Global Audiobooks Market By Genre (Fiction, and Non-fiction), By Preferred Device (Smartphones, Laptops and Tablets), By Target Audience (Kids, and Adults), By Distribution Channel (One-time Download, Subscription-Based), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Audiobooks Market size is expected to be worth around USD 39.1 Billion By 2032, from USD 5.3 Billion in 2023, growing at a CAGR of 25.7% during the forecast period from 2024 to 2033.

Audiobooks are recordings where content from a book is read aloud, allowing listeners to experience literature through audio. They cater to various audiences, including those who prefer auditory learning or people with visual impairments. Audiobooks are also popular among commuters and those looking to enjoy books while multitasking. Available in digital formats, they can be accessed through devices like smartphones, tablets, and dedicated audiobook players, providing convenience and portability.

The audiobooks market has shown significant growth due to the increasing demand for portable and accessible reading options. Advances in technology have made it easier to download and listen to books on various devices, contributing to the market’s expansion. Major players in the industry include Audible, owned by Amazon, and Apple Books. These companies offer extensive libraries of audiobooks across multiple genres.

The market is also supported by trends such as multi-tasking lifestyles and the rising popularity of digital media. As people seek efficient ways to consume literature, the demand for audiobooks is expected to continue growing, presenting opportunities for new content creators and publishers. For instance, In January 2024, Spotify created a new system to recommend audiobooks based on what users like. They used advanced technology called graph neural networks and a new engine named 2T-HGNN4.

This system looks at what each person prefers, using smart graph-based methods and powerful computing techniques to suggest audiobooks that match their interests. However, the market faces challenges, such as copyright issues and competition from other forms of entertainment like podcasts and streaming services. Additionally, the traditional book market still holds a significant share of dedicated readers who prefer physical books or e-books, posing a challenge to the growth of the audiobooks segment.

Despite these challenges, there are substantial opportunities in the audiobooks market. There is a growing trend of publishing exclusive audiobook content, which can attract a dedicated listener base. Furthermore, expanding into untapped global markets, particularly in non-English speaking regions, offers potential for growth. Publishers and content creators who innovate in creating immersive audio experiences, possibly integrating interactive elements or using high-quality production techniques, will likely capture greater market share and engage audiences more deeply.

According to research conducted by WordsRated, the audiobook industry is projected to experience significant growth and reach an estimated value of approximately $35.05 billion by the year 2030. This indicates a promising future for the industry.

In terms of market share, Audible dominates the audiobook market with a substantial 63.4% share, as reported by IbisShare. However, there are other notable competitors in the audiobook space, including Apple Books, Kobo, Google Play Books, and Blinkist, each striving to capture a portion of the growing market.

Royalty fees for authors in the audiobook industry vary based on the platform and incentive structure. Audible, for instance, applies a 75% royalty fee on all audiobook sales, which can be reduced to 60% if the author chooses to sell their book exclusively on the platform. On the other hand, Apple Books offers a standard 70% royalty fee for all kinds of books sold on their platform.

A study conducted by Publishers Weekly reveals that a significant portion of audiobook listeners, over 50%, prefer to listen to audiobooks in the comfort of their homes. Approximately 30% of listeners enjoy audiobooks while driving or in the car, while the remaining 15% select various other locations. Interestingly, the study also indicates that 70% of audiobook users engage in multitasking while listening.

When it comes to the characteristics of audiobooks, Kobo reports that the average audiobook size is around 28MB, with an average duration of 10 hours. In comparison, Kindle e-books typically consist of 300 pages, contain approximately 75,000 words, and have a file size of about 2.6 MB. Kobo offers a range of royalty fees for audiobooks based on pricing tiers. Books priced over $2.99 have a royalty fee of 55%, while audiobooks priced below $2.99 carry a royalty fee of 65%. If authors utilize Kobo tokens, they can benefit from a higher royalty fee of 68%.

According to the findings of our survey, 50% of audiobook listeners spend between 1-4 hours per week enjoying audiobooks, while one-third of listeners (33%) dedicate 5-10 hours per week to this activity. The most popular scenarios for listening to audiobooks include during a commute or while traveling, with 63% of respondents indicating this preference. Other popular situations include listening while completing household chores (54%) and during relaxation activities such as taking a bath or falling asleep (44%).

