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.
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.
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.
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.
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.
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.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 4 Billion |
| Market size forecast in 2028 | USD 19.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 26% from 2022 to 2028 |
| Number of Pages | 226 |
| Number of Tables | 420 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Preferred Device, Target Audience, Distribution Channel, Genre, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global Audiobooks Market size to reach USD 19.7 Billion by 2028
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.
By Preferred Device
By Target Audience
By Distribution Channel
By Genre
By Geography
The Audiobooks Market size is projected to reach USD 19.7 billion by 2028.
Adoption Of Automobiles, Smart Homes, And Smartphones are driving the market in coming years, however, Effective For Expansion Of Audiobooks restraints the growth of the market.
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.
The Adults segment acquired maximum revenue share in the Global Audiobooks Market by Target Audience in 2021 thereby, achieving a market value of $15.3 billion by 2028.
The Fiction segment is leading the Global Audiobooks Market by Genre in 2021, thereby, achieving a market value of $14.2 billion by 2028.
The North America market dominated the Global Audiobooks Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.2 billion by 2028.
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