USD 4.24 million
Audiobooks Market Size, Share, Growth Analysis, By Genre(Fiction, Non-Fiction), By Preferred Device(Smartphones, Laptops & Tablets, Personal Digital Assistants, Others), By Distribution Channel(One-time Download, Subscription-based), By Target Audience(Kids, Adults), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45B2023 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
115
|Figures:
77
Audiobooks Market Insights
Audiobooks Market size was valued at USD 4.24 million in 2019 and is poised to grow from USD 5.36 million in 2023 to USD 28.89 million by 2031, growing at a CAGR of 26.3% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
One-time Download
Fastest Growth
One-time Download
Growth Rate
26.3% CAGR
Global Audiobooks Market, 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Audiobooks Market Segmental Analysis
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.
Global Audiobooks Market By Distribution Channel, 2021 (%)
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Audiobooks Market Regional Insights
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.
Global Audiobooks Market By Geography, 2021-2028
- Largest
- Fastest
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Audiobooks Market Dynamics
Audiobooks Market Driver
Rising popularity of audiobooks
- 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
Improving technology
- 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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Audiobooks Market Competitive Landscape
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
- Amazon Audible
- Apple Books
- Google Play Books
- Kobo
- Scribd
- Audiobooks.com
- Libro.fm
- Storytel
- Rakuten OverDrive
- Hoopla Digital
- Downpour
- AudiobooksNow
- Chirp
- Nook Audiobooks
- BookMate
- Findaway Voices
- LearnOutLoud
- Playster
- Estories
- Audible Escape (formerly Audible Romance)
Audiobooks Market Recent Development
- In July 2022, Spotify paid 117 million euros (about $119 million) for Findaway, a platform that allows users to create distribute, and monetize their own audiobooks, according to a Securities and Exchange Commission (SEC) filing.
- In July 2022, RBmedia made two audiobook acquisitions, one in the United States and one in France. The acquisition, according to RBmedia CEO Tom MacIsaac, follows the company's objective of expanding in the United States and overseas.
- In the United States Upfront Books' audiobook publishing business was acquired by RBmedia. Andy Grove, Shad Helmstetter, and C. S. Lewis have all had audiobook editions issued by the publisher. Lewis, S.
- In June 2022, Spotify announced the completion of its acquisition of audiobook distributor Findaway, citing the possibility to expand beyond music and podcasts into the "huge market opportunity" for audiobooks.
Audiobooks Key Market Trends
- Audiobooks are currently trending towards younger age groups, with a rising user base. This represents a significant positive industrial development for the sector's long-term growth in the next years. This young gang is supposed to encourage their family and, more than likely, convert a non-reader into an audiobook listener. Young participants may also be inspired by their peers, contributing to a larger group of potential customers. This is also predicted to alter production speed and genre, as younger clients may have different listening preferences. Furthermore, another age group of consumers may have distinct genre preferences, offering multiple opportunities for businesses to enter an unexplored market. As a result, listening and purchasing habits will vary by age demographic, raising the sales volume of audiobooks.
Audiobooks Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.24 million |
| Market size value in 2031 | USD 28.89 million |
| Growth Rate | 26.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Audiobooks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Audiobooks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Audiobooks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Audiobooks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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