Episode 229 - CROSSWORD EMPIRE - The Story of Simon and Schuster
Robert John Hadfield's Thick and Mystic Moment - Jan 26, 2024
The podcast episode of "The Thick and Mystic Moment" hosted by Robert John Hadfield offers an insightful exploration into innovation, entrepreneurship, and the power of listening to the market and consumers. The episode begins with a reference to a memorable scene from "The Office," where Stanley yells, "Did I stutter?" at Michael Scott, and ties this into the universal appeal and familiarity of crossword puzzles.
The main story revolves around the founding of Simon & Schuster, one of the most successful and innovative publishing companies of the 20th century. It begins with the backgrounds of Richard Simon and Max Schuster, their respective upbringings and early careers, leading to their meeting in 1921. Inspired by Richard's aunt's love for crossword puzzles, they realized the unmet market demand for a book of crossword puzzles. This insight led to the establishment of Simon & Schuster in 1924, and their first publication, a crossword puzzle book, was a massive success, selling over a million copies by 1925.
The podcast details Simon & Schuster's innovative practices, including "fad publishing" or "planned publishing," where they identified trends and commissioned books on those topics. This approach was likened to modern-day trend-following in social media. The company also invested heavily in marketing and advertising, often innovating in these areas as well.
Simon & Schuster pioneered several other industry practices, such as allowing bookstores to return unsold books for credit, introducing Pocket Books as the first paperbacks in the U.S., and publishing one of the first major e-books with Stephen King's "Riding the Bullet."
The episode also touches on personal connections, such as Richard Simon being the father of singer Carly Simon. Throughout the narrative, the host emphasizes the importance of listening to consumers, identifying and meeting their needs, and the concept of innovation as improving on existing ideas. The episode concludes by encouraging listeners to apply these principles of listening and identifying needs in various aspects of life, including business and personal relationships.
