A rough year for nonfiction book sales has set alarm bells ringing about the industry’s future.
Nonfiction soared in the years leading up to 2020, as readers snapped up titles proffering explanations of populism, social justice, and climate change. But sales are down 8.4% from last summer, and the success of “romantasy” novels has prompted publishing industry insiders to conclude that readers overwhelmed by a relentlessly bleak news cycle are “seeking refuge rather than clarity,” The Guardian wrote.
“People want to escape a little bit and borrow the lives of others,” the host of a writing club said. Still, in a sign of confidence in reader appetites, US hedge fund Elliott is mulling a combined Barnes & Noble and Waterstones IPO.