The net profit figures for the publishers don't bear this out
It would be helpful if you pointed to what you’re looking at to say this.
Reading Penguin Tandom House’s parent company, Bertelsmann SA’s annual report for the Financial Year ended 31 December 2023 doesn’t bear this out at all. (Penguin Random House has 117 separate companies in its group, managing its global enterprises under various different brands, so the consolidated accounts of the parents are the best way to get an overview). Their summary:
Penguin Random House’s book sales in most of its territories, including the United States, the United Kingdom, Germany and Spain, outperformed their respective book markets thanks to strong divisional publishing programs…
The year’s biggest bestsellers in the United States included “Spare” by Prince Harry, which sold more than three million copies, “Outlive” by Peter Attia with Bill Gifford, “Lessons in Chemistry” by Bonnie Garmus, “The Exchange” by John Grisham, “Atomic Habits” by James Clear, and “Taylor Swift: A Little Golden Book” by Wendy Loggia, each of which sold more than a million copies..
Penguin Random House UK outperformed the market despite negative macroeconomic influences. The British publishing group increased both its market share and its revenues thanks to successful bestsellers, higher audiobook sales, and a solid international business. The year’s best-selling books included “Spare,” “Lessons in Chemistry,” and “Atomic Habits.” At DK Publishing, the DK Alpha imprint, with bestsellers such as “Baking Yesteryear,” and the travel guide business were particularly successful.
Penguin Random House’s revenue went up from 4.2bn in 2022 to 4.5bn in 2023, as shown in the Group accounts. That’s quite a jump.