Pandemic Publishing Roundtable: Guy LeCharles Gonzalez, Chief Content Officer, Library Pass

By Linda Ruth (Cross Posted at BoSacks.com)

What could be more relevant to today’s challenges and opportunities than digital content? Guy Gonzalez joined the Pandemic Roundtable—Joe Berger, Bo Sacks, Samir Husni, Sherin Pierce, Gemma Peckham, and me—to talk about it.

Guy is Chief Content Officer for LibraryPass, a new company, started only last year, which curates digital content for libraries and schools. Its main product, Comics Plus, offers unlimited, simultaneous access to digital comic books, graphic novels and manga through libraries and schools. Though LibraryPass is new, Comics Plus has been around for a decade, originally as a consumer and library product, but is now only available to libraries and schools. The other major company in the space, Comixology, is the current market leader; owned by Amazon, Comixology is exclusively commercial, with no library presence.

That’s where LibraryPass comes in.

Guy: One of the biggest challenges libraries face today has to do with the cost of providing access to digital content for patrons. When the pandemic hit, everything turned around. Bookstores and libraries were closed and print sales were mostly put on hold; people were turning to digital for purchasing and borrowing. This went on so long it now looks like it might be a permanent change in behavior; a lot of people have grown accustomed to digital reading and are likely to stick with it for at least some of their reading. But it’s more expensive for libraries to offer digital content than you’d think. For starters, libraries are going into this budget year with less money to spend overall. Ebook collections are mainly driven by patron demand, so bestsellers eat up the bulk of a content budget. As a result, you see less active curation. Digital licenses from the major publishers expire after a certain number of checkouts or a certain period of time, typically 52 checkouts or two years. With major bestsellers, some libraries are finding that the cost of keeping a single copy of a single ebook in circulation could be as much $500 per year. 

LibraryPass’ model is based on unlimited, simultaneous access which enables libraries meet demand without worrying about wait lists or expensive single-user licenses. They can host community reads without special terms as multiple copies can be checked out at once. It’s a risk for us, of course, as publishers get paid by usage rather than units, but offering a deeper backlist means that usage is spread wider than in the traditional model. You might remember that a number of years ago, Scribd had to cut back on its romance titles for their unlimited access subscriptions because romance readers are voracious, and Scribd was paying out more for royalties than it was making in subscriptions. Getting the subscription model right is a tricky balance to ensure fair pricing for libraries without us going out of business!

Joe: Tell us about the value of comics for libraries and schools.

Guy: Unlike Comixology and some publishers’ dedicated offerings that are primarily consumer-focused, Comics Plus doesn’t have a consumer angle. We serve readers only through libraries and schools. Comics are immersive, engaging; readers of all ages enjoy them, and many can be used in educational settings and aligned with curricula. Our most widely circulating series right now is Avatar: The Last Airbender thanks to the cartoon debuting on Netflix last year. It introduced a brand-new audience of kids to the series and they’re devouring the comics. 

Bo: How do you market the comics?

#ReadAllTheComics

Guy:  Comics are the most word-of-mouth driven media there is. Kids discover comics amongst themselves. Adult fans have lifelong favorites they still read and love.

Joe: And how do you hear back from the kids, what they’ve discovered, what’s hot?

Guy: Unlike traditional book publishing, the comic segment is relatively transparent with its sales data. The numbers can be huge, but even a “bad” comic can sell more copies than the average book.

Joe: Tell us about the evolution of the digital format in comics and graphic novels.

Guy: With variations on a “guided view” for mobile devices, the experience is more tactile than reading a regular ebook. Digital comics are good to read on iPads, better than magazines, but the main usage is, increasingly, on phones. Webtoons are digital comics specifically created for mobile and is the fastest-growing segment of the market worldwide.

Bo: What age group predominates?

For the record, I’ve always found that graphic novels are, in fact, novels. And very worthy of being read.

Guy: Broadly speaking, kids’ comics are the fastest growing and best-selling. Manga remains hugely popular, too, and is a massive force worldwide. Netflix has done a good job of bringing anime to mainstream attention, too, which is driving some manga sales. Superheroes are declining, and the market tends to be an older audience, and one that is increasingly niche. Webtoons skew younger and arguably much more diverse with a huge international audience. 

Joe: Tell about Webtoons.

