The hottest trending topic in the world of the book industry is John Lippman 43, CEO and new founder of the Book of the Month Club. When the club was facing a decline and came to the end of the story, Lippmann with his controlling interest in the Company made the old club vibrant again. He streamlined the Book of the month club with innovative business ideas and rebooted in late 2015.
What made John Lippman acquire the struggling the book of the month club?
John Lippman was a Senior Vice President for fast developing outdoor sporting goods, “Synergy Outdoors” before he acquired Bookspan. His love for authors and books made him take up this toughest challenge. He did not want the book of the month club to decline due to the empowering of the e-commerce industry. He was determined and confident that the innovation existed in space could create the difference. In one of his interviews to Forbes, John Lippman mentioned that “there are tons of innovation in the book industry and none has deployed in practical”.
The digital approach to the book industry by John Lippman
Mr. Lippman launched the book of the month club with a different business model although it still holds the same mission. He did not want the legacy of the Book of the month club to get crumpled under the dominance of online stores and therefore revamped with fresh new ideas. Everything was made digital and the member no longer needs to pay for shipping. No catalog, order cards nothing, everything was made online. Currently, members pay around $15 every month for five hardcover subscriptions. He moved the older members to other clubs and the current member are mostly women in their 20s and 30s