Meredith Corporation announced it has closed on the sale of the FORTUNE media brand for $150 million cash to Fortune Media Group Holdings Limited, wholly owned by Chatchaval Jiaravanon. The sale was first announced on November 9, 2018. As part of the transaction, Meredith will provide short-term business continuity services and has entered into a multi-year agreement with Fortune Media Group Holdings Limited to provide services such as corporate sales, consumer marketing, subscription fulfillment, paper purchasing and printing. Click read more below for additional detail.
The Association of American Publishers (AAP) today released its StatShot report for January 2021 reflecting reported revenue for all tracked categories, including Trade (Consumer Books), K-12 Instructional Materials, Higher Education Course Materials, Professional Publishing, and University Presses.
Total revenues across all categories for January 2021 were up 10.3% as compared to January 2020, coming in at $1.2 billion.
Trade (Consumer Books) Revenues
Trade (Consumer Books) sales were up 21.3% in January, coming in at $689.5 million.
In terms of physical paper format revenues during the month of January, in the Trade (Consumer Books) category, Hardback revenues were up 25.5%, coming in at $244.2 million; Paperbacks were up 17.9%, with $227.5 million in revenue; Mass Market was up 39.9% to $19.5 million; and Board Books were down 3.4%, with $17.2 million in revenue.
eBook revenues were up 21.0% for the month as compared to January of 2020 for a total of $91.6 million. The Downloaded Audio format was up 17.6% for January, coming in at $59.1 million in revenue. Physical Audio was up 21.8% coming in at $2.0 million.
Religious press revenues were down 0.5% in January, coming in at $61.7 million. Revenue fell across all tracked formats, with the exception of eBooks which rose 15.3% to $4.5 million.
During January 2021 Education revenues were $462.7 million, down 2.3% compared with January of 2020.
Revenues from Higher Education Course Materials were down 2.6% for the month, as compared to January of 2020, coming in at $429.7 million.
PreK-12 Instructional Materials revenues were up 1.6% for January 2021, at $33.0 million. More in-depth information on PreK-12 Books and Materials Monthly is included in AAP’s PreK-12 monthly report.
Professional Books, including business, medical, law, technical and scientific, were up 8.0% during the month, coming in at $51.0 million.