Guy: WEBTOON is a literal platform, and also the Kleenex of digital comics brands as people use “webtoons” to refer to any comics created first for digital reading. Some are effectively throwbacks to old comic strips; some are single panels; some are full-fledged stories. Most scroll left to right, same as we do in the US and as they do in Korea, which has a huge audience.

The accessibility of digital platforms has changed the way people publish comics, and the way people read them. Technology often changes behavior; sometimes it’s slow and subtle, and sometimes it’s immediate. WordPress, for example, did more to change publishing than the Kindle did, in my opinion, building on the success of blogging platforms that came before it. Today, Substack is WordPress for email; structurally the same concept but with email as their focus, which allows for better customer acquisition and monetization than blogs ever managed. Each email is just a webpage on your Substack blog. These kinds of evolutions can change who gets to be a publisher, what they publish, how they publish, and who reads them.

Bo: Which is why cross-pollination is necessary from each realm of publishing to the others.

Pandemic Publishing Roundtable – With Lizanne Barber of Distripress

By Linda Ruth


We Will Once More Meet Face to Face

Our Pandemic Roundtable, comprising Joe Berger, Bo Sacks, Gemma Peckham, Samir Husni, Sherin Pierce, and me, started one year ago and is, amazingly, going stronger than ever. Recently we hosted Lizanne Barber, Managing Director for Distripress, the international association of distributors, publishers, and associated press industry supply chain service providers. Distripress’ mission is, as it has always been, to connect its international members in the world of publishing. It started almost seventy years ago, and has grown to, today, 200 members from 50 countries around the world. Many members have joined historically to take part in the Congress, where every fall they have had the opportunity to meet up with industry colleagues from the world’s markets. For decades the Congress served as the one way that people could meet up with their international colleagues and discuss their international business—and still is often the only time people meet their international partners face to face.  

Linda: I first attended Distripress in Toronto in 1988. The next year, when I went back, I was astonished that people remembered me from the year before; I was new to the industry, and it seemed no one in the US remembered me from meeting to meeting. Going back year after year, I came to feel a real connection with these people, even though we only saw each other a few days once a year. 

Lizanne: Yes, it’s all about building connections, and it really is a community. My first Congress was in Monte Carlo, and I had the same experience. Once you’re in Distripress you are in its community forever. Last year was the first year Congress couldn’t take place. Meetings by Zoom have been fantastic, but we’re all looking forward to meeting face to face again.  

Joe: As the new Managing Director, tell us about your mission at Distripress. 

Lizanne: Irreplaceable as the Congress is, I want to look at Distripress and make sure we’re offering connections throughout the year, and not just that once in the fall. I’m surveying our members and looking for touchpoints, finding out more about their businesses, about how they have been managing in the pandemic and how they are structuring their businesses coming out of it. So far, I’ve spoken to over 75 members. 

Joe: And what have you discovered? 

From Top Left: Linda Ruth, PSCS; Joe Berger, JBA; Samir Husni, MIC/Ole Miss; Lizanne Barber, Distripress; Bo Sacks, PMG; Sherin Pierce, Yankee Publishing; Gemma Peckham, Executive Media GroupMagazine

Lizanne: The main reason they are members is the connection with the community that we offer. And as we emerge post-COVID, we will continue to organise the Distripress Congress event, and look for more ways of strengthening those connections, and adding touchpoints, all year long. This year we plan for the Congress to be a smaller event, because there will be parts of the world where people still won’t be able to travel. But in the US for example, we’re finding that people are willing to travel again. That’s fantastic for our community.   People are willing – and wanting –  to meet up again face to face. So we’re planning a two-day conference in Zurich this fall, with a half-day forum of industry presentations and a day and a half of face to face meetings. For those who cannot attend we will be offering a virtual meeting platform a few weeks later and the opportunity to view and listen to the half day Forum presentations on the Distripress website, which will be available to all members. The planned – and widely anticipated-  larger Congress in Estoril has been moved to 2022 when we plan to welcome all members back in full force. People are really excited about the opportunity to meet again. It’s great to have virtual meetings, but face to face is a different level of connection. So many things can happen, so much can happen serendipitously, in person as opposed to over Zoom. 

Bo: Humans like to mingle. You can’t mingle on zoom. You can talk but not mingle. 

Samir: Keep Oct 26-28 open; that’s when ACT is taking place at the School of Journalism at the University of Mississippi. I’d hate for my attendees to miss out on Distripress. 

Lizanne: Yes, we’ll make sure we don’t conflict! 

