While TV, newspapers, and ad agencies are all reporting dismal earnings, GalleyCat finds that publishing is still pretty strong.
Penguin’s revenue rose 6.7 percent last year, and Hachette Book Group’s 26 percent increase in revenue was the “major driver” behind its parent company’s 1.4 percent increase in sales.
And though HarperCollins had what Publisher’s Weekly calls “a particularly bad” second half of the year last year, revenue fell 16%a veritable picnic compared to the plummets in revenue we’re seeing in other media industries. Remember, 20% down is the new flat.
And all five major publishers remained profitable, with both Hachette and Penguin reporting profits of more than 10 percent.