In 2024, Penguin Random House Sales Rise 8.5%, to $5.3 Billion
In 2024, Penguin Random House sales worldwide rose 8.5%, to €4.9 billion (about $5.3 billion), according to parent company Bertelsmann, which reported last year's results this week. At the same time, Bertelsmann's group revenue fell 5.9%, to €19 billion ($20.5 billion) and group profit slipped 21.9%, to €1 billion ($1.1 billion). The company said revenues dropped because of the "sale of shares in the customer experience company Majorel," but that "organic growth" amounted to 3.3%.
PRH globally had "a record-breaking year in 2024, acquiring, publishing and selling more books than ever before." The sales gain was attributed to "higher sales prices, a broad range of titles across all genres and growth in audiobook sales." Sales also grew because of acquisitions, with PRH buying Quadrille, BOOM! Studios, Amber-Allen Publishing, and Hay House, and increasing its stake in Sourcebooks to 75%.
PRH US outperformed the industry, Bertelsmann continued, increasing its market share to 23.8% from 22.9% in 2023. During the year, PRH US expanded its distribution center in Crawfordsville, Ind., and established its own distribution center in Grantham, England, to serve continental European customers better. The year's biggest sellers were Funny Story by Emily Henry and First Lie Wins by Ashley Elston, and continuing bestsellers Atomic Habits by James Clear and Taylor Swift: A Little Golden Book Biography by Wendy Loggia. PRH US accounted for 59.2% of PRH's revenue by region.
In a letter to employees, PRH CEO Nihar Malaviya said in part, "Part of our success [last year] was driven by the inclusion of newly acquired companies' results in our numbers for the first time. And rather than a few mega-selling books driving our overall results, it was the continued strength of a wide range of titles across both our frontlist and the backlist that contributed most significantly. Our strong financial performance allows us to further invest in authors and their works, as well as in the talent and resources needed to bring still more books to readers. This remarkable achievement is a testament to you, your hard work and talent, and the strength and diversity of the publishing programs you've created and supported....
"In today's increasingly polarized world, the books that we publish matter more than ever. Books have the power to foster empathy, bring people together, and help readers see themselves reflected in their pages. Our mission to create books for everyone--by creators of all backgrounds and identities--has never been more important. We remain committed to freedom of speech, free expression, and the right to read, while also working to enhance literacy around the world with many efforts like our groundbreaking partnership with Save the Children."