Audiobooks Market

Audiobooks Market Outlook 2031

The global audiobooks market size was valued at USD 3.86 Billion in 2022 and is expected to reach USD 27.14 Billion by 2031, expanding at a CAGR of 24.2% during the forecast period, 2023-2031. One of the primary factors driving the market expansion is the simple accessibility of these paperback copies by physically challenged and non-English speaking communities.

Over the last two decades, the advent of books-on-tape has radically impacted the accessibility of paperback literature to a wider audience with numerous listening mediums.

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An audiobook is a voice recording of a book or text that one listens to rather than being read. Audiobooks are abridged versions or can be exact word-for-word versions of books. Audiobooks were originally launched for visually impaired users by the American Foundation in 1932.

In the early 2000s, several improvement occurred to audiobooks such as upgrade from books-on-tape and a compact disc with portable media players to smartphones to ensure more convenient experience of listeners. In recent years, the expansion of the Internet has also aided in gaining traction among a wide range of viewers.

The COVID-19 pandemic resulted a positive impact on the market expansion due to increasing use of audio devices as the government imposed strict lockdowns and mandated in-home isolation for the general public. Owing to stay-at-home orders, students and book readers tend towards the digital alternatives specifically audio versions for reading purposes.

As universities and physical libraries were also shut down temporarily, the demand for the devices rapidly increased among students. Moreover, several market players are offering multiple products to provide their audiences with unique screen-free entertainment using the devices.

For instance, Audible, Inc. launched an online taped books collection of free novels, educational materials, poetry, and fables on their websites with no primary requirement of signing-in and payment information. 

Audiobooks Market Trends, Drivers, Restraints, and Opportunities

• Wide subscriptions of audiobooks on large scale among the adult audience and high penetration of the Internet on smart devices are key drivers of the market.
• The ability to access recorded book versions while doing other things as well as the simplicity of downloading audio box sets are anticipated to boost the market growth.
• A lack of a smooth transition from taped materials to intelligent gadgets is a key challenge estimated to slow down the market growth.
• Interoperability between the personal digital assistant and audiobook platforms could be a source of frustration for the audiobooks business. Hence, lack of casting options and restriction from connected entertainment developers are likely to limit the market growth.
• Widespread use of smart home technologies and extensive use of consumer electronic devices especially smartphones has opened up immense potential for growth opportunities of the market.

Scope of Audiobooks Market Report

The report on the global audiobooks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Audiobooks Market Segment Insights

Distribution Channel Segment Analysis 

Based on distribution channels, the audiobook market is bifurcated into subscription-based and one-time downloads. The one-time download segment is expected to grow at a rapid pace during the forecast period as listening and reading devotees prefer purchases of a single high-quality audiobook. Companies also offer discounts and special price packages to entice users to purchase recorded content outright.

However, the subscription-based segment is anticipated to hold a key share of the market in the coming years owing to the advent of streaming-books-on-demand models. Patrons buy subscription packages as they provide access to a wide range of titles.

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Target Audience Segment Analysis

On the basis of the target audience, the market is segregated into adults and kids. The adult audience segment is projected to expand at a major market share during the forecast period. The multiple benefits of audiobooks such as providing brain stimulation and relaxation even during hectic schedules or when multitasking are likely to contribute significantly to the segment growth.

On the other hand, the kid's segment is estimated to register a fast CAGR during the forecast period due to the promotional of educational and entertainment genres for kids using audiobooks.

Genre Segment Analysis

In terms of genre, the audiobook market is divided into fiction and non-fiction. The non-fiction segment is expected to witness a high growth rate due to the rise in popularity of educational materials which parents desire to engross their children and provide them with screen-free time.

The fiction segment, on the other hand, is projected to hold a key market share as it includes science, crime thrillers, fantasy, and mysteries. Within the fictional section, science and mystery have arisen as the most popular genres among the target audiences about to retain their dominance over the forecast period.

Preferred Devices Segment Analysis

About preferred devices, the market is distributed into laptops & tablets, personal digital assistants, smartphones, and others. In 2019, the smartphone segment emerged as the most popular listening device for recorded media, accounting for 43.6 percent of total market revenue as it provides easy accessibility.

However, the personal digital assistants segment is anticipated to register healthy growth as the favorable device to be used as a listening device for paperback content using smart speakers. Laptops, tablets, and others are the most popular listening devices are utilized by those who have access to smart technology or constant internet access.  

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Regional Analysis

In terms of regions, the audiobook market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is expected to constitute a key share of the market during the projected period as it has appeared to be the early adopter of the latest technologies that audiobooks use.

During the projected period, the market of Asia Pacific is anticipated to account for a sizable revenue share, with China and Japan leading the regional market share. The availability of publications in non-English as well as several regional languages presents a key driver that can spur market growth in this region. 

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Segments

The audiobook market has been segmented on the basis of

Distribution Channels

• Subscription-based
• One-time Download

Target Audience

• Adults
• Kids

Genre

• Fiction
• Non-fiction

Preferred Devices

• Laptops & Tablets
• Personal Digital Assistants
• Smartphones
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Amazon.Com, Inc.
• RBmedia
• Playster
• Google, Inc.
• Rakuten Inc.
• iBook’s by Apple Inc.
• Storytel
• Audible Inc.

Competitive Landscape

Key players competing in the global audiobooks market are Amazon.com, Inc.; RBmedia; Playster; Google, Inc.; Rakuten Inc.; iBook’s by Apple Inc.; Storytel; and Audible, Inc. Some of these key players are consistently focusing for extending their market share through mergers, acquisitions, and partnerships. Global players, on the other hand, continue to hold sway in this market since their product portfolios have been improved to include a diverse range of content. To keep a competitive edge, industry actors are constantly forming partnerships and mergers with writers and publishing houses to get the copyrights of popular books. To attract their target consumers, they are also stressing collaborations with upcoming authors to launch straight-to-audio works.