The Folio Society, a London-based publisher renowned for its exquisite illustrated hardcover editions of classic literature, underwent a significant transformation under the leadership of CEO Joanna Reynolds. Upon her arrival in 2016, the company, burdened by a decade of financial losses and an outdated subscription model, was on the brink of being sold. Reynolds spearheaded a comprehensive overhaul, abandoning the antiquated annual book club format and embracing a direct-to-consumer digital strategy. This shift involved expanding the publisher’s repertoire beyond the traditional canon to encompass genres like science fiction, fantasy, and children’s literature. The number of annual releases also surged from a mere four to between 40 and 50, reflecting a new agility and responsiveness to market trends. Crucially, the company embraced social media marketing, a previously untapped resource, to connect with a global audience.
The digital transformation empowered Folio to cultivate a vibrant online community, fostering direct engagement with readers and leveraging their feedback to shape publishing decisions. Social media platforms, particularly Instagram and BookTok, became essential tools for promoting new releases and building a loyal following. This direct interaction with customers, a unique aspect of Folio’s business model, solidified its identity as not just a publisher, but a "Society" of book lovers. This sense of community, coupled with the exclusivity of limited edition releases, further enhanced the brand’s appeal. The limited edition of The Hobbit, selling out in mere minutes, exemplified the potency of this strategy. This approach has allowed Folio to not only survive but thrive in the evolving publishing landscape.
Central to Folio’s revitalization is its unwavering commitment to producing beautifully crafted, high-quality books. Each edition is meticulously designed and produced with the intention of becoming a cherished addition to a reader’s collection. This dedication to visual excellence attracts esteemed authors, renowned artists, and even major publishers like Marvel Entertainment, who recognize Folio as a platform for showcasing their work in its most elevated form. Authors view collaboration with Folio as a career pinnacle, appreciating the time, care, and attention to detail invested in each project. This focus on craftsmanship extends beyond the literary content to encompass the physical object itself, appealing to a growing desire for tangible, aesthetically pleasing items in an increasingly digital world.
The shift in consumer preferences towards physical objects, mirroring the resurgence of vinyl records, has proven particularly advantageous for Folio. In a world saturated with screens, readers are seeking tangible experiences and appreciate the artistry and craftsmanship embodied in Folio’s editions. Each book is treated as a unique work of art, meticulously crafted by a team of passionate individuals. This artisanal approach resonates with customers who value quality and the tangible connection to a beloved story. The personal investment of the Folio team in each publication, describing them as "babies," underscores the dedication to producing exceptional books.
Folio’s transformation culminated in its transition to an employee ownership trust under Reynolds’ leadership, and the company achieved profitability four years ago, coinciding with the onset of the Covid-19 pandemic. While the global health crisis disrupted traditional publishing and retail, Folio’s direct-to-consumer model allowed it to weather the storm. The pandemic, with its lockdowns and restrictions, inadvertently created a favorable environment for Folio, as people sought solace and escape in the world of books. This, coupled with increased disposable income as restrictions eased, fueled significant growth for the company.
The Folio Society’s resurgence is further evidenced by its impressive growth statistics. Customer numbers increased by 22% in the last year alone, with an astounding 140% surge in profits, half of which originated from the United States. Significantly, the company’s largest customer demographic now falls within the 25-34 age range, with more customers under 25 than over 60 for the first time in its history. This shift demonstrates Folio’s ability to connect with a younger generation while retaining its core audience. The company’s success hinges on its responsiveness to cultural trends and its ability to identify and adapt to evolving reader preferences. Looking ahead, Folio continues to curate a diverse and compelling list of upcoming titles, including works by prominent authors like George R.R. Martin, Homer, Robert Harris, and F. Scott Fitzgerald, ensuring its ongoing relevance in the literary landscape and solidifying its position as a leader in the "new golden age of book design."
