Why publishing’s middle ground is vanishing

The publishing industry is currently grappling with a structural pincer movement. According to recent reports, the mass-market paperback—the industry’s low-cost engine—is facing extinction, while serious non-fiction is seeing sales crater as audiences migrate to digital "knowledge" formats like podcasts.

For B2B stakeholders, these aren't just shifts in consumer taste; they represent a fundamental redesign of the retail landscape and the financial viability of the mid-list.

The mass-market paperback was once the ultimate impulse buy. Today, it is a relic. The New York Times reports that in the US sales plummeted from 103 million units in 2006 to fewer than 18 million in 2024.

The collapse is driven by a shift in retail logic and production margins:

• The retail retreat: Major players are walking away. Dennis Abboud, CEO of ReaderLink, told the NYT: "In the case of mass markets, the consumer spoke. They were just done with it". Consequently, ReaderLink and the airport retailer Hudson have largely phased out the format.

• The margin gap: The financial logic has evaporated. Abboud notes there is only a 30-cent difference in producing a mass-market versus a trade paperback, yet the trade version sells for roughly $6.00 more.

• The legacy: Even the biggest names are moving on. Stephen King, who famously lived off the $400,000 paperback rights for "Carrie", told the NYT he was sad to see them go "the way of the VHS tape".

While "Romantasy" fuels a fiction boom, factual books are in a period of "painfully consistent decline". The Times reports that in UK non-fiction sales in 2025 were down 6% compared with 2024, marking the lowest yearly total since 2017.

The decline in factual sales

There is a consistent downward trend in non-fiction volume over the last several years: Between 2019 and 2025, non-fiction sales dropped by 17 million units, representing an approximate 23.6% decrease.

The rise of "platform-led" publishing

Publishers are increasingly risk-averse, favoring influencers over experts. Rachel Hewitt, author of Map of a Nation, shared with The Times that her proposals were rejected because she lacked a massive social media "platform". She noted a shift in the industry's DNA: "Someone within the industry said to me sales departments are increasingly populated by people who don’t read books... They’re risk-averse, they want a guaranteed sale".

The podcast rivalry

The Times highlights that the "monopoly format" of the book has been broken by audio. Mark Richards, co-founder of Swift Press, warns: "Until very recently, if you wanted to hear about a subject in any kind of depth, a book was the place to go... with podcasts, there’s a format that for the first time ever is a viable competitor".

Despite the gloom, industry insiders suggest the "crisis" is actually a market correction toward premiumization.

• The collectible object: Readers are now willing to shell out for deluxe hardcovers with "colorfully stained edges" or other embellishments.

• The attention rebound: Literary agent John Ash told The Times he sees a move toward people "reclaiming their attention spans," suggesting serious non-fiction could rebound as a status symbol of focus.

• The efficiency mandate: To survive, the industry must ensure high editorial standards. As Mark Richards bluntly puts it: "We’re going to have to, as an industry, just make sure that they’re f*ing good".

The takeaway for the trade? The "middle" is vanishing. Success in 2026 requires either the lean efficiency of digital-first publishing or the high-margin allure of the "book-as-premium-object."

Read more about how publishers can react to this trend.