Bo: The plans and procedure you’re describing is a brilliant synopsis of a competent association. 

Lizanne: We are also starting a bi-monthly newsletter for our members, to bring positive news stories to the community. The first one will feature a Q&A with the two French national distributors – a market that has seen a lot of change in the last 12 months and our members will want to read about what is happening. Plus we’ve got a Distripress half day virtual forum planned for the 9th of June, with industry leaders presenting information on global trends, a retail perspective from Barnes & Noble and Lagardere Travel North Asia, plus a case study from Mediahuis a Belgian news publisher on their diversification in e-commerce, and an overview from CMG on the effect of covid on the US market.   

Joe: From the 75+ publishers you’ve spoken to, is there a single thread you could pull on, something that everybody seems to be thinking about? 

Lizanne: for publishers it’s ecommerce; everyone’s looking to develop this revenue stream, here in the US and all over the world. For distributors, the focus is more on exploring the expansion of potential new product lines. A sustainability note runs throughout. The exciting role that Distripress plays, is that we can put people together who are working on the exact same projects in different countries. They can share learnings, make swifter progress, avoid mistakes. 

Joe: Retail sales have consolidated dramatically in the US. Have you seen that happening elsewhere?

Lizanne: Absolutely, along with other universal challenges. Many markets have seen the loss of travel channel sales, which has had an impact on sales. But there are also green shoots coming through in different territories, places where sales are looking up and some surprising successes.  

Joe: For publishers, the choices of whom to work with are increasingly limited. 

Lizanne: This is a common theme across most – if not all –  territories. Most have only one main distributor, certainly for international press and even for domestic. The slow down in print sales you see in the US is reflected to differing extents globally. This drives the determination of the distributors to diversify to pick up efficiencies of sale that are needed.  

Joe: What kind of successes have you seen? 

Lizanne: Australia is doing well—it hasn’t been hit as badly by COVID, and the distribution route is direct to retail, as opposed to through the additional layer of wholesalers, and all key outlets have remained open. The distributor has introduced toys, board games, and other products to run alongside press to retail outlets. They have around 1800 retailers on board with their new program and 6000 SKUs (non-press). It’s called Market Hub; you can look it up online. Board games for example have had appeal during lockdown —and they are universally appealing and easy to pack. 

Sherin: Are there any markets where publishers and distributors are successfully collaborating to get magazines online or included in the retailers’ click-to-curb programs? 

Lizanne: I am aware of exploration into this area in several countries – for the same reasons as the US. Customers shifted to online sales from supermarkets and magazines have been under-represented. The technical aspect with frequency of product change is a challenge. 

Sherin: As customers are going to stores less frequently, we need to find new ways of getting our publications into their hands. 

Samir: Have you seen US publishers not so interested in shipping overseas as previously? 

Lizanne: We did see an initial reluctance to commit to supplies at the start of the pandemic. Australia in particular was looking for copies, because some of their supply was reduced, but the immediate impact, was seeing efficiencies improve. Publishers are more open now to putting copies back, but every country is in a different position.   Holland closed press retailers, and we won’t know how that damaged consumer purchase pattern long term till it opens up again. Every country is unique. Now, for the first time, by looking at the sales that held throughout the pandemic, markets can identify how much of the sales of imported publications go to the domestic purchaser as opposed to travelers. This data reveals the stable base sale. For travel sales, time will tell how quickly that segment of sales will return. 

Bo: Each country has re-trained its consumers differently, but overall we have set new buying and reading patterns. And it’s not all bad—in fact, in many cases it’s quite positive. Subscriptions are up, for example. How much of that will be maintained? 

Joe: Part of maintaining that growth in subscription sales lies in reigniting newsstand, and it’s up to publishers to do that. Are Distripress members talking about how to get people back to retail to look for magazines? 

Bo: Addictive content is the best lure. 

Lizanne: My discussions haven’t focused on that area. I am hearing more about how different companies are adapting generally. That might include how to set up office space, the new hybrid work options; companies are looking at how they might restructure, coming out of COVID, to keep doing what they’re doing in a strong way but take on board the learnings form the last year.  

Joe: Do you see any good as having come out of COVID? 

Lizanne: For one thing, we’re having video calls like this. There is more contact between members outside of the Congress, and that’s great. It’s enabled me to connect members, because I am aware of the similar journeys different members are on and where a conversation might be interesting.  

Bo: Like our roundtable. 

