USD 4.24 million
Report ID: SQSG45B2023 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 115 | Figures: 77
Audiobooks Market size was valued at USD 4.24 million in 2021 and is poised to grow from USD 5.36 million in 2022 to USD 28.89 million by 2030, growing at a CAGR of 26.3% in the forecast period (2023-2030).
Audiobooks are becoming increasingly popular among folks due to several advantages such as listening on the go and multitasking. From Compact Discs (CDs) and books-on-tape with portable media players in the early 2000s to smartphones becoming widespread today, the audiobooks business has evolved by embracing new listening modes with ease. The internet's widespread use has also contributed to the show's growing popularity among fans. The increased adoption of smart home technologies has created numerous industry opportunities.
Furthermore, technological developments in audiobook manufacturing have helped a variety of activities, including e-mail transmission of documents, digital recordings, and tablet computers instead of physical files. Because of the expanding number of home-based studios, narrators may now produce audiobooks in less time and at a lower cost.
US Audiobooks Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.24 million
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The global Audiobooks market is segmented based on Genre, Preferred Device, Distribution Channel, Target Audience, and region. Based on Genre, the Audiobooks market is segmented into Fiction, Non-Fiction. Based on Preferred Device, the Audiobooks market is segmented into Smartphones, Laptops & Tablets, Personal Digital Assistants, Others. Based on Distribution Channel, the Audiobooks market is segmented into One-time Download, Subscription-based. Based on Target Audience, the Audiobooks market is segmented into Kids, Adults. Based on region, the Audiobooks market is categorized into North America, Europe, Asia-Pacific, and MEA.
Audiobooks Market Analysis by Distribution Channel
In 2021, the one-time download segment in the audiobooks market had the largest revenue share of more than 50%. People who enjoy reading and listening to audiobooks prefer to purchase a single high-quality audiobook. To attract customers to buy recorded content outright, many organizations provide discounts and unique price bundles. Google, for example, offers a 30-50% discount on a select of its audiobook titles and a Family Library feature that allows family members to be included in the bundle. The segment's expansion can be linked to an increase in customer demand for single high-quality audiobooks.
The subscription-based category is expected to register the fastest CAGR of roughly 28.0% over the forecast period (2022-2028). This is due to the introduction of Streaming-Books-On-Demand (SBOD) models. Segmental growth is driven by consumers' access to a diverse choice of material when they subscribe to a package.
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North America had the highest revenue share of more than 45.0% in 2021 and is expected to lead the audiobooks market throughout the forecast period due to early and rapid technological adoption to better user experience. The presence of a large number of prominent firms offering audiobooks in the region is driving market growth. Another factor fueling market expansion is the region's significant number of smartphone users. Asia Pacific, on the other hand, is predicted to grow significantly during the forecast period. This is owing to the availability of a diverse selection of audiobooks in a variety of regional languages. In addition, the use of audiobooks in schools, both in English and in regional languages, to improve student performance is fueling market expansion.
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Audiobooks Market Driver
Audiobooks are becoming increasingly popular among younger age groups and consumers. The rising popularity of audiobooks among the younger generation is expected to drive market growth, as these individuals are likely to encourage and inspire their relatives and friends, resulting in a bigger pool of prospective buyers. Furthermore, audiobook genre needs for different age groups are expected to differ, creating several opportunities for the audiobook industry.
Audiobooks Market Opportunity
The rise of digital transformation technologies is predicted to stimulate market innovation in the audiobook industry. Customers can now obtain audiobooks more easily thanks to the integration of advanced technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI), and publishers have benefited from the current state of technology, which allows them to convert their physically written manuscripts to audio files. Amateur authors, narrators, and publishers can use any normal IoT device and the free version of the program to create reasonable quality audiobooks and develop a career in the audiobook creation business. Key market participants are adopting Artificial Intelligence (AI) to provide customers with personalized results based on their listening history. Other AI capabilities, such as automating recorded material narrations to improve text-to-speech technology and giving file summaries with key takeaways, are likely to drive the market over the forecast period.
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The audiobook industry is facing stiff competition from new entrants. To obtain a competitive advantage over other companies, the market's leading participants are introducing new subscription-based packages to users. As their product portfolios have been updated to incorporate a varied range of content, the global giants continue to dominate the industry. Companies are also merging and acquiring to diversify their portfolios and offers. For instance, In July 2020, Storytel strengthened its company by acquiring interests in EARSELECT AB, a cloud-based platform provider for audiobook production.
Audiobooks Market Top Players Company Profiles
Audiobooks Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the audiobooks industry has expanded dramatically in recent years as a result of increased demand for audiobooks and the expanding presence of audiobook subscription start-ups. Audiobooks are always supplied and listened to digitally through tablet, smartphone, or computer, maintaining copyright protection and lowering distribution costs. The incorporation of play, pause, forward, and rewind options in audiobooks has allowed consumers to attend to their books more conveniently, making them more enticing than their hardcover counterparts.
|Market size value in 2021||USD 4.24 million|
|Market size value in 2030||USD 5.36 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Audiobooks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Audiobooks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Audiobooks Market:
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Product ID: SQSG45B2023