Bloomsbury has reported its highest ever profit after being boosted by the craze for fantasy fiction books.
Booktok, when book recommendations on Tiktok, has propelled the status of Fantasy into new heights, with series like A Court of Thorns and Roses by Sarah J Maas selling over 38 million copies in English worldwide.
Bloomsbury Publishing revealed that its pre-tax profit surged by nearly two thirds to £41.5 million in the year to the end of February, from £25.4 million a year earlier.
For its consumer division, which consists of both adult and children’s books, revenues soared by nearly 50% year on year.
Total sales were up by 30% to £342.7 million for the latest year.
“Recent success has been principally driven by the increasing demand for fantasy fiction,” said Nigel Newton, chief executive of Bloomsbury.
“Sarah J Maas is a publishing phenomenon and we are very fortunate to have signed her up with her first book 14 years ago.”
Meanwhile, the publishers said the Harry Potter series was continuing to sell strongly, 26 years after first being published in 1997.
However, sales from its academic and professional division dipped by about 7% every year, amid a wider shift toward online learning over the Covid pandemic.
Russ Mould, investment director at AJ Bell, said: “The twin-headed machine that is Harry Potter and Sarah J Maas has made Bloomsbury the envy of the publishing world and taken its share price to new heights.
“Therefore, when Bloomsbury says there will not be a new title from Sarah J Maas in its current financial year, investors are understandably worried.
“That shifts the emphasis on making money from her back catalogue, in the same way that Bloomsbury has managed to sweat its Harry Potter assets with new versions of the beloved book series, bringing in a new generation of readers.”
He added that investors want the “star author to keep churning out new titles”.
Submitted Article
Headline
Short Headline
Standfirst
Published Article
HeadlineFantasy fiction lovers boost sales of the genre
Short HeadlineFantasy fiction sales soar
StandfirstBloomsbury Publishing revenues increased by nearly 50% as a result of fantasy series sales
Bloomsbury has reported its highest ever profit after being boosted by the craze for fantasy fiction books.
Booktok, when book recommendations on Tiktok, has propelled the status of Fantasy into new heights, with series like A Court of Thorns and Roses by Sarah J Maas selling over 38 million copies in English worldwide.
Bloomsbury Publishing revealed that its pre-tax profit surged by nearly two thirds to £41.5 million in the year to the end of February, from £25.4 million a year earlier.
For its consumer division, which consists of both adult and children’s books, revenues soared by nearly 50% year on year.
Total sales were up by 30% to £342.7 million for the latest year.
“Recent success has been principally driven by the increasing demand for fantasy fiction,” said Nigel Newton, chief executive of Bloomsbury.
“Sarah J Maas is a publishing phenomenon and we are very fortunate to have signed her up with her first book 14 years ago.”
Meanwhile, the publishers said the Harry Potter series was continuing to sell strongly, 26 years after first being published in 1997.
However, sales from its academic and professional division dipped by about 7% every year, amid a wider shift toward online learning over the Covid pandemic.
Russ Mould, investment director at AJ Bell, said: “The twin-headed machine that is Harry Potter and Sarah J Maas has made Bloomsbury the envy of the publishing world and taken its share price to new heights.
“Therefore, when Bloomsbury says there will not be a new title from Sarah J Maas in its current financial year, investors are understandably worried.
“That shifts the emphasis on making money from her back catalogue, in the same way that Bloomsbury has managed to sweat its Harry Potter assets with new versions of the beloved book series, bringing in a new generation of readers.”
He added that investors want the “star author to keep churning out new titles”.
