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Global Audiobooks Market Size, Share & Industry Trends Analysis Report By Preferred Device, By Target Audience, By Distribution Channel, By Genre, By Regional Outlook and Forecast, 2022 - 2028

Global Audiobooks Market Size, Share & Industry Trends Analysis Report By Preferred Device, By Target Audience, By Distribution Channel, By Genre, By Regional Outlook and Forecast, 2022 - 2028

  • October 2022
  • 226 pages
  • ID: 6364333
  • Format: PDF
  • KBV Research

Summary

Table of Contents

The Global Audiobooks Market size is expected to reach $19.7 billion by 2028, rising at a market growth of 26.0% CAGR during the forecast period.

Audiobooks are voice recordings of a book’s text that are listened to instead of reading. There are both word-for-word and shortened versions of novels available as audiobooks. On any smartphone, computer, tablet, home speaker system, or in-car entertainment system, audiobooks may be played. Typically, audiobooks are acquired and downloaded in the same manner as digital music and video.

They are also available for purchase from online retailers and free downloads from public domain websites. The majority of public library systems provide online audiobook downloading need is a library card. Over the years, audiobooks have transitioned from a tangible product purchased in a store to a digitally downloaded code on a smartphone, but they have never been as popular as the hardback format.

The audiobook industry was not as successful as the print book industry at the time audiobooks were recorded for the phonograph in the late 1800s due to the availability and convenience of print books. However, there is a misperception that the paperback edition is not only superior but that audiobooks are cheating the print book. Some believe they remember less knowledge when they listen than when they read, while others find listening to be more enjoyable, particularly if it is a habitual activity.

As backlist titles continue to account for approximately two-thirds of industry-wide revenue, this makes it more difficult for debut authors to be acquired, as they typically lack the platform of an established author. As a result, new authors are scrambling to engage their followers through blogs, newsletters, and other forms of media while going to earn their book deals.

COVID-19 Impact Analysis

The COVID-19 pandemic occurred as a result of a positive influence on market development generated by a rise in the usage of smart devices, such as audio devices and smartphones, while the government implemented strict shutdowns and mandated in-home isolation for the general population. Due to stay-at-home laws, market players and book users choose digital alternatives for their reading needs, particularly audio formats. As colleges and traditional bookshops were immediately halted pending further review, student demand for the devices increased dramatically. Similarly, several market manufacturers provide a variety of items to provide their clients with distinctive screen-free entertainment via devices.

Market Growth Factors

Adoption Of Automobiles, Smart Homes, And Smartphones

The automobile has been the most popular location for listening to audiobooks for some years. The United States and China are the two nations with the longest average commute durations, so it comes as no surprise that they both lead the worldwide audiobook industry. This demonstrates the connection that commuters have with hearing audiobooks while traveling. During the pandemic, Waze, a smartphone navigation service, added Audible and other music players like Pandora and Spotify to its app.

Technology As A Medium For Audiences

The emergence of the digital era has had a significant impact on the current audiobook business, allowing audiobooks to reach more people and persuade them to become listeners. Because approximately 95% of the industry is currently consumed via digital audiobook downloads as opposed to physical CDs, mobile phone usage corresponds with the new format; as consumers transformed to smartphones, digital audiobooks increased in popularity over physical products because the consumers’ focus shifted to a digital channel.

Market Restraining Factors

Effective For Expansion Of Audiobooks

Not all books are equally read. Certain books cannot be transferred to the audio format. Some topics require graphics, must be studied several times, and should not be written for spoken language. This is why complicated titles are nearly hard to listen to via audiobooks. Nonfiction audiobooks typically lack the ways of immersive narrative that make for a successful fiction audiobook. That does not rule out the possibility that Malcolm Gladwell or Michael Lewis may take us on an intellectual excursion.

Genre Outlook

Based on the Genre, the Audiobooks Market is segmented into Fiction and Non-Fiction. The non-fiction segment witnessed a significant revenue share in the audiobook market in 2021. This is due to parents’ widespread use of audiobooks as screen-free instructional material for their children. The genre division is separated into audiobooks of fiction and nonfiction. Nonfiction literature consists of academic textbooks, autobiographies, self-help books, travel guides, biographies, and memoirs, among others.

Preferred Device Outlook

On the basis of Preferred Device, the Audiobooks Market is divided into Smartphones, Laptops & Tablets, Personal Digital Assistants, and Others. The smartphones segment procured the largest revenue share in the audiobook market in 2021. This category is projected to be driven by the convenience of downloading audio box sets and the ability to access audiobook versions of books while performing other tasks. Touch screens allow consumers to engage with their smartphones. There are thousands of smartphone apps, including games, personal, and corporate applications.

Distribution Channel Outlook

By Distribution Channel, the is Audiobooks Market classified into One-time Download and Subscription-based. The one-time download segment garnered the highest revenue share in the audiobook market in 2021. Reading and listening enthusiasts prefer to purchase a single, high-quality audiobook. To incentivize customers to buy recorded material altogether, several businesses provide discounts and unique pricing packages. Several of Google’s audiobook titles, for instance, audiobooks are sold with a 30-50% discount and a Family Library feature that allows relatives to be included in the bundle.

