Publishing powerhouses
The U.S. book publishing industry is dominated by a handful of publishing houses often referred to as the “Big Five”: Penguin Random House, Hachette, HarperCollins, Simon & Schuster, and Macmillan. These players distributed between 77 and 91 percent of the bestselling hardcover and paperback titles in the U.S. in 2021. That year, the global revenue of Penguin Random House - the leading publisher in the U.S. - rose to over 4.2 billion euros. The book behemoth was planning to buy Simon & Schuster, further expanding its already hefty number of imprints and its clout within the publishing landscape, until a judge blocked the merger in an antitrust trial in 2022.Consumer behavior and bestsellers
The mean annual expenditure on books has visibly decreased since the early 2000s. According to the latest available data, households spent less than 30 U.S. dollars on book purchases annually since 2015. In contrast, average spending used to be nearly twice as high only a decade earlier. Looking at consumer behavior amid COVID, it comes as no surprise that investments in reading-related activities saw a rapid uptick. People from all age groups turned to books for entertainment as they isolated at home, dusting off old copies or purchasing new ones online. So, what have readers been reaching for recently? Adult nonfiction has been the most popular book category based on unit sales for many years, however adult fiction was the only category to grow between 2021 and 2022. A closer look at genres reveals that in 2023, some of the best-selling books in the U.S. included children’s classics by Dr. Seuss, romance, and politics. Several books that ranked on the top-seller list shot to fame thanks to TikTok, where authors like Colleen Hoover have amassed an impressive fanbase.
