Book Sales Off 2.8% in 2008, AAP Says

by Jim Milliot -- Publishers Weekly, 3/31/2009 12:57:00 PM

Book sales fell 2.8% in 2008, to $24.25 billion, according to estimates released Tuesday by the Association of American Publishers. Sales declined in eight of the 13 categories measured by AAP with the largest decline coming in the spokenword audio segment where sales fell 21%. The e-book segment had the strongest showing in the year with sales jumping 68%, but the estimated sales of $113.2 million represent about 0.5% of total industry sales.

The two trade hardcover segments had difficult years in 2008 with adult hardcover sales down 13% and juvenile sales falling 12.4%. Paperback did better, with the trade paper segment up 3.6% and juvenile ahead 6.4%. Sales in the mass market paperback segment, however, fell 3.0%. Religious book sales dropped 7.6%. Book club and mail order sales fell 3.4%.

The higher education segment posted a 2.7% sales increase, but elhi sales fell 4.4%. Professional sales dipped 0.5%.

Between 2002 and 2008, industry sales posted a 1.6% compound annual growth rate (CAGR). Sales since 2002 rose in every category except book clubs/mail order (falling at a 5.7% CAGR), and mass market (a 1.9% annual decline). Excluding e-books, which had sales of $7.3 million in 2002 and had a 57.8% CAGR, the religious book segment had the strongest growth over the five-year period at a 4.5% CAGR. The trade segment had a 2.1% CAGR in the five-year period.