Lockdown Revitalizes Book Industry Sales
Germany's Publishing Industry Gains From Cultural Lockdowns
Berlin - The ongoing restrictions on cultural offerings across Germany may be driving more readers towards books, according to Piper CEO Felicitas von Lovenberg. In an interview with the Handelsblatt newspaper, she indicated that with cinemas, theaters, exhibitions, and concerts still closed, there appears to be a surge in book sales.
Initially, when most bookstores were shuttered during the initial lockdown, concerns arose over losing even more readers. However, von Lovenberg notes that customer loyalty has increased, leading to improvements in sales since the spring. While there was a significant decrease in sales during the spring, there was a catch-up effect in the summer and autumn, with sales significantly higher than those in the same periods last year.
The publishing executive predicts a total turnover for the book market in 2020 similar to that of 2019, when it was €9.3 billion. Von Lovenberg remains cautious, however, regarding the economic implications for many city centers ahead of the Christmas shopping season.
However, von Lovenberg's primary concern lies with the economic situation of authors. With important royalty losses this year due to canceled readings and appearances, many writers are struggling, she warns. While authors would typically give ten to twelve readings for new books, all of those events have been called off.
The overall state of the publishing industry in connection with lockdown-induced cultural restrictions remains unclear. European software publishing industry, for instance, saw a decline in market size at a CAGR of 1.6% between 2020 and 2025, but is projected to grow over the next five years. Meanwhile, the circulation of newspapers like Handelsblatt and Die Welt has decreased in recent years, and revenue for the paper and paperboard manufacturing industry in Germany has also declined, with a CAGR of -3.1% over the past five years. Despite these data points, the direct impact of lockdowns on the publishing industry's sales growth is still unclear.
The rise in book sales might extend to various aspects of lifestyle reading, considering Germany's ongoing cultural lockdowns have led to increased customer loyalty towards books. In light of the struggling economic situation of authors due to canceled readings and appearances coupled with royalty losses this year, one may turn to entertainment in the form of books for solace.
