FRANKFURT, Germany, Oct. 17, 2023 /PRNewswire/ — Phoenix Publishing and Media Inc has retained its place in the global top 10 of publishing corporations for third consecutive years, according to the Global 50 Publishing Ranking 2023 report launched at Frankfurt Book Fair.
Phoenix has been the only Chinese publisher in the top ten since it first appeared in the list in 2020.
Phoenix is one of the largest and most influential publishing groups in China, ranked No.1 in China with an operating revenue of RMB 13.59 billion (USD 1.992 billion) in 2022, an increase of 1.1% year-on-year. It is a listed Chinese publishing company with a net profit of more than RMB 2 billion (a net profit of RMB 2.80 billion, USD 287.60 million) in 2022. In the first half of 2023 Phoenix reported an operating revenue of RMB 7.18 billion, a net profit of RMB 1.56 billion.
The demand in the book retail market in China is slowly recovering after the pandemic disrupted sales, with growth led by new titles. According to OpenBook, in the first half of 2023, the book retail market in China fell by 2.41% year-on-year, but there were more than 87,000 new titles on sale, an increase of 5.14% to the previous year.
Mr Zhang Chaoyang, Chairman of Phoenix Publishing & Media Group (PPMG) said,
“Increasing our business with international publishers is a major strategy for Phoenix Publishing and Media Group. We will continue to focus on building a world-class publishing and media enterprise and we are committed to publish the best content for global readers.
Our publishing team is excited to come back to Frankfurt and catch up with international publishers after a three-year break.
We are pleased to be the Chinese publisher for some of the bestselling contemporary writers and classic masterpiece, for example, our literary imprint Yilin Press is the Chinese publisher for Jon Fosse, the latest Nobel Prize in Literature winner for 2023 and the prominent Italian writer Italo Calvino who is celebrating his centenary worldwide this October.
Going forward, we are looking forward to strengthening our leading market position with rights acquisition and export, and further exploring global partnerships in the subjects of science, education and humanities publishing.”
SOURCE Phoenix Publishing
Originally published at https://www.prnewswire.com/news-releases/chinese-publishing-powerhouse-phoenix-publishing–medias-record-turnover-helps-it-retain-its-place-in-global-top-ten-publishing-companies-301958625.html