Bloomsbury’s Profits Surge Thanks to Fantasy Bestsellers

Bloomsbury Publishing is on track to exceed financial expectations, largely due to the remarkable success of Sarah J. Maas, a popular American author known for her fantasy romance novels.

For the six-month period ending in August, the publicly traded publisher announced its fifth consecutive quarter of double-digit revenue growth, with sales climbing 32% to £179.8 million and pre-tax profits surging 50% to £26.6 million.

The company is poised to surpass consensus forecasts for the full year, expecting sales of £319 million and pre-tax profits of £37.5 million. Following this announcement, Bloomsbury’s shares rose by 58p, an increase of 8.5%, to close at 740p.

Maas’s acclaimed series, including Throne of Glass and A Court of Thorns and Roses, has sold over 55 million copies globally. During this reporting period, sales of these titles more than doubled, with the release of January’s Crescent City: House of Flame and Shadow becoming a significant global bestseller.

Nigel Newton, CEO of Bloomsbury, emphasized the importance of successful authors like Maas to the company’s consumer sector, stating, “If we don’t have any, we’re in trouble. But we’re very fortunate that we’ve published two of the greatest cult writers of all time in JK Rowling and Sarah Maas.”

In addition to the thriving consumer division, Bloomsbury’s non-consumer segment showed a 3% increase in sales; however, pre-tax profits fell from £5.9 million in 2023 to £5.2 million. The academic and professional revenue experienced a 14% decline, attributed to financial constraints faced by British and American universities and a swift transition from print to digital formats.

Newton highlighted the financial challenges in UK higher education, linking them to the previous government’s policies that diminished funding from international students, a critical revenue source for universities.

Looking ahead, Bloomsbury is considering ways to monetize its content through artificial intelligence collaborations. Newton indicated that they are engaging with potential partners to explore various opportunities while ensuring that any agreements align with the interests of their authors and are made with their consent.

Previously, Newton has expressed concerns regarding the potential impact of artificial intelligence on the publishing landscape. He was among many creative professionals, including actress Julianne Moore and Radiohead’s Thom Yorke, who signed a recent letter cautioning AI companies against the unauthorized use of artistic work, which poses a significant threat to creators’ livelihoods.