Publishing Industry Market Update; Vol. 1, Issue 2
Welcome to our second installment of the Yates & Yates Author Coaching monthly newsletter, providing a brief update of the current state of the book publishing industry. As always, feel free to share with your friends, colleagues, or anyone else who might care.
Another Great Month
We continue to see a strong book-buying market as the Summer of COVID marches on. After a horrendous spring at the hands of the Coronavirus, we have seen a very strong comeback. While May and June earned back most of the “bear market” from the worst of the shutdown months, the rest of the summer has been as bullish as a Merrill Lynch commercial (yes, we know it’s a dated reference, but it still works, right?).
On the backs of Stephanie Meyer and Jeff Kinney for Team Fiction, and Sean Hannity and Mary L. Trump for Team Non-, August was a veritable firestorm. Several weeks in August saw double-digit week-over-week gains and were tracking more than 5% above last year. If you tuned in to our last episode, you’ll recall that we all thought 2019 was pretty darn good, historically. So, to be back above 2019, given all that’s happened this year, is rather miraculous. You’ll remember we had months where nearly all bookstores in the US (and most countries around the world) were closed, and Amazon shipping times trailed terribly for a few weeks there...while we all searched in vain for face masks and toilet paper.
And speaking of closed stores, just a couple of weeks ago the iconic Powell’s flagship store in Portland, Oregon finally reopened (though with reduced hours and capacity limits). In a time when many independent stores are struggling—and perhaps closing for good, it’s great to see an institution like Powell’s coming back online – though their airport locations didn’t make it.
Exception: Airports
While the overall book business has been resuscitated, one sector is still Code Blue—airport stores. For obvious reasons, the airport retailers (whether they are selling books or travel pillows) have been hit hard. In addition to the landmark Powell’s shuttering their airport locations at PDX, segment captain Hudson posted an 88% decline in sales in the quarter ending June 30, 2020, with book sales at those stores falling even farther: 93%! The result: a 40% reduction in staff (both corporate and in-store) with several hundred more on extended furlough. Buying books in airports might be heading into the wild blue yonder for the foreseeable future.
Where Have All the Printers Gone?
What was your favorite blockbuster movie this summer?
That was a trick question.
When COVID hit, the film industry punted the release dates for all their big-budget movies back as far as next summer. Similarly, some publishers, eyeing an uncertain economy and a mothballed retail market, did the same thing: delaying the release of many of their upcoming titles until this fall – which was already crowded. Then when the book market came roaring back with higher than expected sales in some categories, printers (where there has been a fair amount of consolidation in recent years) were inundated, making press time a premium for publishers (Pro Tip: Publishers don’t print their own books, they outsource it).
Can you believe it?! A handful of months ago, we faced fears of a bookselling apocalypse. Now, we literally can’t print books fast enough! A good problem to have…but a problem, nonetheless. So, don’t be surprised if your book has restocking delays, or has the release date bumped back.
When it rains, it pours.
If you still haven’t seen our free e-course, check it out. It’s a 5-part e-course that will help you navigate these unusual days so that you can make the best decisions about your publishing future.
Did you know we offer one-on-one author coaching? Sometimes you need a little feedback and encouragement to get you unstuck in your writing journey. Consider booking a 30-or 60-minute consultation with one of our expert literary agents. We’ll give you customized advice specific to your journey and answer any questions you might have. Learn more here.
