At Veterans Park and Marina in Norwalk, Connecticut, May 23. Image – Getty MiroMiro
By Porter Anderson, Editor-in-Chief | @Porter_Anderson
Digital Audio Up 15 Percent: A 23-Percent Jump YTD
In its May 2024 StatShot report released this morning (July 18), the Association of American Publishers (AAP) cites total revenues across all categories up 10.8 percent over May 2023, at US$1.1 billion.
Year-to-date revenues, the AAP reports, were up 5.5 percent, at US$5.2 billion for the first five months of the year.
For a second month, the United States’ book publishing industry—as assessed by the StatShot program—shows a significant boost. The analysis shows total gross sales increasing 5 percent, with net sales rising 11 percent, according to the report’s authors.
The trade itself—the commercial books industry and the part of the international business most closely followed by Publishing Perspectives—saw gross sales of 9 percent, but because of a 31-percent decrease in returns, that gross-sales figure jumped to 31 percent. Hardback and paperback formats in the trade saw increases of 21 percent and 17 percent, respectively, in net sales, boosting the year-to-date trade net sales to 5 percent.
- Adult books in the trade, in the words of the report’s authors, had a “stellar month,” logging in an 18-percent increase over May of last year. Usually fiction fuels such increases, but nonfiction saw a 9-percent increase in May, year over year.
- Children’s and young adult books saw a surge in fiction of 15 percent in net sales in May. Year to date, the category was down 3 percent in net sales. Young readers’ nonfiction decreased by 5 percent in May for a 7-percent decrease year to date and an overall children’s and young-adult category decrease of 3 percent in net sales.
- Religious presses had another 23-percent jump in May, landing a 13-percent increase year to date. In the religious sector, hardbacks led the way, rising 34 percent, paperbacks retreating by 16 percent. Digital audio—not as popular in the religious categories than in the overall market—rose 12 percent, accounting for only 6 percent of the total net sales in religious presses’ performance. Ebooks in the religious sphere are up 3 percent year to date but saw a 6-percent decline in May.
As Publishing Perspectives readers know, the AAP’s numbers reflect reported revenue for tracked categories including trade (consumer books); religious presses; higher education course materials; PreK-12 instructional materials; and professional publishing. (Professional books include business, medical, law, technical, and scientific titles.)
Trade Revenues
Year-Over-Year Numbers
Trade revenues were up 16.5 percent in May over the same month last year, at $789.1 million.
Image: Association of American Publishers
In print formats:
- Hardback revenues were up 21.0 percent, coming in at $289.1 million
- Paperbacks were 15.7 percent, with $289.6 million in revenue
- Mass market was up 118.2 percent to $11.2 million
- Special bindings were up 28.4 percent, with $13.6 million in revenue
In digital formats:
- Ebook revenues were up 2.2 percent for the month as compared to May 2023, for a total of $84.4 million
- The digital audio format was up 15.3 percent, coming in at $80.2 million in revenue
- Physical audio was down 27.0 percent, coming in at $800,000
Year-to-Date Numbers
Year-to-date, the industry’s trade revenues were up 5.1 percent at $3.6 billion for the first five months of the year.
In print formats:
- Hardback revenues were up 3.9 percent, with $1.3 billion in revenue
- Paperbacks were 4.6 percent with $1.3 billion in revenue
- Mass market was down 15.1 percent to $50.5 million
- Special bindings were up 0.8 percent, with $76.5 million in revenue
In digital formats:
- Ebook revenues were up 2.3 percent as compared to the first five months of 20923, for a total $422.5 million
- The digital audio format was up 22.6 percent, at $423.7 million in revenue
- Physical audio was down 21.6 percent, coming in at $3.7 million
Religious Press Performance
Year-Over-Year Numbers
Religious press revenues were 23.4 percent in May, coming in at $72.3 million.
- Hardback revenues were up 33.5 percent to $43.2 million in revenue
- Paperback revenues were up 15.7 percent to $14.5 million
- Ebook revenues were down 6.0 percent, coming in at $4.2 million
- Digital audio revenues were 12.4 percent at $4.5 million
Year-to-Date Numbers
On a year-to date basis, religious press revenues were up 13.9 percent, reaching $355.2 million.
- Hardback revenues were up 17.7 percent at $213.6 million in revenue
- Paperback revenues were up 8.1 percent to $69.0 million
- Ebook revenues were up 3.1 percent, at $23.6 million
- Digital audio revenues were up 14.6 percent at 22.1 million
Education
During May 2024, revenues from higher education course materials were $110.0 million, down 1.6 percent as compared to May of 2023. Year-to-date higher education course material revenues were up 10.1 percent, at $881.4 million.
PreK-12 Instructional Materials
Revenues from PreK-12 instructional materials were $168.0 million, up 0.8 percent compared with May 2023. Year-to-date PreK-12 instructional materials revenues were $361.2 million, up 5.0 percent compared to the first five months of 2023.
Professional Books
Professional books, including business, medical, law, technical and scientific, were down 3.3 percent during the month, coming in at $37.6 million. Year-to-date professional books revenues were $186.0 million, down 1.3 percent as compared to the first five months of 2023.
About the AAP StatShot Reports
The StatShot program provides this statement: “The Association of American Publishers’ StatShot reports the monthly and yearly net revenue of publishing houses from United States sales to bookstores, wholesalers, direct-to-consumer, online retailers, and other channels. StatShot draws revenue data from approximately 1,27 publishers, although participation may fluctuate slightly from report to report.
“StatShot reports are designed to give ongoing revenue snapshots across publishing sectors using the best data currently available. The reports reflect participants’ most recent reported revenue for current and previous periods, enabling readers to compare revenue on both a month-to-month and year-to-year basis within a given StatShot report.
Monthly and yearly StatShot reports may not align completely across reporting periods, because: (a) the pool of StatShot participants may fluctuate from report to report; and (b) as in any business, it’s common accounting practice for publishing houses to update and restate their previously reported revenue data. If, for example, a business learns that its revenues were greater in a given year than its reports first indicated, it will restate the revenues in subsequent reports to AAP, permitting AAP in turn to report information that is more accurate than previously reported.”
More from Publishing Perspectives on industry statistics is here. More on the Association of American Publishers is here, more of our coverage of AAP StatShot reports is here, and more on the US market is here.
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