For the first five months of the year, the Association of American Publishers reports that adult book sales are flat versus 2022 across all formats (print, ebook, audio), while children’s and YA sales fell by nearly 8 percent versus last year. The main weakness is in children’s hardcovers; as we reported last year, Barnes & Noble has become reluctant to stock such books due to high returns.
Other highlights:
- So far Big Five publisher Hachette has seen profits decline 16 percent versus last year; the company blamed a lighter publication schedule, lack of bestsellers compared to 2022, and a downturn in the US market. CEO Michael Pietsch said, “Sales of backlist titles, children’s and Christian books, and general and prescriptive nonfiction faced particular challenges in a down market. … Backlist sales began to grow toward the end of the first half, and we anticipate a considerably stronger second half.”
- Book sales look superficially better in the UK, where 2023 is enjoying the best-ever performance in terms of pounds since Nielsen began tracking the market. However, much of the growth is due to inflation; about 4 percent fewer units were sold during the first half of the year. As in the US, fiction is driving growth.
- Circana BookScan reports that sales of romance print books increased 52 percent in the 12 months ending May 2023. Their press release says, “Much of this growth can be attributed to the contemporary interests of new, younger readers, with #BookTok and page-to-screen streaming TV projects leading the sources of discovery. All this new energy has reinvigorated the category, making it the top-growth subject in the US book market for the second year in a row.” Circana notes that a clear generational divide has now emerged: Big-name romance authors like Nicholas Sparks and Debbie Macomber are seeing unit sales decline, while newcomers Lucy Score and Ana Huang are enjoying BookTok-fueled growth.
Jane Friedman has spent her entire career working in the publishing industry, with a focus on business reporting and author education. Established in 2015, her newsletter The Bottom Line provides nuanced market intelligence to thousands of authors and industry professionals; in 2023, she was named Publishing Commentator of the Year by Digital Book World.
Jane’s expertise regularly features in major media outlets such as The New York Times, The Atlantic, NPR, The Today Show, Wired, The Guardian, Fox News, and BBC. Her book, The Business of Being a Writer, Second Edition (The University of Chicago Press), is used as a classroom text by many writing and publishing degree programs. She reaches thousands through speaking engagements and workshops at diverse venues worldwide, including NYU’s Advanced Publishing Institute, Frankfurt Book Fair, and numerous MFA programs.
