Reading between the lines
This week a US federal judge blocked the $2.2bn planned merger between publisher giants Penguin Random House and Simon & Schuster.
If combined, the two publishers would control 49% of the market for blockbuster book titles, concerning US lawmakers that the deal would reduce competition in the industry. Fewer independent publishers reduces the chance of a bidding war for new titles, ultimately hurting outcomes for authors, and probably consumers too.
The news comes with the publishing ecosystem in an interesting place. As Zoom replaced real conversations and screen time increased, a physical book became a welcome escape from all the blue light. In 2020, even with brick-and-mortar bookshops closed for much of the year, over 200m print books were sold – the highest number since 2012.
Nothing beats a good book store
More recently, retail sales in physical book stores have also recovered. In August, regularly one of the busiest months for book stores, sales hit their highest level for nearly 5 years. Indeed, more than 300 new independent book stores have opened in the last few years, a welcome reversal of a decades-long decline.
