In 1949, Walter Neurath established Thames & Hudson in London and New York. Neurath co-pioneered the concept of what is today known as book packaging, in which book ideas are conceived, commissioned, produced, and sold to publishers in different markets in their own languages and under their own imprints (co-editions) in order to create large print-runs and lower unit production costs. Neurath’s concept was the first sign of many innovations that through Thames & Hudson he would later introduce to the world of publishing. Today, the publisher has expanded greatly across a diverse array of genres.