Books are expensive now. The reason is more complicated than you think

I already know what my novel will cost before it’s published next year.

Long before readers decide whether to buy How to Kill a Chupacabra, the publisher has already decided on the back cover number.

To some readers, this number may seem surprisingly high.

Hardcovers that once seemed to hover around $20 now routinely cost over $30. I recently spent $65 on just two books. Special editions may also be more expensive. At the same time, consumers are weighing these purchases against Netflix subscriptions, Spotify memberships, and an endless supply of free content online. According to a recent study from the Authors Guild, only 36% of people who read a book or listened to an audiobook in the last month bought a new book (or bought it through a subscription). Nearly two-thirds did not purchase a new book.

So, are book prices actually going up?

The (unsatisfactory) answer is both yes and no.

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Consumer prices have increased by about 25% since 2020, according to the U.S. Bureau of Labor Statistics. But publishing executives say book prices have resisted similar inflationary pressures affecting nearly every other industry for years.

“Historically, books have not kept up with inflation,” said Keith Riegert, president of Stable Book Group. He argues that the roots of today’s pricing can be traced back to the rise of e-books. Consumer perceptions of book prices have changed as publishers experiment with $9.99 and even $2.99 ​​digital versions.

“What e-books have done is artificially depress the value of books,” he told USA TODAY.

Its impact rippled through the industry. The mass-market paperback, once a low-cost gateway to reading, has all but disappeared. Despite rising production costs, paperback and hardcover prices remained relatively stagnant for many years.

According to research by the American Booksellers Association, book prices have risen slightly in recent years, but historically they have not kept pace with inflation and have risen much more slowly than other goods and services.

“For the first time in decades, retail prices for books have started to rise due to supply chain disruptions caused by COVID-19,” Riegert added.

But readers don’t expect sticker shock.

Daniel Green, author of “Neon Ghost” and one of YouTube’s biggest book producers, said he could no longer ignore the issue as his friends started turning down his recommendations.

“They’re like, well, that’s over $30. I can’t do that,” Green told USA TODAY. “Then I found out the paperback was still $23. And I thought that was crazy.”

Alison Hill, CEO of the ABA, acknowledged that value recognition can be difficult because book buyers “are not questioning the value of a book, but are managing their budgets in the face of other rising costs, such as groceries, insurance, and gas.”

For Greene, there’s also the concern that fewer opportunities for authors means higher prices.

“I used to go and buy five books. Three by authors I didn’t know and two by authors I liked. Now I might go and buy one or two,” Green said. “This is scary for the industry as a whole because it reduces the discoverability of new authors.”

Another challenge, industry leaders say, is that readers often assume that publishers have most of the money.

it’s not. There is no blank space at all.

For a $20 book, the retailer typically takes 50% to 60% of the cover price, and then the publisher pays for distribution, shipping, warehousing, printing, returns, and author royalties.

“A $20 book ends up being a couple of dollars in profit for the publisher,” Riegert said.

These economics are made even more difficult because the publishing industry still operates on a return system that dates back to the Great Depression. Booksellers can usually return unsold inventory to publishers for refunds or credits, but this also affects pricing calculations.

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meet reader behavior

Executives at Bindery Books, an influencer-driven publisher founded in 2023 and built around online community and reader engagement, say they think about pricing differently.

“So we’re publishing the industry’s paperback originals, not leading with hardcover,” said Meghan Harvey, co-founder and president of Bindery.

She told USA TODAY that hardcovers remain attractive, but are increasingly serving as a premium product. “Hardcovers are kind of a luxury item, and they cost $35 each.”

Bindery instead focuses on low-priced paperbacks because its business model relies on getting books into the hands of as many readers as possible.

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“We’re trying to reach as many people as possible and sell as many books as possible,” Harvey said.

Matt Kay, co-founder and CEO of Bindery, believes this is especially important for young readers.

“I think a lot of our readers, especially our younger readers, are feeling financially insecure,” Kaye said. “It’s very important to us that we make our e-books and paperbacks affordable in order to generate as much social word-of-mouth as possible.”

Industry pricing pressures are not limited to paper and printing.

Publishers must also respond to changing consumer behaviors, rising shipping costs, and a fierce attention economy.

Green argues that books are increasingly competing with entertainment options that did not exist in previous generations. “Books are now more focused, harder for people to read, and more expensive. And all movies and TV shows are more available than ever before.”

He noted that unlike streaming, books need to capture consumers’ attention.

Madeline McIntosh, founder and CEO of Authors Equity and former CEO of Penguin Random House US, argues that today’s publishing landscape is less about creating books and more about persuading people to pay attention.

“If I could wave a wand, it wouldn’t be to solve the problems within the industry,” McIntosh said. “This is a frustration shared by anyone who creates content.”

Increasingly, this competition pits books against all other forms of entertainment, not just books. Publishers are competing with TikTok, Instagram, YouTube, streaming services and video games.

“You can’t sell something to people by telling them it’s good for you,” McIntosh says. “You have to sell something by telling people it’s fun, interesting, and moving.”

But despite these challenges, none of the publishing executives I spoke to think readers are abandoning books. In fact, many argue that the opposite is happening.

Books as physical expressions of individuality

Kay points to the continued growth of physical bookstores and the rise of the BookTok community, which has turned novels into cultural artifacts.

“Books are like seeds of culture, or source code,” he says.

For young readers who have grown up entirely online, physical books are valuable tangible objects separate from screens.

Riegert sees a similar trend emerging.

“We’re in this analog revolution where having time not in front of a screen is a luxury,” he said.

He believes this change will result in a two-track publishing market. On one side, there is a collector’s deluxe edition with sprayed edges, special cover. On the other end are low-cost paperbacks and print-on-demand books aimed at maintaining accessibility.

“The market really seems to be split into two different sides,” Riegert added. “There’s the luxury side and then there’s the entry point side to that.”

Nevertheless, as stated by Riegert, Harvey, and Kaye, the current pricing structure is likely to remain in place for some time.

Greene worries that rising prices and the disappearance of mass-market paperbacks could create a future in which fewer readers will take a chance on unknown authors.

“The cheapest option for people who are struggling to buy is to replace them with options they don’t even own,” he said, referring to e-books. “I can’t pass that on to my kids.”

But, as Riegert says, “Even if $24 for a new[book]feels expensive, you could potentially get weeks’ worth of enjoyment out of it.”

And unlike streaming shows that disappear from your catalog overnight, physical books remain yours.

Josh Rivera is an author and senior editor at USA TODAY.