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Hachette UK revenue rose by almost a fifth (19.8%) in the first quarter of 2021, led by the Bridgerton backlist following its successful Netflix adaptation.
According to Lagardère’s first quarter results for this year, posted on Tuesday (27th April), revenue “grew sharply” for Hachette UK. This was “thanks to a good performance in general literature, led in particular by Julia Quinn's Bridgerton backlist in the wake of the successful television series aired from December 2020,” the Lagardère group said. In February Little, Brown imprint Piatkus capitalised on the success of Netflix adaptation "Bridgerton" with reissues of the series of books, as well as their prequels, accompanied by marketing and publicity activity.
“Business also benefited from still-buoyant digital sales, which posted double-digit growth”, Lagardère said. Exact figures for Hachette UK for the quarter were not broken out.
David Shelley, c.e.o. of Hachette UK, told The Bookseller: “Hachette UK had a very strong start to the year, with revenue growth of 19.8% despite bookshops remaining closed throughout the first quarter. We had 127 appearances in the Sunday Times bestseller lists, up by more than a third (35%) on the same period last year. These include new entries such as the Bridgerton books (Piatkus Books), which have been adapted into Netflix’s most-watched original series ever, as well as long-standing stellar performers such as Where the Crawdads Sing by Delia Owens (Corsair), Tall Tales and Wee Stories by Billy Connolly (Two Roads), Hamnet by Maggie O’Farrell (Tinder Press) and Women Don’t Owe You Pretty by Florence Given (Cassell)."
He added: “We’re continuing to build on our mission to appeal to everyone, everywhere by making our publishing as inclusive and diverse as the readers we hope to reach, and by removing any barriers to accessing our books. In the first quarter, we saw double-digit growth in e-book and audiobook sales once again, as people continued to embrace digital formats. We also launched our first direct-to-consumer offering with a new monthly subscription service, the Feminist Book Box, to curate the work of feminist authors from across our divisions."
The Hachette Book Group in the US also saw increased revenue in the first quarter results, though not to the same degree as the UK: "Revenue in the United States increased by 9.1%, with strong momentum in Young Readers books, mainly on the backlist, and by a rich Commercial Fiction programme. Digital formats continued to perform well, despite a slowdown in audiobooks following the 2020 success of Andrzej Sapkowski's The Witcher series in this format," Lagardère said.
Revenue for the Lagardère Publishing division as a whole came to ‚Ǩ509m (£434m), up 11.6% as reported and up 13.9% like-for-like compared to the same period in 2020. The division showed a “solid revenue performance” in the first quarter of 2021, driven by successful frontlist and backlist releases in general literature and illustrated books in France, the UK and the US, the results showed. “Sales were driven by successful editorial decisions in the various regions, as well as by the increased appeal of reading among consumers during extended lockdowns, notably in France and the United Kingdom,” according to the Lagardère group.
The use of digital and audio remained fairly stable compared to the previous year. E-books accounted for 9% of total Lagardère Publishing revenue in the first quarter of 2021, versus 9.7% in first quarter 2020, while downloadable audiobooks represented 4.6% of revenue, compared to 5.9% one year earlier.
Hachette UK experienced a “stellar” third quarter in 2020, with year-on-year growth of 15.6% and record download revenue for e-books and audio. Lagardère showed a year-on-year revenue decline of 38.3%.
Shelley also spoke about the various initiatives Hachette UK is spearheading to ensure diversity. “This year, we are marking the fifth anniversary of Changing the Story, our diversity and inclusion programme, by announcing a number of new initiatives," he said. "In the first quarter, these included a new three-year partnership with the National Literacy Trust to help primary school children in disadvantaged communities disproportionately impacted by Covid-19 to develop life-changing literacy skills, in a programme designed around Hodder Education Group’s Rising Stars Reading Planet scheme. We also announced a refreshed and extended traineeship programme to make publishing more accessible to underrepresented groups, partnering with Curtis Brown and Waterstones in an industry first. And we unveiled the latest cohort of The Future Bookshelf, pairing nine unpublished writers from underrepresented backgrounds with nine editors from across Hachette UK’s divisions, to mentor and develop exciting new voices.”
On Monday (26th April) it was revealed that negotiations are under way to transform the Lagardère group into a joint stock company.