USPS Board of Governors Unanimously Approves Adjusted FY 2024 Budget for the Postal Regulatory Commission

Staying connected in the digital world relies more and more on having the latest and greatest devices at your disposal. Consumers who do not, or cannot afford to keep up with the most current technology, are increasingly finding themselves left as roadkill on the digital superhighway. Phones, tablets, computers and other connected devices have shorter and shorter lifespans, and the factors conspiring to render them obsolete are numerous. The latest killer stalking millions of devices more than a few years old is the termination of 3G cellular networks, which is set to begin in January 2022. One of the growing pains to get to faster, better 5G networks deployed nationwide involves the major carriers – AT&T, T-Mobile and Verizon – decommissioning their older networks in order to repurpose critical spectrum. The sunsetting of 3G will start happening early in the new year, with each company operating on its own schedules, which will also impact smaller carriers that rely on their networks.

Revenue for the quarter was $97.3 million as compared to $111.8 million in the same period in the prior year, representing a decrease of $14.5 million (13.0%). The revenue decrease was primarily due to decreases in advertising revenue of $11.3 million (20.8%) and circulation revenue of $4.1 million (11.1%), partially offset by increases in parcel revenue of $2.4 million (20.5%). Net loss in the quarter ended February 29, 2024 was $20.1 million, as compared to a net loss of $20.8 million in the same period in the prior year. The decrease in net loss was primarily the result of decreases in depreciation and restructuring expenses, as well as a decrease in foreign exchange losses, partially offset by an increase in operating loss before depreciation, amortization and restructuring, and a decrease in gain on disposal of property, plant and equipment, assets held-for-sale and other assets.

The Book Industry Study Group devoted a large portion of its annual meeting held Monday to supply chain issues. Panelists representing different parts of the chain—publishing, distribution, rights/metadata/marketing, and retailing—generally agreed that the industry was working fairly efficiently, but that work needs to be done to keep pace with publishing’s ongoing changes. One issue addressed at the event, held at the Harvard Club In New York City, was "channel conflict." Simon & Schuster’s executive v-p of sales and market, Michael Selleck explained the phenomenon by saying that it occurs when outside influences disrupt the sale channel. Examples of channel conflict include things like the illegally imported (and cheaper) textbooks in the international market, and used books in the domestic market. The example of channel conflict that drew the most attention, though, was the new phenomenon of third party resellers being able to win buy buttons at Amazon, thereby being the first option consumers see. Because new books are supposed to be the first option for consumers on Amazon, publishers suspect the third party sellers winning buy buttons have somehow gotten their hands on new titles. Click Read More below for additional detail.