Is the photobook market in crisis?

Some thoughts from Colin, originally shared on Facebook.

I have spent many hours thinking about the current situation and future prospects. The fate of German publisher, Steidl, seems to have been temporarily resolved by external investment. Owner Gerhard Steidl attributed the company’s poor financial state to United States tariffs and a subsequent 50% drop in the publisher’s international sales but I think his problems pre-date these relatively recent issues.

My reading of the situation is that the Covid lockdown led to a deceptive boom in sales. In Britain, furlough allowed people breathing space and online orders soared in the absence of high street retailers. With the ending of the pandemic, other realities have hit hard. I would contend that financial pressure has made people radically prioritise spending in a way I haven't seen since the 2008 financial crisis but are there other factors at play?

Facing declining sales, you might expect economic reality would dictate a slowing down in photobook production and a reduction in book cover prices. I detect the former is happening and I am seeing a drop in publishers' activity but book cover prices creep ever upwards towards £50 and upwards. Are you buying books at this price - are you cutting back on purchases?

I will add my thoughts in my next post but I would love to hear your opinions. Has the photobook market reached a crisis point?