Audiobooks Market Report
Audiobooks Market by Genre (Fiction and Non-Fiction), Preferred Device (Smartphones, Laptops & Tablets, Personal Digital Assistants, and Others), Target Audience (Kids and Adults), Distribution Channel (One-time download and Subscription-Based), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Audiobooks are written works that have been recorded with narration for listening purposes only. They offer a different approach to read books and are well-liked by people who prefer or require an auditory format, such as people with visual impairments or multitaskers. A narrator reads the material aloud in audiobooks, bringing the facts or tale to life with their voice. The experience of the listener can be significantly impacted by the style and tone of the narrator. There are several different formats for audiobooks. Physical audiobooks are available on CDs or cassettes, which can be checked out from the library or bought from stores. The most common medium for audiobooks today is digital, which can be accessible through specialized audiobook apps, web platforms, or both.
Global Audiobooks Market Analysis
The global audiobooks market size was $5,445.4 million in 2022 and is predicted to grow at a CAGR of 26.2%, by generating a revenue of $55,570.7 million by 2032.
COVID-19 Impact on Global Audiobooks Market
Lockdowns and other social isolation tactics caused people to spend more time at home, which increased the demand for entertainment and media usage. The desire for audiobooks, which provides a practical and engaging way to experience literature, increased during the pandemic period. During the difficult times, many people listened to audiobooks as a way to escape, unwind, and find enjoyment.
The pandemic hastened the popularity of audiobooks and other digital reading formats. Many readers are expected to continue utilizing digital platforms and audiobook subscriptions as a convenient and portable way to enjoy books even after physical outlets reopened. It’s possible that hybrid reading, which combines print and audio will gain popularity in the coming years.
Increasing Digitalization to Drive the Market Growth
Audiobooks are a practical method to imbibe literature because they let listeners read while multitasking or travelling. There is no longer a need for physical copies or trips to bookstores due to the accessibility of digital platforms and applications, which also make it simple to access and download audiobooks. The creation and consumption of audiobooks have dramatically improved because of technological improvements. The standard for audio production quality has been enhanced owing to the advanced recording devices, digital editing software, and remote recording methods. The range of titles available has also increased because of the improvements in text-to-speech and voice recognition technology that have made it simpler to turn written works into audiobooks.
Production Challenges to Restrain Market Growth
The creation of an audiobook takes a large commitment of time, money, and qualified personnel. For the production of top-notch audiobooks, recording facilities, sound engineers, and professional narrators are required. The inability to find enough recording facilities and the difficulty in juggling schedules can make it difficult to finish a big number of audiobooks on time. It might be difficult to get rights and licences for the production of audiobooks, especially when it comes to works written or published by numerous publishers or writers. The quantity of books that are available as audiobooks is occasionally constrained since it costs a lot of time and money to negotiate contracts and obtain the necessary permits. Independent authors could find it challenging to get into the audiobook industry, despite the fact that major publishers frequently generate audiobooks for their publications. For authors on a tight budget, the expenses of professional production and distribution may be prohibitive. As a result, it could be difficult for many independent authors to compete in the audiobook industry.
Original Audiobook Content to Drive Excellent Opportunities
The audiobooks market has the ability to grow and enter new markets and demographics. There is an opportunity to expand language availability and address regional preferences as audiobooks become more and more popular worldwide. This includes collaborations with publishers, narrators, and authors from various backgrounds as well as localization initiatives. Although a lot of audiobooks are transcriptions of printed books, there is an increasing market for original material produced especially for the audiobook medium. In order to captivate listeners, this involves creating titles, series, and immersive storytelling experiences that are exclusively available as audiobooks.
Global Audiobooks Market Share, by Genre, 2022
The fiction sub-segment accounted for the highest share in 2022. A distinctive and immersive storytelling experience is provided by fiction audiobooks. There are many different genres of fiction, such as historical fiction, science fiction, mystery, and thriller. Fiction’s variety of genres appeals to a wider audience and takes varied reader preferences into account. This guarantees a steady stream of fresh and interesting fiction audiobooks that can satisfy a wide range of preferences.
Global Audiobooks Market Share, by Preferred Device, 2022
The smartphones sub-segment accounted for the highest market size in 2022. Smartphone users can download audiobooks so that they can listen to them offline. This is especially helpful for people who either occasionally or never have access to the internet, such as on aeroplanes or in places with fluctuating network service. Users can pre-download audiobooks on their smartphones and listen to them continuously wherever they go. Due to its mobility, customers may listen to audiobooks while working out, travelling, or doing other daily tasks, which is driving the growth of the sub-segment.
Global Audiobooks Market Share, by Target Audience, 2022
The adults sub-segment accounted for the highest market share in 2022. Adults can multitask while reading and make the most of their time by using audiobooks. For employment or pleasure, many folks commute or travel frequently. During these journeys, audiobooks provide a type of amusement and company. Audiobooks make long commutes, flights, or drives more enjoyable by allowing adults to get lost in stories and make the most of their travel time.
Global Audiobooks Market Share, by Distribution Channel, 2022
The one-time download sub-segment accounted for the highest market size in 2022. Since consumers do not need to create accounts or divulge personal information to access and download audiobooks, one-time downloads provide privacy advantages. People that value data privacy and want more control over their personal information find this appealing. This factor is predicted to boost the growth of the sub-segment during the forecast period.
Global Audiobooks Market Share, by Region, 2022
The North America audiobooks market generated highest revenue in 2022. The North America region holds a number of audiobook-related events and campaigns to commemorate and advertise the format. The APA’s Audie Awards honour outstanding accomplishments in the creation and narration of audiobooks. Publishers, writers, and narrators have the chance to interact with their audience and raise exposure of their work through audiobook promotions like “Audiobook Week” and “Audiobook Month” in the month of June.
Competitive Scenario in the Global Audiobooks Market
Product development and geographic expansion are the common strategies followed by major market players. For instance, in February 2022, Spotify purchased Podsights, a podcast measurement business, and Chartable, a podcast analytics platform. This action is anticipated to assist the business in improving the measurement for podcast advertising.Some of the leading audiobooks market players are Amazon.com, Inc., Apple Inc., Audible, Inc, Rakuten Group, Inc., Barnes & Noble Booksellers, Inc., Storytel AB, Downpour.com, Google LLC, W.F.Howes Ltd., and PLAYSTER (SOFTONIC INTERNATIONAL S.A.)
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Genre
Segmentation by Preferred Device
Segmentation by Target Audience
Segmentation by Distribution Channel
Key Companies Profiled
Q1. What is the size of the audiobooks market?
A. The size of the audiobooks market was over $5,445.4 million in 2022 and is expected to reach up to $55,570.7 million by 2032.
Q2. Which are the major companies in the audiobooks market?
A. Google LLC and Apple Inc. are some of the key players in the global audiobooks market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Google LLC and Apple Inc. are the companies investing more on R&D activities for developing new products.