Bloomsbury's shares have reached an all-time high, celebrating the success of fantasy writer Sarah J. Maas, whom they describe as a 'publishing phenomenon.' Known for the "Harry Potter" series, Bloomsbury increased profit forecasts due to the extraordinary growth brought about by Maas' recent bestseller released in January, "House of Flame and Shadow," the third installment in Maas' "Crescent City" series. 

Dominating Global Markets and Increasing Demand

Maas' recent novel reached high sales in various global markets, including the UK, US, and Australia. It also debuted at number one on the PW bestseller list, with over 361,000 copies sold. Bloomsbury reported that the book secured its position on the charts and stimulated increased demand for the preceding 15 books in her series. This boost in demand also prompted Bloomsbury to have six more books by the 37-year-old author in the pipeline.

Bloomsbury's CEO Nigel Newton acknowledged Maas' impact and expressed gratitude for having Maas signed with the company 13 years ago. The success of Maas' books is attributed to social media attention, particularly on TikTok and Instagram. TikTok's book community has significantly contributed to Maas' popularity. Publisher's Weekly reported that sales of Maas' new releases and previously published titles experienced an 86% surge during the 2022 fiscal year, driven by TikTok's substantial growth.

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Recent research by the Publishers Association revealed that BookTok significantly influences Gen-Z's reading habits. 59% of 2,000 individuals aged 16 to 25 expressed that BookTok or book influencers play a crucial role in igniting their passion for reading, and more than half rely on it for book recommendations.

Bloomsbury's Strategic Investments and Profit Outlook

The fantasy genre's worldwide popularity has prompted Bloomsbury to announce increased investments in fantasy writing. This move follows a growing demand for novels such as those by Maas and the latest addition to the "Harry Potter" series by JK Rowling, entitled "The Harry Potter Wizarding Almanac." The company also highlighted the growing demand for digital academic resources. Nielsen BookScan reported a 54% increase in fantasy and science fiction sales in the last five years.

With soaring demand for fantasy novels, Bloomsbury anticipated that the annual results for February would be significantly beyond upgraded expectations. Analysts initially expected revenues of £291.4 million and profits of £37.2 million. However, with revised projections, shares rose to a record 518p. Investec analysts now predicted annual revenues of £329.3 million and earnings of £48.1 million, lauding the unparalleled success of Bloomsbury's portfolio. Investec analysts considered the business 'fundamentally undervalued' and projected a 31% higher profit before tax for the year.

In addition to Maas' success, Bloomsbury noted strong sales for other titles, including "Poppy Cooks: The Actually Delicious Air Fryer Cookbook" and "Pub Kitchen" by Tom Kerridge. AJ Bell investment director Russ Mould emphasized Bloomsbury's success beyond the "Harry Potter" series, underscoring Maas' emergence as a phenomenon in the thriving fantasy genre.

Bloomsbury witnessed a more than 9% increase in its shares on February 14 after releasing its trading update.

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