It’s been a banner year for book sales spanning all genres, and there’s been plenty going on in the publishing world that’s making its way to national headlines.
Nova Science Publishers, Inc. is a publisher of science and technology books, encyclopedias, and other academic literature. Below, Nova Science Publishers explains some of the major news stories of the last year affecting the publishing industry. Here’s what you need to know to stay in the loop.
HarperCollins Sees Positive Results from HMH Acquisition
The Department of Justice may have blocked the acquisition of Simon & Schuster, but HarperCollins is undoubtedly seeing the benefits of its Houghton Mifflin Harcourt acquisition, according to Nova Science Publishers, Inc.
This quarter, the company has seen nearly a 20% increase in sales compared to the same quarter last year. What’s the cause of this rise in sales for the publishers? According to the parent company, Rupert Murdoch’s News Corp, this is due to several factors that are driving sales.
First, as churches and bookstores open back up after lockdowns, the sale of Christian books is back on the rise. Additionally, there has been a considerable recovery in the UK as sales rise there. Backlist sales are also up 60% compared to a year ago. All of this points toward a growing demand for books, even as the world emerges from lockdowns.
Overall, it looks like this acquisition for HarperCollins is turning out to be a very profitable one for the company.
Amazon Growth Suffers from Supply Chain Issues
Amazon has been on a meteoric rise for years, and 2020 was no different as sales rose 50% in the 3rd and 4th quarters that year. However, this year is a different story, and the sales figures of this past quarter attest. The 3rd quarter only showed a 15% increase, a dramatic fall from previous numbers.
Experts believe this is due to both the world returning to stores and in-person shopping while the cost of doing business increases. It’s more expensive and demanding than ever to get needed supplies, and at the same time, labor shortages have disrupted the supply chain.
Amazon is also paying more for their workers, responding to backlash about low pay and threats of union organizing. Nova Science Publishers, Inc. explains that all this amounts to slower growth for the company. But only time will tell if this slow growth will become the norm, if sales will further decline, or if the company can bounce back to its 2020 successes.
Sales Drop for Hachette Book Group
Hachette Book Group saw a drop of 9% in the 3rd quarter compared to last year’s sales. However, a few factors may make this data misleading.
Overall for the year, Hachette is seeing an increase in profits compared to 2020. Sales were up 9% for the first nine months of 2021 compared to the previous year. Additionally, last year saw great success with popular titles such as Black Lives Matter books and Midnight Sun by Stephanie Meyer.
Despite a low 3rd quarter, the company has been doing well up to this point, so hopes are high it will recover in the 4th quarter to continue its increase in sales for 2021, according to Nova Science Publishers, Inc. Of course, the company also recently acquired Workman Publishing which could also provide a boost during the holiday shopping season.
K-12 Segment Continues Its Large Gains
As reported by the AAP, K-12 instructional materials were up 81.5% for March 2021. And based on the 3rd quarter, this continues to be a very profitable segment of the industry.
Nova Science Publishers explains that the reason may be due to schools returning to in-person instruction while other families make a move to homeschooling and need the instructional materials. Compare this increase to the falls in 2020. Now, schools are investing in needed educational materials to return children to the classroom.
Some of the most significant increases in sales have been from schools in Florida and Texas, which have increased spending by over 331% since 2020.
This is a massive boost for the publishing industry. While sales suffer in other segments, the significant gains in the K-12 segment are making up for the losses.
Self-Publishing Boosts Sales for Regnery
As the world of self-publishing expands, groups like Regnery are reaping the benefits. The fees from authors have been a major boost for profits in the 3rd quarter, amounting to a 27% increase in self-publishing profits.
But that’s not the only segment where Regnery is improving. Additionally, the publisher saw a 6% increase in e-book sales, showing that while people may be returning to bookstores, the importance of e-books is here to stay, says Nova Science Publishers, Inc.
However, Regnery isn’t only thriving in the digital and self-publishing space. As lockdowns lift, they are also seeing an increase in sales at events and trade shows.
These gains mean a 5.6% increase in revenue for the company, bringing the total up to $5.6 million.
The Future of Publishing
Nova Science Publishers has had an exceptional year itself and notes that overall, 2021 is looking like a great year for book sales. The 3rd quarter was mostly filled with gains for publishers, while nearly all are seeing an increase in sales for the year. As we continue through the holiday shopping season, many are hopeful that it will be a successful cap to the year.