GTC Online Booksellers (OGB) has seen its book sales grow in the last year and are now earning more money than ever before, according to its chief financial officer.
The company is also in the process of adding more and more new online bookstores and will eventually open a fully online bookstore in China.
The increase in revenue came as bookstores struggled to keep up with rising ebook sales.
According to an annual report by OGB, its bookstores saw their book sales fall by nearly two-thirds last year.
It also said that the company’s total book sales dropped by nearly 20% to $9.4 billion.
However, sales for ebooks rose by over 50% to reach $13.9 billion in the same year.
“In 2015, we experienced a decline in the number of bookstores, but the increase in e-book sales has continued to be a strong driver of our business, with over half of our bookstores reporting double-digit year-on-year growth in the quarter, which is the best result we have ever had,” said the chief financial Officer of OGB in a statement.
“With more than 500 e-books available at our online bookseller, we continue to see an increased demand for e-readers and our growth is continuing to be driven by the increasing number of customers using our platform.”OGB said its book revenue rose by $1.4 million in 2016, which came from the company opening more than 400 new bookstores.
However, the company said that growth has slowed down, with its online book sales declining by 15% to about $4.7 billion in 2016.OGB, which operates as the world’s largest e-commerce platform, says it has more than 2.4m active users worldwide, with more than 1.1 billion active books in print and more than 565 million books in ebooks.
Online Bookstores: The New E-Commerce Economy and the Future of Books, edited by David T. Folsom and Michael M. McClellan, will be released on Thursday by the American Enterprise Institute.
It will be the first book published by the organization.
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