclosed, but Lippmann, an executive at music-rights firm Evergreen Copyrights, having the idea of relaunching Book of the Month online, made this deal. What was his idea? He wanted that millennial women, who earlier used Birchbox and Stitch Fix for buying subscription boxes, could enjoy a new way of book reading out of outdated book club. This was possible if could digitalize the business and offered a handful of great books from emerging fiction writers.
How John Lippman transformed his idea into a reality? He decided to shut down the Book of the Month Club, moved its existing Bookspan’s other clubs, and proceeded with the relaunch. John Lippman spoke about his striving and reinventing of a dying brand. He struggled, but he did it eventually and achieved the milestone he waited for.