Bloomsbury – the UK’s most famous publisher renowned for the Harry Potter series- has recently reported a 15% increase in sales with a 16% increase in profit. The publisher chalks this success to allies – TikTok and the ongoing macroeconomic hellscape.
Harry Potter During the Inflation
According to CEO Nigel Newton, with increasing living costs, books are an affordable form of entertainment. The company benefited from the pandemic restrictions when homebound people turned to reading as a pastime. According to the CEO, the company made record high annual sales of £230m for the year by the February end.
Bloomsbury has managed to capitalize, despite the hard times, due to their focus on the specific genre – fantasy, as more and more readers choose fantasy books.
“People have had too much reality. They’re turning to books as an enjoyable escape from quotidian worries,” Newton says.
BookTok’s figures show that readers are more into aesthetics than actual reading. And one of the famous fantasy works by Bloomsbury is the book of Sarah J. Maas, an American fantasy novelist. Some of her viral titles on BookTok are Crescent City, the Throne of Glass, and the A Court of Thorns and the Roses series.
Besides, the publishing sector is actively stoking BookTok. Last year, Penguin Random House signed a deal with TikTok to allow users to link books in their videos and recruit influential BookTokers. Similarly, Barnes & Noble is also embracing BookTok with colourful shelves and tables, in its store, filled with famous BookTok titles.