Samir: People are sick of screens. That’s why subscriptions are going up, board games moving, and so on. People need an alternative to screens.  

Bo: Samir tracks launches, and domestically we’re seeing a spike. What do you see worldwide? 

Lizanne: There have been over 50 in the UK so far this year; so yes, quite a bit of activity. Also I am aware of two French publications which have launched off the back of celebrity TV personalities.  

Joe: From big publishers mostly, or smaller publishers as well? 

Lizanne: Definitely smaller ones too, with quite a few niche premium products: knitting, crafts, transgender, very nice, rich product. 

Joe: Bo has said that one of the consequences of the pandemic is that the speed of change will all happen quicker. Is that something you see? 

Lizanne: Absolutely correct. Including in the field of sustainability. I expect the accelerated speed of change will continue apace till we see what the world is going to look like after the pandemic. There has been acceleration in change in every part of the supply chain and we are going to have to figure out how to keep up with it. 

One Year and One Month and a Few Weeks In…

One year and one month in I have learned that:

  • I need to sit up straighter during my Zoom calls.
  • My dog mostly sleeps behind me while I am working.
  • A month after he passed away, I found out that one of the two people who helped me set up my business had passed away.  
  • Losing a mentor can be as upsetting as losing a family member.
  • Sometimes, a Zoom, or Team or Google meeting can be fun. Sometimes.
  • The hours you put into work are just the hours you put into work.
  • There are a lot of people out there in the world who need help.
  • Sometimes people don’t really want help.
  • If it’s clear that someone is asking for help, you’ll feel better if you offer to help. So offer to help.
  • Sometimes people just need to complain. Just listen.
  • Volunteering for almost anything (so long as it’s not a committee) is better than not volunteering.

Publishing guru Bo Sacks aptly pointed out that the Covid-19 pandemic advanced the timeline in the magazine publishing business. I think he was right. Titles that would have dragged out their death throes over the course of several embarrassingly painful years found that the combination of the pandemic, their anemic ad sales, subscription revenue, declining newsstand sales or marginal digital revenue quickly brought their demise. Sometimes quietly.

We witnessed similar instances of fast corporate deaths in both the worlds bricks and mortar retail, and e-commerce.

In the shallow tidal pool of the newsstand world, we discovered that we’re still very good at rapidly adjusting print orders in response to wholesale or retail closures. I suppose that was a good thing. How it’s not a skill I want to advertise, practice or maintain. Not surprisingly, some retailers that may have kept magazines in their stores a while longer, like Costco, simply looked at their bottom lines and kicked their magazine racks into the dumpster.

And now that the world, or at least the USA is opening back up? What will we do with these lessons?

Well, I do intend to try and sit up straighter throughout the day because it doesn’t look like Zoom, Teams or Google meetings are going anywhere. I promised my dog that I will periodically take more breaks and engage her a bit more. Why should her days be so long and boring?

My sometimes helpful editor. You can find her on Instagram, of course, @iamsummerdog

Beyond that, the optimist in me thinks that we could see a blossoming of print magazines outside of the traditional channels of distribution and circulation and that would be an excellent source of revenue for small publishers. Even better, we may see more cooperation within the newsstand channel: Publishers, retailers and wholesalers cooperating on opening up racks, testing new approaches to distribution, opening up magazines to single copy e-commerce (Note: The latter is something I have been rallying for since, oh, say, the dawn of e-commerce?).

Of course, the other half of me, the cynic, thinks much of the opposite to the above. This is also a wonderful opportunity to shrink the size of checkout and mainline racks down to just a handful of titles and SIPs produced by the largest and most profitable of publishers. Retailers can sell the space off to the latest three month wonder. On the subscription side, there’s no reason to think that anyone will ever regulate how autorenewal subscriptions are managed and why would anyone think that subscription prices should reflect the actual costs to produce?

Sometimes it’s just easier to fall back into old habits. Update the app or website? Why? It’s working. And look at all that revenue now that we can have live events again…

Until the next pandemic.

I’ve learned to try to be more hopeful and optimistic.

I like to think that those of us who are still here have learned. Managed. Grown. Survived. Thrived? That would be nice. Magazine publishing remains one of the most interesting careers available. Honestly, all facets of the business are fascinating, to me at least. With a regular publishing schedule you have the opportunity to create, and distribute, and sell, something new every time you press the button that sends your publication to the printer and/or out into the ether.  Each time you press that button? You also get to meet new people? How about that?

