In 2022, Penguin Random House sought to acquire Simon & Schuster, raising concerns of monopolizing the industry. The merger was blocked due to antitrust concerns. The trial revealed insights like the mainstream success of celebrity books and repeat bestsellers, such as the Twilight and Fifty Shades series. The Big Five publishers focus heavily on advances for certain authors, with only a small percentage of titles selling well. Despite big investments, many books struggle to recoup advances, with top titles driving the majority of profits. While celebrity books can fail, having a built-in audience like on social media doesn’t always guarantee sales. Overall, the industry is hit-driven, with few books making significant profits.
https://www.elysian.press/p/no-one-buys-books