London book fair: UK publishers cheerfully splash cash as sales rise
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On the eve of the London book fair, publishers were excited by news that sales of physical books were up for the second year in a row – 7% more than in 2015. And, following Waterstones’ return to profit for the first time in years, there was also good news for bricks-and-mortar bookshops, with a 4% rise in purchases across the UK. Meanwhile, ebooks declined by 4%, the second consecutive year digital book sales have fallen.
Is this the start of a trend? While it was too early to tell at this year’s book fair, more than one publisher was whistling a happy tune as they entered the Olympia exhibition centre on Tuesday. With print books having a higher average price point than ebooks, and with a weaker pound benefitting exporters – German publishers in particular bought big this year – the mood among the hundreds of publishers was optimistic. As an industry that works 18 months ahead of the reader, the future of publishing looks bright.