Bloomsbury print book sales drop during coronavirus lockdown
Publishing group Bloomsbury warned this morning that print revenue has plummeted during the coronavirus pandemic as book shops around the world have closed during lockdowns.
In Bloomsbury’s worst case scenario, print revenue, which comprised 79 per cent of total sales last year, could fall between 60 per cent to 65 per cent this year.
In this scenario, with three months of global restrictions ending in July, the publisher said it expected a gradual recovery until March next year.
Year-to-date revenue in April was down three per cent compared to last year, with print revenue down 87 per cent and academic digital revenue up more than 52 per cent year on year.
“The coronavirus crisis and imposition of government lockdowns and restrictions and retail closures continue to impact all our key markets of the UK, US, Australia and India as well as many other important markets,” Bloomsbury said.
“Orders for print books, which comprised 79 per cent of the Company’s revenue for the year ended 29 February 2020, are being affected in all our markets. Our UK, US and Australia warehouses remain open and continue supply to customers.
“We have positive sales prospects through Amazon, even as they prioritise essential crisis services, with strong growth in demand for e‐books.”
In the year to 28 February, Bloomsbury reported that full-year revenue rose to £163m and profits were up 10 per cent at £13.2m