Inside 'Diary of a Wimpy Kid's' $500 Million Franchise
Its success is no fluke. The kids section is one of the bright spots for publishers these days. Even though evidence that reading is in trouble is everywhere (from a National Endowment for the Arts report warning that kids are doing it less to the troubles at Borders and Barnes & Noble), sales of juvenile/YA books -- the catchall category for books aimed at readers under 21 -- are growing strong. And of course, it's no secret that these books are driving development in Hollywood as well. Says Al Greco, a marketing professor at Fordham University who follows the book business, "Juvenile/young-adult is the biggest growth category in publishing right now."
Juvenile/YA sales now surpass adult trade fiction and nonfiction sales combined. As recently as 2006, adult trade and juvenile/YA sales were about even at 474 million and 464 million books, respectively. But in 2011, Greco projects that Americans will buy 484 million juvenile/YA books and 411 million adult trade books. He estimates that juvenile/YA revenue will rise $100 million to $3.29 billion in 2011 even as overall print book revenue declines for publishers. While e-book sales have grown more slowly than in adult trade, he projects that will change rapidly during the next two years. Greco has a simple test to drive home the growth of juvenile/YA books: He counts the shelves at bookstores like Barnes & Noble. In 2007, Greco counted 62 shelves and one display table ("dump," in book lingo) devoted to them at a New York-area store. In April, the same store devoted 92 shelves and four dumps to books from the category.
Since the '90s, juvenile/YA sales have been fueled by just four series that have dominated best-seller lists: Goosebumps of the tween set," says Dan Coates, president of the kids marketing and trend-spotting firm Youth Pulse. That's a description Kinney would like because he describes Greg Heffley, the titular wimpy kid, as a middle-school version of Larry David: well-intentioned but always getting in trouble for saying out loud what other people are thinking.
Wimpy Kid franchise has generated at least $500 million in revenue and counting. Kinney's take? His book royalties alone were more than $25 million in 2010.
The franchise looks to continue to grow.
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