New York Times Bestseller James Patterson recently revealed that he would be distributing $1 million to independent bookstores around the country. Each bookstore will receive anything from $2,000 to $15,000 and may use the money however the store sees fit.
“I just want to get people more aware and involved in what’s going on here, which is that, with the advent of e-books, we either have a great opportunity or a great problem,” Patterson said in a recent interview. “Our bookstores in America are at risk. Publishing and publishers as we’ve known them are at stake.”
Bookstores, like the late Borders and declining Barnes & Noble, are hitting it hard when it comes to profit margins. More consumers are reading books, magazines and other publications from an iPad or some other tablet reader due to its convenience.