The publishing industry in the U.K. posted a record year of sales in 2016, selling £4.8 billion of books and journals, according to the Publishers Association (PA).
The figure represented a seven per cent increase from 2015, and showed that the sector continues to play an important role in the national economy. For publishers, to sustain growth means a continued reliance on related services such as marketers, copywriters and professional proofreaders from London and other major UK cities.
The continuing strong level of sales for UK companies stems from demand both at home and overseas. Digital publications have also become popular, with sales reaching £1.7 billion, although data show fewer sales of electronic books.
Sales of books and journals abroad accounted for 54 per cent of the overall revenue in 2016, up by six per cent to £2.6 billion. Countries in Europe accounted for about 30 per cent of sales. For this reason, the PA said that the publishing industry has been a ‘star export and productivity performer’ based on an independent study.
Frontier Economics, who conducted the recent study on behalf of the PA, showed that export revenues account for more than 55 per cent of the total publishing turnover. Of that percentage, 70 per cent mainly come from countries in North America and Asia’s south and east.
The advantages of these export numbers manifest through more than 70,000 direct and indirect jobs, aside from up to £7.8 billion gross value contribution to the broader U.K. economy. The study also noted that the country remains the biggest source of exported physical books worldwide.
Demand for Publishing Services
Publishing businesses and independent writers are taking advantage of the sector’s stable economic performance in recent years. Now is a good time to invest time and energy in services that improve their quality and craft.