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Originally Posted by not reading
I would add salary, space, overhead etc. related to operations, warehouse, and shipping teams.
The financing cost of physical books, physical space, staff, etc. is a major "hidden" expense. That is a bit tricky to estimate (there is financing from vendors, from banks, from equity owners).
These days financing costs are relatively cheap by historic standards, but have a lot of runway to rise very quickly. Also, I don't think banks and investors are scrambling to invest in the publishing industry, so publishers will pay high financing rates if they can find people who want to extend loans or equity.
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Penguin Random House had the best first half of 2019 in 12 years. The major publishers aren't hurting for money. Audiobooks are the big growth industry right now.