Book Publishing

In 2023, the U.S. book publishing industry was estimated to be worth $44.3 billion in revenue. The pandemic temporarily slowed down book production in the early 2020s, with business shutdowns and supply-chain interruptions. The lockdowns, however, gave people more free time to read, which resulted in an increase in digital and audio book sales, as well as an increase in trade or consumer book sales. Also of note is that Barnes & Noble experienced strong sales growth during the pandemic, and the company continues to show signs of growth, opening 20 new stores in 2023.

This industry employs a diverse workforce to assist in the many stages of publishing. Writers, researchers, and editors develop and refine copy; artists and graphic designers position text and images for readability on the page and on the screen; press and production operators produce physical documents; digital designers and developers prepare electronic publications; and sales and marketing forces disseminate and distribute the products.

Several recent trends have transformed book publishing. For example, the changing technology for e-readers has made these devices more affordable and accessible, resulting in increased e-book sales. In particular, student demand for textbooks, educational materials, and reference volumes is fueling the e-book movement. Other drivers are people getting back to reading, the interest in self-help books, and parents reading to their children. Mobile applications have also impacted the publishing industry, prompting traditional travel aid, greeting card, and music publishers to rethink their delivery models.

Other developments affecting the book industry are Internet sales, self-publishing efforts, and on-demand printing. The Internet has provided an alternative way of ordering books, which has deeply affected brick-and-mortar bookstores. Internet outlets, such as Amazon, have experienced phenomenal growth, many times at the expense—even demise, as in the case of the Borders Group—of traditional booksellers. Today, some authors are also taking on the role of publisher and self-publishing their own work. In these instances, the author controls all stages of the production and distribution processes. On-demand printing refers to producing books as they are needed. This method usually allows high-quality books to be printed in a cost-effective manner.

Publishers, especially those in the atlas, music, and greeting card arenas, are in tight competition with other producers of entertainment and knowledge-enhancement media because technology is rapidly changing and opening up new options for expansion. Atlas publishers have seen their businesses go by the wayside as people abandon paper maps for mobile apps and global positioning and satellite systems. For instance, Waze, a mobile navigation app used by more than 140 million people, as of April 2024, employs crowd-sourcing technology to inform users of real-time traffic patterns and detours.

Music publishers have been transitioning the past few years as online music streaming services, such as Apple Music and Spotify, continue to grow. The research group IBISWorld reported that publishers who have licensed music to TV and movies experienced growth in viewership through streaming services such as Hulu and Netflix. In addition, after previous years of steady decline, vinyl and cassette sales have begun to increase, due to the growing number of music fans interested in vintage music. The pandemic caused a temporary dip in music performance revenue for music publishers due to concert cancelations, but pent-up demand has since made up for the losses. As of February 2024, the U.S. music publishing industry was valued at $7.2 billion, representing 2 percent annual growth since 2019.

Publishers of greeting cards and stationery products are forecast to decline as customers use less expensive digital means and mobile technologies to send greetings, such as by messaging through social media. The products that had once kept this sector afloat, including calendars, journals, and artworks, are becoming increasingly obsolete. There are now fewer brick-and-mortar bookstores and retailers selling greeting cards and related products. IBISWorld reported an annualized decline of 4.3 percent in this area during the five years leading up to 2024. In contrast, sales of online greeting cards grew by nearly more than 18 percent annually from 2018 through 2023 (the most recent data available). During the pandemic, when physical contact was limited, people turned to online greeting cards to keep in touch.