Target Audience Outlook

Based on the Target Audience, the Audiobooks Market is bifurcated into Kids and Adults. The kid’s segment witnessed a substantial revenue share in the audiobook market in 2021. Due to the expanding use of audiobooks for educational purposes, audiobooks are becoming increasingly popular. Also, many audiobooks are being produced for children’s amusement. The multiple cognitive benefits of audiobooks for children, such as enhanced vocabulary, enhanced imagery, and enhanced story structure, are anticipated to create profitable development potential.

Regional Outlook

Region-wise, the Audiobooks Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured the highest revenue share in the audiobook market in 2021. It is due to the early and rapid adoption of technology to enhance user experience. The existence of a substantial number of important audiobook providers in the region is driving market expansion. A significant number of smartphone users in the region is another factor driving the market growth.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Amazon.com, Inc., Google LLC, Storytel AB (Massolit Media AB), Downpour (Blackstone Audio, Inc), Softonic International S.A., W.F. Howes Ltd. (RBmedia) (KKR & Co. Inc.), Scribd, Inc., Barnes & Noble, Inc. (Elliott Management Corporation), and Rakuten Kobo, Inc.

Recent strategies deployed in Audiobooks Market

Apr-2022: Barnes & Noble introduced B&N Nook App, a digital audiobook experience. The audiobook service is unrestricted online at bn.com/audiobooks and can be heard on the Barnes & Noble NOOK application for Android, iOS, or the web player. Moreover, B&N Nook App would be the new platform for all digital portfolios as it integrates audiobooks and eBooks into one app for a unified consumer experience

Nov-2021: Storytel completed the acquisition of Audiobooks.com, a subsidiary of KKR. This acquisition would extend Storytel’s course of development and profitable growth to the largest English-language audio industry in the world. Moreover, Storytel’s acquisition of Audiobooks.com applies the bases for the company’s expansion into the English-language industry and highlights its prominent growth strategy to launch into large and designated audio markets.

May-2021: Storytel formed a partnership with Spotify, a digital music, podcast, and video service. Through this partnership, Spotify to enable its subscribers to attend to its library of audiobooks on Spotify after this year. Moreover, Storytel delivers to listening and reading more than 500,000 titles within 25 industries and competes with the likes of Amazon’s Audible.

Mar-2021: Scribd launched Scribd Audio with Audiobooks from Independent Publishers. The new subscription service Scribd would offer audiobook tags, extending with ‘Black Imagination,’ to its recently established Scribd Audio brand. Moreover, the new Scribd Audio would traverse a variety of genres and topics.

May-2020: Scribd unveiled Scribd Perks, which elivers unparalleled access to premium entertainment and education content. The Scribd Perks delivers complimentary subscriptions to a curated choice of partner apps such as TuneIn, Pandora, Peak-Brain Training, CONTV + Comics, FarFaria, CuriosityStream, and MUBI. Moreover, with millions of audiobooks, e-books, and magazines, Scribd subscribers would now get free subscriptions to music, educational games, documentaries, movies, comics, and more via Scribd Perks.

Jun-2019: Rakuten Kobo came into a partnership with Indigo Books & Music, the world’s foremost cultural department store for booklovers. With this partnership, the companies aimed to develop their current eReader and eBook partnership to obtain Canadian books in even more formats, now containing audiobooks. Moreover, together with eBooks in the free Kobo app, audiobooks allow individuals to fit more reading time into better parts of their daytime when formal reading isn’t possible, including driving or commuting

Aug-2018: Rakuten Kobo formed a partnership with Walmart, an American multinational retail company. Through this partnership, the companies aimed to introduce Walmart eBooks, an online audiobook and e-book store. Moreover, Walmart eBooks contains a library of over 6 million tags varying from NYT best-sellers to indie labels and children’s books.

Jan-2018: Google launched Audiobooks on Google Play Store. The Audiobooks are accessible on iOS, Android, and the web and with Google Assistant-compatible devices such as Google Home smart speakers. Moreover, consumers can listen to Google’s audiobooks across numerous devices from the organization.

Scope of the Study

Market Segments covered in the Report:

By Preferred Device

• Smartphones

• Laptops & Tablets

• Personal Digital Assistants

• Others

By Target Audience

• Adults

• Kids

By Distribution Channel

• One-time Download

• Subscription-Based

By Genre

• Fiction

• Non-Fiction

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Apple, Inc.

• Amazon.com, Inc.

• Google LLC

• Storytel AB (Massolit Media AB)

• Downpour (Blackstone Audio, Inc)

• Softonic International S.A.

• W.F. Howes Ltd. (RBmedia) (KKR & Co. Inc.)

• Scribd, Inc.

• Barnes & Noble, Inc. (Elliott Management Corporation)

• Rakuten Kobo, Inc.

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