I trust that we’ve learned. I hope that we’ve learned. I would like to keep learning.

Pandemic Publishing Roundtable: How Magazine Publishing is Faring Around the World

By Linda Ruth, cross posted on BoSacks.com

Moving our focus out for an international perspective, Ian Watts dropped in on the Publishing Pandemic Roundtable—Bo Sacks, Gemma Peckham, Joe Berger, Samir Husni, Sherin Pierce, and me—to tell us that there are bright points of hope in a world market that is still facing the impact of the pandemic. 

Ian is the Director of Pincot Consulting Ltd, from whence he provides international circulation services to Genera Solutions, America’s largest magazine exporter. I can’t remember when I met Ian; he’s been in our business a long time. He started out with WH Smith Wholesale in the UK in the 1970’s.  

“That was a great academy for English circulation people, back in the day,” he tells us. “They did great training, hoping to invest in people they would then keep for life.” Those who left were picked up by publishers—in Ian’s case, Murdoch in the 1980’s, then SM Magazine Distribution, then Hachette, who owned an export company in the UK and COMAG UK. He’s been in international ever since. 

Following a stint as International Sales Director of Comag UK, Ian went on his own. His specialty was taking kids’ product and making it international product. He launched some big success stories internationally, including Spice Girls magazines, and later Sudoku magazines. His job now is to liaise with the 70-80 markets around the world that receive American exports and get the best deals and service for Genera’s US publisher clients.  

Ian: It’s a fascinating, exciting field. Every market around the world is an individual market with its own characteristics, facing the same issues that we face, but dealing with it individually. It’s very stimulating, learning about how these different markets manage. 

Roundtable Participants (from Top Left): Ian Watts, Joe Berger, Samir Husni, Sherin Pierce, Gemma Peckham, Linda Ruth, Bo Sacks.

Joe: Can you give us an idea as to how these various markets look for imported product? 

Ian: Due to Covid responses It’s tough everywhere. International markets are going through a hard time for their own domestic publications; and it’s harder still for import. A lot of the import sale comes from travel locations, and of course travel has been decimated in most countries. There are exceptions. Some of the larger markets, for example Australia, continue to have domestic travel; but overall travel is down 90%, and outlets are closed in many airports. The sales we are currently getting are indicative of the market for import products consisting of people who live in the market, as opposed to travelers. They could be local-language speakers, or expatriates.  

Joe: Do you see any bright spots?  

Ian: There are certainly exceptions to this downturn. The strong, heavy-edit magazines, ones that look toward American politics, and to how we might fix the world, ones oriented toward business, are doing relatively well travel outlets notwithstanding. Examples are Foreign Affairs, Atlantic magazine and the New York Review of Books. US Business magazines are highly respected, for example Harvard Business Review

Linda: New York Review of Books actually increased in sale in markets where sales of US products were dropping up to 50%.  

Ian: We saw some new opportunities arise. In many countries throughout the world, we’ve seen a resurgence of domestic kids’ magazines, so we took a look at our portfolio. Now, for example, Thrasher magazine is performing strongly in Australia and across Europe. 

Sherin: COVID aside, have you seen the political situation over the last four years causing a decline in US magazine sales? America used to be a shining star, but it seems that glow is tarnished. People used to buy magazines for US culture, lifestyle, aspiration. Do you see that as continuing? 

Ian: With the loss of sales internationally, it’s difficult to pin down changes that might be due to politics. 

Samir: For a majority of magazines, it’s pop culture that draws people. A Thrasher reader wants to know about skateboards, not about who is president of US. People really don’t give a hoot. 

Ian: Yes, for example when you’re talking about surfing, who doesn’t want a magazine from California? And the coolest kid is always the one with a copy of the physical magazine in his hand. We’ve seen outstanding recent success with Esquire featuring BTS (the Korean pop phenomenon) on the cover.

Samir:Esquire went to a second printing; and wholesalers had to pay in advance for the copies they ordered. 

Ian: They printed tens of thousands copies of the US version in Korea for a sell-out. 

Samir: Fascinating how they are working to get a younger audience without losing the older. 

Ian: Harry Styles was an even bigger success. Selling over 90%–unheard of. 

Samir: When was the last time you heard of something like that on a website or digital platform? 

Ian: Fans are so devoted they seem to get info about this quicker than we do. Politics and digital technology aside, if you have a premium brand and a hot topic, magazines still deliver what the audience wants.

