The popularity of BookTok, the community on TikTok dedicated to literary enthusiasts, has become a significant driver of book sales, benefiting publishers immensely.
Now it's cast its spell on the publisher of the Harry Potter series. Bloomsbury Publishing has reported a surge in profits, partly due to the influence of popular BookTok books.
Bloomsbury's revenue rose from £264 million ($336 million) in 2022/23 to £343 million for the year ended February 29, 2024. Profit rose from £31 million to £49 million, a 57 percent increase.
TikTok has not only rekindled interest in the Harry Potter series but also boosted the popularity of contemporary authors such as the American Sarah J. Maas.
The Context
Bloomsbury is a British publishing house that was founded in 1982. Much of the company's recent growth has been based on the success of the Harry Potter series by J.K. Rowling.
The advent of social media, particularly TikTok, has revolutionized the way books are marketed and consumed. BookTok, a sub-community on TikTok, has emerged as a powerful marketing tool where book recommendations often lead to significant spikes in sales.
What We Know
Bloomsbury Publishing is projecting financial results for the fiscal years 2024 and 2025 that exceed market expectations.
The publishing house listed a final dividend of £10.99 per share, which takes its full-year dividend up to £14.69, a 25 per cent increase year on year.
As well as the success of the Harry Potter novels, one author who has helped to drive this positive outlook this is Sarah J. Maas. Her series A Court of Thorns and Roses, which is a popular series on BookTok, has helped to boost the publisher's financial earnings.
Other popular books by a range of publishers on BookTok include Verity by Colleen Hoover, a thriller about a struggling writer; They Both Die at the End by Adam Silvera, about two strangers who meet through an app on the last day before they die; and The Love Hypothesis by Ali Hazelwood, a romance novel.
What's Next
The success of BookTok signifies a broader transformation within the industry: social media's role in shaping reading preferences and driving sales. Publishers who effectively engage with these digital communities stand to benefit.
According to Nielsen Book Data, 9 million of the 348 million books sold in 2022 were found through video assistance platforms. These purchases total roughly $2.5 billion in value, and further indicate the influence of BookTok on the publishing market.
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About the writer
Marni Rose McFall is a Newsweek reporter based in London, U.K. Her focus is on U.S. politics, social affairs and ... Read more
