Penguin Random House, the largest US publisher, saw sales increase nearly 10 percent in the first half of 2023 due to acquisitions, international growth, and Prince Harry’s memoir, Spare. PRH profits, however, remain flat due to increased costs.
The other big US publishers have similar financial reports: higher costs are eating into profits, resulting in layoffs. Only Simon & Schuster—one of Colleen Hoover’s publishers—has seen increased profits and avoided job cuts.
Nielsen UK has released an analysis of the reading habits of young people between 14 and 25. About 80 percent of books purchased by this demographic were in print format in 2022. The most popular genres are fantasy action/adventure and crime/thriller, as well as “funny stories.”
As of Sept. 2, print book sales are down 4.1 percent versus last year, according to Circana BookScan.
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.
