The pandemic has been incredibly challenging for Canada’s book publishers. Bookstores were closed in the spring & online sales/curbside pickup could not make up for the absence of in-store shopping. Many stores are now closed again.

How has this impacted publishers? [THREAD] 1/

When the shutdown occurred in the spring, bookstores were less able to buy from publishers & ended up holding more inventory because of lower consumer sales. Needing to conserve cash & reduce payables, many bookstores increased the number of books they returned to publishers. 2/

. @BookNet_Canada reports that consumer sales were down 24% through spring and early summer; in some weeks, sales had fallen to nearly half (44%) of what they were in the same period in 2019. 3/

All Canadian publishers took a sales hit, and many had to cope with increased returns. The entire ecosystem of the industry was disrupted, causing a cash flow problem that threatened a multitude of jobs across the country. 4/

The Canadian government acted immediately & generously to provide supports for the industry, helping to prevent the worst-case scenario that so many feared: having to lay off full-time staff and/or close down. 5/

Even so, the latest survey numbers show that 72% of publishers project an overall sales revenue decrease of more than 20% in 2020. 36% expect a decline of more than 40%. 6/

When cash flow is interrupted, what is at stake?

Predictable and sufficient cash flow makes it possible for publishers to pay author royalties and staff salaries, and to support other crucial jobs in the Canadian cultural ecosystem. The livelihoods of many are at stake. 7/

245 English-language publishers generate $280.3 million in labour income (5,940 full-time jobs) and $404 million in revenue.

86% of revenue is from Canadian-authored works. 78% of new titles published every year are by Canadian authors. 8/

As you read this, thousands of people in the Canadian publishing and bookselling industries are working harder than ever before to get books into the hands of readers and gift-buyers—the holiday sales season is underway. What happens now will set the stage for the year ahead. 9/

CTV reported on this worrying data late last week. https://www.ctvnews.ca/business/dozens-of-canadian-publishers-project-at-least-a-40-per-cent-revenue-hit-survey-says-1.5226145

We will continue to survey our membership and analyze 2020 and 2021 trends, and their ongoing impact on the Canadian publishing industry. We will know more about Q4 results and beyond in the new year. 10/

In the meantime, as we reach the final stretch of holiday gift-buying, remember that books make great gifts!

Consider giving Canadian books published by independent Canadian publishers this holiday. @49thShelf is a great source of recommendations for everyone on your list. 11/

And remember that your local bookseller remains your best source for books this holiday.

Find your local independent bookstore now: https://publishers.ca/independent-bookstore-directory/

#ShopLocal #BuyCanadian #IndiesforIndies

FIN/