Bloomsbury Print Sales Drop, but Demand for “Harry Potter” Stays Strong
With the coronavirus crisis extending into the summer, both human lives and industries alike remain affected. Harry Potter publisher Bloomsbury has become yet another company to be severely hit by the pandemic.
In its latest annual results, Bloomsbury announced that the COVID-19 pandemic has caused a drastic decrease in print sales, warning that sales could plunge by as much as 65%. Since physical books account for almost 4/5 of total revenue, the publishing group is bracing for economic loss, potentially all the way until March of next year.
Speaking to the Evening Standard, Bloomsbury CEO Nigel Newton commented on the grim situation:
Since the year end, the coronavirus pandemic has led to significant disruption across all our key markets. The impact may be substantial. Orders for print books, which comprised 79% of the company’s revenue for the year ended [sic] 29 February 2020, are being affected in all our markets.
Despite the bleak outlook, not all hope is lost. Sales of the Harry Potter series continue to remain “resilient,” even through these difficult times. It is undeniable that, for Potter fans across the globe, the wizarding world provides much-needed comfort from the chaos of the real world.
As the retail industry almost grinds to a standstill, many companies are struggling to stay afloat. Now more than ever, the books can be a source of immense strength and hope and a companion to tide us over through these dark times. Consider supporting Bloomsbury by purchasing the books today!