The U.K. publishing industry recorded overall revenue of £7.2 billion ($9.1 billion) in 2024, representing a 1% increase from £7.1 billion ($9 billion) in 2023, according to new statistics released by the U.K. Publishers Association. The figures show overall sales are nearly equal between the print and digital formats, with print accounting for £3.8 billion ($5.1 billion) in revenue, down 3% from 2023, and digital accounting for £3.5 billion ($4.7 billion), up 6%.

Digital formats contributed to growth across all three publishing sectors—consumer, education, and academic.

Audiobook revenue reached £268 million ($339 million), the highest figure on record and a 31% increase from 2023. Fiction crossed the £1.1 billion ($1.27 billion) revenue threshold for the first time, posting an 18% gain. Non-fiction revenue was £1.1 billion, down 4%, while revenue from children's books was static at £413 million.

"It's fantastic to see fiction, audiobooks and digital thrived in 2024. Clearly publishers have been giving booklovers what they want with engaging content in a range of formats," Dan Conway, CEO of the Publishers Association, said. "Fiction growth has been driven by fantasy and romance. The desire for escapism in these tumultuous times may be a factor in the recent success of these genres."

Exports remained central to the industry's performance, generating £4.5 billion ($5.7 billion) in revenue and accounting for 63% of total income. Export revenue increased 3% year-over-year from 2023's £4.4 billion ($5.6 billion). The U.S. was the biggest export market for trade books, up 23% for the year, followed by Australia and Germany, which grew 9% and 4% respectively.

The consumer, or trade, publishing sector generated £2.5 billion ($3.2 billion) in total revenue, up 5% from 2023. Sales revenue at home in the U.K. reached £1.5 billion ($1.9 billion), a 2% increase, while export market revenue grew 9% to £1 billion ($1.27 billion).

Digital formats showed particular strength in the consumer sector, with digital revenue climbing 17% to £566 million ($717 million). Print revenue increased 2% to £2 billion ($2.5 billion).

Fiction's £1.1 billion ($1.4 billion) in revenue represented an 18% gain, while non-fiction revenue declined 4% to £1.1 billion ($1.4 billion). Children's publishing revenue remained flat at £413 million ($523 million).

Education and academic sectors falter

Revenue from education publishing, including textbooks, fell 3% to £639 million ($810 million), with U.K. market revenue declining 11% to £171 million ($217 million). Export market revenue remained static at £467 million ($592 million). Print revenue dropped 5% to £539 million ($683 million), though digital revenue increased 5% to £100 million ($127 million).

Academic publishing, which covers journal articles, books, monographs, conference proceedings, and, in some cases, textbooks, recorded total revenue of £3.5 billion ($4.4 billion), down 1% from 2023. Academic book revenue fell 8% to £1 billion ($1.27 billion), while academic journal revenue rose 3% to £2.5 billion ($3.2 billion).

In the academic sector, U.K. market revenue declined 9% to £852 million ($1.08 billion), while export market revenue increased 2% to £2.7 billion ($3.4 billion). Print revenue fell 13% to £836 million ($1.06 billion), but digital revenue grew 4% to £2.7 billion ($3.4 billion).

"While consumer publishing had a strong 2024, it's more of a concerning picture for education and academic book publishing, particularly in the U.K. market," Conway said. "This reflects the funding challenges right across the education sector. However, it's worth noting that while print is down in both education and academic sectors, digital is still growing."