Joe: Stateside we see a trend to bookazines eating up a lot of mainline and checkouts. Do we see that in overseas markets? 

Ian: Very much so. If you go into a WH Smith, most of the prime real estate is bookazines. 

Sherin: Can you give us a picture of the import market in Europe? 

Ian: Of course, in many markets, sales are predicated on the ability to read English. And then, we get back to the unique features of every market. In France, for example, they’ve had structural problems over the past years. Not only pandemic-related; they suffered the loss of their major distributor, NMPP, in 2020. NMPP was a coop owned by publishers to distribute magazines and newspapers, and it was preserved by law from 1947 under the Bichet law whose intent was to ensure that news be available throughout the country, and accessible to all. Since the 1950’s, NMPP never made money. It was repeatedly bailed out by the government. Reality hit this year. Another distributor was established and picked it up, but there was a hiatus. We stopped shipping, only restarting in September. In Germany, they kept the train outlets open because Germans desperate for reading matter went into the stations to buy knowing that they are the go-to range stockists. In Italy, almost as a matter of principle, the news kiosks stayed open, but sales are badly down. Spain’s economy is driven by tourists from Northern Europe, and no one is arriving.  Throughout Europe we need the traveling public back. The vaccine is rolling out fast in Britain, and Portugal and Cyprus have been the first to step forward to say they’ll allow British travelers in from May. The progress of the vaccine in continental Europe has been initially much slower, but the EU and country governments are beginning to get things moving. 

Joe: What about Australia and New Zealand? 

Ian: Still a good market. New Zealand is a small market, with only 6 million people, but it has the highest literacy rate in world. The NZ market was hit hard when Bauer closed its publications. But we’re seeing a bit of a resurgence as former Bauer employees set up “me too” titles to replace what was lost and creatin former Bauer title are relaunched by independent publishers. Also, they’ve been able to securely lock down those two islands, so they haven’t been hit as hard by COVID. The same thing is happening in Australia. The news agencies have always been considered essential retailers; they never closed and have even seen increases in some sectors, like crafts, kids and puzzles.  Their complaint is that there is less US product arriving. Some publishers decided to cut export, and others closed entirely, so not enough was being shipped. Despite this reduction in supplies, they are only 11% down—a good number. We’re going back and saying now’s the right time to get back into this market.  South Africa also had a distributor that exited last year, but fortunately in that market there still are choices, we found a new distributor, and despite hiatus issues sold through well. We’re finding the people there desperate for reading material.  

Sherin: Do you see growth possibilities in South America and Africa? 

Ian: The only market worth anything from a North American or British point of view is South Africa. They have a problem with the emigration of bright educated youngsters. But they have a good audience in the older sector and an emerging middle class. Zimbabwe had its moment but since the devaluation of their currency the market has disappeared. We have small representations in Uganda, and throughout east Africa. In those markets few people have the money to buy magazines at the prices we’re asking. 

Samir: Will the increasing diversity that we’re seeing in American magazines help in Africa? Ian: Perhaps it ought to; however, in some the South African market, the readers don’t necessarily self-identify by race; they see themselves as middle class, aspiring people. They may be more likely to buy a GQ than an Ebony.  

Sherin: what about India’s enormous, well-educated, and upwardly mobile population? 

Ian: Imports tend to be too expensive for India. Also, to some degree the population has bypassed print and gone straight to mobile.   

Linda: There’ve been a few successful publishers who have the scale to print in India and sell at local prices. 

Ian: We’ve been down that road. By the time you’ve negotiated your contracts, factored in freight and been paid in rupees, it really doesn’t pay off. 

Samir: How is the Japanese market doing? 

Ian: There are 1.25 million Japanese, with only a maximum count of 150 retailers taking English-language press. Yet they are innovative. They were the first country to start to sell single copies online. The distributor treats Amazon Japan as one of its retailers—and it is now the largest newsstand retailer in Japan. Our distributor even owns a bookstore https://bunkitsu.jp/ where customers pay an entry fee and we are told this is a great success. With space under pressure at retail, Europe needs to go in that direction as well. Magazine Heaven has a large online store; and the UK’s largest, Newsstand.uk, was growing 20% annually before COVID. It’s an exciting development. The trick is going to be to have a brand that becomes known in the real world. WH Smith, for example, would be a powerful brand for an online store.