Publishing Industries (Except Internet)
NAICS 511: U.S. publishing industries — book publishing, newspapers, software, and audiobook market trends.
Industry at a Glance
Sector-wide aggregates across all businesses classified under NAICS 511 (2017 classification frame). For specific sub-industries within this sector, see the individual reports below.
In NAICS 2022 this is part of 513, “Publishing Industries”, which is broader.
Industry Overview
Publishing industries except internet (NAICS 511) cover establishments that produce and distribute books, periodicals, newspapers, directories, software, and other published content through non-internet primary channels. The subsector is dominated by the 'Big Five' trade book publishers — Penguin Random House (Bertelsmann), HarperCollins (News Corp), Simon & Schuster (KKR, acquired 2023), Hachette Book Group (Lagardere), and Macmillan (Holtzbrinck) — which collectively control roughly 80% of U.S. trade book revenue. Total U.S. book publisher revenue reached approximately $28.1 billion in 2023 according to the Association of American Publishers.
The software publishing segment (NAICS 5112) is the subsector's largest revenue contributor, driven by enterprise software licensing from companies including Microsoft, Oracle, and Intuit, though this segment increasingly overlaps with cloud-based delivery models classified elsewhere. Newspaper publishing continues declining: total U.S. newspaper circulation fell below 21 million daily copies by 2023, with Gannett (owner of USA Today and approximately 200 local papers) and Tribune Publishing (acquired by Alden Global Capital in 2021) undergoing repeated rounds of consolidation and layoffs. The Department of Justice's 2022 antitrust challenge to Penguin Random House's proposed $2.2 billion acquisition of Simon & Schuster, which succeeded in blocking the deal, signaled regulatory willingness to enforce competition in book publishing markets.
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Industry Trends
KKR's $1.62 billion acquisition of Simon & Schuster in 2023, following the DOJ's successful antitrust block of the Penguin Random House deal, introduced private equity ownership to Big Five trade publishing for the first time, raising questions about editorial independence and author advance economics.
Audiobook revenue grew 10% year-over-year in 2023 to $2 billion according to the Audio Publishers Association, with Spotify's expansion into audiobooks through its premium subscription challenging Audible's (Amazon) estimated 60%+ market share.
The PRESS Act, reintroduced in Congress, would create a federal shield law protecting journalists from being compelled to reveal confidential sources, addressing a regulatory gap that currently leaves source protection to a patchwork of state laws covering 49 of 50 states.
Print-on-demand technology from IngramSpark and Amazon's KDP Print has eliminated minimum print runs, enabling independent publishers and self-published authors to produce physical books profitably at single-unit volumes, expanding the long tail of available titles to over 4 million new ISBNs registered annually.
Alden Global Capital's acquisition of Tribune Publishing and aggressive cost-cutting at newspapers including the Chicago Tribune and Baltimore Sun exemplifies the hedge fund ownership model that has drawn criticism from press advocates and prompted legislative proposals like Maryland's Local Journalism Sustainability Act offering tax credits for local news subscriptions.
Available Reports
1 industry report available for purchase under Publishing Industries (Except Internet).
Software PublishersNAICS 51121 report▾
Specialty Reports Available on Request
Industry Groups
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Frequently Asked Questions
What is NAICS 511? ▾
Why did the DOJ block Penguin Random House's acquisition of Simon & Schuster? ▾
How has newspaper publishing declined and what is its current state? ▾
What role does audiobook growth play in the publishing subsector? ▾
How has print-on-demand technology changed the publishing business model? ▾
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