The publishing market deals with the production and dissemination of information, including literature, news, communication, and travel aids, through print media such as traditional books, newspapers, and magazines. The US has the world's second-largest publishing market. The publishing market endured turbulence in the five years leading up to 2022, as competition from large online companies intensified. Some market segments such as the education and research publications grew possibly due to increasing college admissions.
The year 2021 will be remembered for the outbreak of the COVID-19 pandemic and the resulting economic uncertainty for businesses of all sizes owing to supply chain disruption globally. Demand for publishers and retailers fell, with smaller outlets and independent businesses suffering the most. Throughout this crisis, however, the publishing market remained focused on its mission to serve readers and the public interest, even as consumer needs changed. Print books continued to dominate the market in the US in 2021, accounting for 52% of the total publishing market, with a value of $25,518 million. The newspaper medium had a 33% share in the publishing market, with a value of $16,075 million. Magazines accounted for 15% of the publishing market, amounting to $7,299 million. The publishing market in the US reached $48,891.6 million in 2021, down 3% YoY.
The top book publishing companies include Penguin-Random House, Hachette Book Group, and Harper Collins. Advance, Relx, and The New York Times are the top newspaper publishing companies. News Corp, Daily Mail & General Trust, and Axel Springer are among the top magazine publishers. The demand for current and accurate information is high, steering many people to online news stories, articles, and e-books. An increase in traffic, however, does not benefit all outlets equally. As organizations face increasing pressure to make information easily accessible to all, some online publishers with a subscription-based revenue stream (such as The New York Times and The Wall Street Journal) removed the paywall for specific articles. The publishing industry will almost certainly have an inverse relationship with online readership traffic, forcing publishing companies to shift or focus on their online offerings.
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