The UK publishing industry revenue hit a record £7.1 billion in 2023, marking a 3 per cent increase from the previous year, according to new data from the Publishers Association.

The growth was primarily driven by robust performances in digital and export markets. Notably, export market revenue climbed to £4.4 billion, up by 4 per cent, while digital sales reached £3.2 billion, reflecting a 5 per cent increase. The consumer publishing sector also saw significant gains, with total revenue rising by 4 per cent to £2.4 billion.

Audiobooks boom

Among the standout segments, fiction revenue increased by 8 per cent to £907 million, and audio downloads witnessed a remarkable double-digit growth, surging by 24 per cent to £206 million.

Read: UK publishing sector contributes £11bn to the economy

Dan Conway, CEO of the Publishers Association, highlighted the sector’s resilience amidst economic challenges, stating, “A great result for the UK’s publishing industry – we’ve now crossed the £7 billion mark in terms of revenue. These strong figures reflect the continuing economic value of publishing to the UK. It’s wonderful to see growth in many areas, including export which serves as a reminder of the influence of the UK’s publishing sector internationally. The enduring popularity of books and learning means that the sector is still performing strongly in spite of the broader economic headwinds.”

While digital formats have shown impressive growth, print remains the dominant medium in consumer markets, accounting for 79 per cent of the revenue. Exports continue to play a critical role, with major markets in Australia, Germany, and the United States all recording growth.

Downturn in children’s publishing

However, not all segments fared well; children’s publishing saw a decline of 4 per cent in revenue, possibly affected by publication cycles and economic factors such as the cost of living.

Breaking down other sectors, total consumer publishing revenue in the UK market rose by 2 per cent to £1.5 billion, while education publishing remained stable at £661 million despite a 12 per cent drop in UK market revenue. Academic publishing, on the other hand, grew by 2 per cent to reach £3.6 billion, with a notable rise in digital revenue.

The “Vision for Publishing” report released earlier this year further underscored the industry’s broader economic impact, estimating a total contribution of £11 billion to the UK economy, including effects on the supply chain. This robust performance across various publishing sectors illustrates the continued vitality and influence of the UK’s publishing industry on the global stage.