Bloomsbury, the publishing company, has raised its yearly profit expectations thanks to the success of Sarah J Maas’s latest fantasy novel, House of Flame and Shadow.
The book, released on January 30, quickly became a global bestseller, and fans on TikTok played a significant role in its popularity.
The British publisher informed investors that the profits for the year would surpass the initial expectations set in December, largely due to the success of Maas’s book. House of Flame and Shadow is the third installment in Maas’s series set in the fantasy world of Crescent City.
In the UK, the novel achieved the third-fastest-selling fantasy book status, selling 44,761 copies in its first week. The release not only boosted demand for this latest book but also increased interest in the previous 15 books written by Maas for Bloomsbury.
Known for publishing the Harry Potter series, Bloomsbury expects pre-tax profits to exceed market consensus, which initially projected profits at £37.2m for the year up to February 29, with a turnover of £291.4m. Analysts from Investec updated their forecasts, anticipating annual profits of £48.1m and a turnover of £329.3m. Bloomsbury’s shares rose nearly 10% to 539p.
The publisher has a deal for six more titles from Sarah J Maas, whose rising popularity is attributed to a strong presence on social media platforms like Instagram and TikTok. Nigel Newton, Bloomsbury’s CEO, emphasized the impact of the “exceptionally strong trading period” driven by increasing demand for fantasy fiction.
@emmahalbrook Are you wanting to dive in to the Sarah J. Maas Universe, but you don’t know where to start and you’re confused by the reading order? I got you!! #sjm #sarahjmaas #sjmuniverse #sjmfandom #maasiverse #sjmreadingorder #sarahjmaasbooks #acotar #acotarseries #acourrtofthornsandroses #crescentcity #crescentcityseries #houseofflameandshadow #throneofglass #throneofglassseries #sjmtok #sjmbooktok #booktoker #readersoftiktok #bookrecs ♬ original sound – Emma Halbrook
In addition to Maas’s book, Bloomsbury highlighted other recent publications contributing to their sales, including the Harry Potter Wizarding Almanac, Tom Kerridge’s cookery book Pub Kitchen, and the book Ghosts accompanying the popular BBC comedy series.
While challenges and uncertainties exist globally, Bloomsbury sees hope in the new year with elections in various countries. The CEO acknowledged the importance of independent journalism in the current climate and appealed to readers to support the Guardian financially, emphasizing the commitment to keeping journalism accessible to everyone without paywalls.