US publishing 'firing on all cylinders' in 2021 as revenue rose 12.3% and in-person buying boomed

US book publishing generated $29.3bn (£25.7bn) industry-wide in 2021 compared to its 2020 revenues of $26.1bn (£22.9bn), an increase of 12.3%, according to the Association of American Publishers (AAP), with more people buying from bookshops.

The figure was the highest ever recorded by AAP’s StatShot Annual Report, which also showed that, within the physical retail channel, trade revenues increased 40.4%, reaching $3.7bn (£3.2bn) and reversing a five-year trend of decline. 

The total percentage of overall book trade revenue in 2021 attributable to physical retail for 2021 was 19.5%. As a result of Covid-19 closures easing during 2021 the channel climbed 23.9% industry wide on a year-on-year basis, totalling $6.2bn (£5.4bn). Online purchases were also strong, accounting for 32.7% of industry-wide revenue, or $9.6bn (£8.4bn).

In the trade sector, online retail remained dominant, accounting for 44.7% of revenues, or $8.4bn (£7.4bn). Year on year, however, online was roughly flat, falling 0.5% both on an industry-wide basis, and in the trade category.

Physical books continued to dominate the market during 2021, with hardback, paperback and special bindings each seeing double-digit increases in revenue. Paperback revenues increased 14.2% during the year, reaching $6.2bn (£5.4bn), and hardback revenue increased 13.6%, reaching $7bn (£6.1bn). Special bindings increased 11.6% reaching $42m (£36.8m).

While e-book revenue had increased for the first time in years during 2020, climbing 12.4%, in 2021 the format again declined, falling 5%, and coming in at $2bn (£1.8bn).

Maria A Pallante, AAP president and c.e.o., said: “The industry was firing on all cylinders in 2021, delivering benefits up and down the value chain for literature, scholarship, and educational materials.

“At the end of the day, we know that books are immeasurable and timeless as they make their way in the world.  Nevertheless, in an economy that is overcrowded with entertainment options, it is thrilling and gratifying to see such resounding affirmation for reading.”

The AAP’s StatShot reports combine annual data submitted by publishers and distributors, along with market modelling, to estimate the total volume of the US publishing industry.