Forbes Launches a Book Imprint
ForbesBooks is the latest brand extension in the quest for ancillary revenue.
Forbes may be an old dog, but the 99-year-old brand is no stranger to new tricks.
In a bid to diversify the bottom line by adding another revenue stream to the mix — the mark of a healthy, or at least proactive, media company in 2016 — Forbes Media is entering the book business.
Forbes and book publisher Advantage Media Group announced this week the launch of ForbesBooks, a new imprint aimed at marrying Advantage's book publishing inroads with Forbes' brand recognition, distribution channels, and cross-platform audience.
A merging of complementary offerings, the partnership forms the next logical pillar in Forbes' portfolio of products, which includes the eponymous biweekly magazine, website, research, and native advertising platform BrandVoice, Nina La France, Forbes' SVP of consumer marketing and business development tells Folio:.
"This deal is the result of many conversations with Advantage Media Group and its founder, Adam Witty, that led us to see synergies we believe will be the foundation of a productive relationship," says La France. "Forbes sees adding a book imprint to its business as a unique growth opportunity in the marketplace. This expansion is in line with our strategy to diversify revenue streams and expand our global reach."
A ForbesBooks editorial team will operate in-house at Advantage, with Forbes offering "general oversight," which consists of brand standards and guidelines as well as marketing support, says La France, but the real punch behind the Forbes end of the partnership will be access to its various media channels.
ForbesBooks authors will essentially be given the media brand as a platform to promote their writing and thought leadership through a dedicated blog on Forbes.com (48 million unique monthly visitors) as well as promotion on the site, in the print magazine, and approximately two-dozen newsletters.
Forbes Media declined to provide information on the actual revenue breakdown between Forbes, Advantage, and the authors themselves, but one interesting facet of the partnership is that authors themselves will retain copyright.
"ForbesBooks authors are entrepreneurs, innovators, CEOs, and business owners," Adam Witty, Advantage's founder and CEO, adds. "Allowing them to hold the copyright gives them the freedom and flexibility to monetize their work beyond just book sales by using their work to stimulate business development and lead generation, speaking opportunities, and consulting engagements; ancillary product creation."