The ownership acquisition of the Book of the Month Club’s story got lot of attention of the media in early 2016. This 93-year-old media company which was relaunched in late 2015 went through a drastic change. Such a long period of existence means that lot of transformation was required from its traditional profile to modern profile. It was an uphill task without which it was hardly possible for this dying company to survive. When Amazon reigned book sellers’ market through online book selling, the situation was jeopardized. The book sellers having hold in the market were struggling hard to survive. The trend of online selling was followed by others like Amazon.
A great idea of Lippmann
The worst scenario of book selling was not going to change book selling situation, but it was John Lippmann, a young entrepreneur, who thought an idea. Lippmann is an opportunist and he didn’t hesitate to accept the offer made to him to acquire sick book club. This book club was a legendary about nine decades old Book of the Month Club of New York, the condition of which was affected by the Amazon’s trend, and was on the verge of extinction. Lippmann’s decision was bold because it was a challenge to refurbish something that has already become obsolete, but John Lippman had a plan of complete makeover, and new design of the Club for millennials.
The effect seen in short term
The new Book of the Month Club reflects the vision of John Lippman, who acquired its parent company, Bookspan, in late 2012 and proceeded to re-establish an innovative business in a different format than its tradition. The new format was meant to create appeal to readers who increasingly buy books online. These were mostly millennials, and people in 20s, 30s, or 40s. Lippmann built new Book of the Month Club that exists only online in 2015. It took only two years after relaunch to reset the business, and the year 2017 was the year of success for both Lippmann and his BOMC.