Bloomsbury Publishing successfully surfing the BookTok and fantasy waves
London, UK
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December 11, 2023 10:12 AM Eastern Standard Time
Bloomsbury Publishing PLC (LSE:BMY) Group Finance Director Penny Scott-Bayfield speaks to Thomas Warner from Proactive after the independent publishing house released a trading update for 2023.
Scott-Bayfield says that Bloomsbury expects its revenue and profit to significantly exceeded market expectations for the year to 29 February 2029, with revenues likely to surpass £274 million and profits £33 million.
She explains some of the reasons for the company's strong performance, particularly in the fantasy sector, attributing some of the success to the books of Sarah J. Maas. Her 15 titles have become an important part of the Bloomsbury portfolio. Scott-Bayfield also highlights the impact of social media on the publishing industry, citing 'BookTok' on TikTok as a major positive influence, comparable to the Harry Potter phenomenon. This social media presence has attracted a younger audience and rejuvenated certain market segments.
Additionally, she discusses the company's strategic shift away from a heavy reliance on Christmas sales. This diversification, including successful titles like those by Sarah J. Maas that are often bought for personal use rather than as gifts, reflects the strength and balance of Bloomsbury's portfolio.
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