Consumer book sales have continued to fall versus last year and the big pandemic highs, but are still running at their third-best level in years. (Circana Bookscan has YTD units at 527 million, down about 4 percent from 549 million units a year ago.) Meanwhile, investment by publishers in future product both aligns with and diverges from the consumer sales trend. As a reminder, Q1 deals were weak — due in large part to the strike at Harper Collins and continued conservatism at Penguin Random House — and then rebounded in Q2, helped by later dates for the book fairs, […]
