Since the early aughts, book publishers’ profits have tanked. In raw numbers, they have remained almost exactly the same: U.S. book industry revenues were $25.3 billion in 2000, and they were $25.7 billion in 2020. But accounting for inflation, revenues have fallen by 32% between 2000 and last year.

One writers’ blog reports that “most publishers have cited supply chain issues, rising costs of materials and labor due to inflation, as well as reduced consumer buying habits as the COVID pandemic winds down to a dubious close.”