Penguin Random House (PRH) parent company Bertelsmann reported that the publisher’s revenue increased by 8.5% in the first half of 2024, while operating EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 13% in the same period, reports Publisher:.
Revenue for the six months to June 30 was €2.28 billion (A$3.74 billion), with operating EBITDA of €291 million (A$477.13 million). Bertelsmann attributed the results to revenue growth in both frontlist and backlist titles, higher audiobook sales, the performance of Random House Publisher Services and Sourcebooks, and the acquisition of Hay House in January, which brought in revenue of €35 million (A$57.39 million).
In a letter to staff, PRH CEO Nihar Malaviya said the publisher sold nearly 35 million more books in the first half of 2024 compared to the same period last year, adding that authors’ remuneration increased by €63 million (A$103.31 million). Despite higher costs, the publisher improved its operating margin from 12.3% to 12.8%.
“In most countries where we operate, the book market remains stable and we outperform the entire industry,” Malaviya wrote, promising that PRH would continue its fight against book bans in the US. The publisher has already been involved in several court cases against book ban laws, among others.
Category: International News
