Image from publisher weekly website.
Published on the last day of 2021, the publishing industry observation report argues that the biggest challenge facing the publishing industry in 2021 remains the continued impact of responding to the COVID-19 pandemic, which is still waiting to return to a new normal.
After the outbreak of the new crown epidemic in 2020, many industry people pessimistically believe that book publishing and physical bookstores are about to usher in a cold winter, but in terms of results, although some companies and publishing market segments are struggling, most companies have good annual financial results, and the overall sales performance of the industry is unexpectedly strong. Based on such achievements, many industry insiders expect that the publishing industry will return to normal in 2021.
What's clear is that things aren't going as smoothly as expected, and COVID-19 remains the biggest obstacle to the publishing industry in 2021. Many people expect the book market and book activities to return to the face-to-face offline model in 2021, and such expectations have also been disappointed. In the summer of 2021, many bookstores slowly tried to let readers and writers meet and interact on the spot, and did limited book exhibitions indoors and outdoors, but as the weather got colder and the new crown variant became popular, these face-to-face activities were basically canceled, and no one knew when they would resume. Online author events and virtual exhibitions have become standard practice, and a large number of brick-and-mortar bookstores are dealing with changing regional policies for mask wearing and social distancing.
However, the problems caused by the epidemic did not prevent sales of physical bookstores from rebounding last year. As of October 2021, brick-and-mortar bookstores had sales of $7.12 billion, up nearly 40 percent from the same period in 2020, and full-year sales in 2021 are expected to exceed $10 billion before the arrival of COVID-19 in 2019.
Publisher Barnes & Noble was forced to close several bookstore chains for weeks at the start of the 2020 CORONAVIRUS pandemic. The company has used such a hiatus to accelerate the bookstore's internal renovation and renovation program, and now overall, the chain's sales are back on track, with the company's CEO expecting sales in 2021 to grow by 5%–6% compared to 2019. In addition, the company also supports e-reading platforms, including the release of the company's own Nook Glowlight e-reader.
According to this article, part of the reason for the increase in sales is due to the opening of many new bookstores, and the expansion of online book sales by independent and chain bookstores. According to the American Publishers Association, sales of online books in the United States exceeded half of overall sales for the first time in 2020.
The report also takes stock of the holding of major book fairs after the impact of the epidemic. In 2021, most book fairs in the United States will shift to online formats. The American Book Fair has not yet returned, and different regions have held their own small and medium-sized book fairs. For the second consecutive year in terms of international book fairs, the Bologna Book Fair has switched to online exhibitions. The 2020 London Book Fair was forced to cancel at the last minute, and this year the London Book Fair hosted its first online exhibition. The Beijing International Book Fair was postponed due to the impact of the epidemic, and the form adopted a combination of offline and online exhibitions. The Frankfurt Book Fair adopts an offline model, but the scale is only 20% of the original, mainly for readers in continental Europe, and many American and British publishers have not participated in the exhibition due to the epidemic. The Guadalajara Book Fair and the Sharjah Book Fair in Mexico also adopted an offline model, attracting a total of 1,632 publishers from 83 countries and regions.
The scene of the 2021 Beijing International Book Fair. (Courtesy of the organizer)
The scene of the Frankfurt Book Fair 2021.
One of the big things that happened in the publishing industry at the end of 2021 was the US Department of Justice's lawsuit against Penguin Random House to prevent the merger of the two major publishing giants. Penguin Random House intends to acquire its rival Simon & Schuster International Publishing for $2.175 billion, and when the acquisition is completed, the former will have a number of best-selling authors such as Stephen King, Hillary Clinton, John Owen and others. Penguin Random House is currently the largest book publisher in the United States, and the merger with the fourth largest book publisher will reduce the big five that dominate the U.S. publishing industry to four. The U.S. Department of Justice believes that the merger of Penguin Random House will cost American writers and consumers. The selection of best-selling authors narrows and book upfront payments decrease, which ultimately leads to fewer books and limited consumer choice.
In addition, the report also analyzes the shortage of book copyright sales and supply chains under the impact of the epidemic, the impact of the popularity of social short videos such as "BookTok" on book sales, and the development of activities to promote book publishing.
Resources:
https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/88201-the-publishing-industry-is-still-waiting-for-the-new-normal.html
https://www.publishersweekly.com/pw/by-topic/international/Frankfurt-Book-Fair/article/87710-frankfurt-book-fair-2021-a-quieter-affair.html
Compiled | Li Yongbo
Edit | Rodong
Proofreading | Guo Li