Key Takeaways

• The global Audiobooks Market is estimated to reach approximately USD 39.1 billion by 2032, exhibiting a robust CAGR of 25.7% from 2022 to 2032.
• In 2022, the Non-fiction segment held a dominant market position in the audiobooks industry, capturing more than a 65% share.
• In 2022, the Smartphones segment held a dominant market position in the audiobooks industry, capturing more than a 44% share.
• In 2022, the Adults segment held a dominant market position in the audiobooks industry, capturing more than a 78% share.
• In 2022, the One-time Download segment held a dominant market position in the audiobooks industry, capturing more than a 65% share.
• North America led the market in 2022, driven by widespread digital device availability and subscription-based service popularity. Asia Pacific is expected to be the fastest-growing region, fueled by increasing smartphone adoption and interest in English-language content.

Genre Analysis

In 2022, the Non-fiction segment held a dominant market position in the audiobooks industry, capturing more than a 65% share. This segment’s leadership can be attributed to a growing consumer appetite for educational and self-improvement content, which aligns well with the trends of lifelong learning and personal development.

Non-fiction audiobooks, ranging from biographies and self-help to business and history, offer a practical and engaging way for listeners to gain new knowledge or skills while managing their time efficiently. This genre appeals particularly to professionals looking to optimize their commutes or workouts by listening to content that can contribute to their career or personal growth.

The popularity of the Non-fiction segment is further bolstered by the rise in celebrity-narrated and author-narrated titles, which add a personal touch and authenticity that attract listeners. Moreover, the integration of podcasts and lecture series into audiobook platforms has blurred the lines between different types of audio content, making non-fiction titles more appealing to a broader audience.

The availability of a wide range of topics also ensures that there is something available for every interest, which sustains user engagement and drives continuous growth in this segment. The dominance of non-fiction audiobooks is expected to persist as consumers continue to seek out content that not only entertains but also educates.

Market opportunities lie in expanding the variety of content and exploring untapped niches within non-fiction that could appeal to specific interests or underserved audiences. For instance, creating audiobooks that cater to emerging professional fields or offering content in multiple languages can meet the diverse needs of global listeners, further expanding the reach and impact of the non-fiction audiobook market.

Preferred Device Analysis

In 2022, the Smartphones segment held a dominant market position in the audiobooks industry, capturing more than a 44% share. The supremacy of smartphones as the preferred device for listening to audiobooks is primarily due to their widespread availability and the convenience they offer.

Smartphones allow users to access a variety of audiobook apps and platforms seamlessly, enabling listening on-the-go, whether during a commute, workout, or while performing daily chores. This aligns perfectly with the modern lifestyle, which favors multitasking and efficiency, making smartphones the most practical choice for consuming audiobooks.

Additionally, the integration of advanced features in smartphones, such as high-quality audio output, extended battery life, and large storage capacity, enhances the overall listening experience. The compatibility of smartphones with various audiobook formats and their connectivity to car audio systems via Bluetooth also contribute to their popularity among audiobook users. These technological conveniences make smartphones an ideal platform for audiobook consumption, further driving the growth of this segment.

Given the ongoing advancements in smartphone technology and the increasing penetration of mobile internet globally, the smartphones segment is likely to continue leading the market. There are significant opportunities for audiobook providers to innovate by optimizing their apps for better mobile experiences and by leveraging data analytics to offer personalized content recommendations directly to users’ smartphones. Such strategies can enhance user engagement and retention, cementing smartphones as the cornerstone of the audiobook listening experience.

Target Audience Analysis

In 2022, the Adults segment held a dominant market position in the audiobooks industry, capturing more than a 78% share. This substantial market share can be attributed to the broad interests and higher purchasing power of adult consumers. Adults utilize audiobooks as a tool for both entertainment and personal development, spanning genres from sophisticated fiction to non-fiction topics that cover career enhancement, self-help, and educational content.

The flexibility audiobooks offer allows adults to integrate reading into their often busy schedules, making it possible to enjoy books while commuting, exercising, or performing other tasks. The growth in this segment is also driven by the increasing availability of titles tailored to adult interests, including comprehensive collections in areas like business, technology, and politics.

Furthermore, the trend of celebrity-narrated and author-led audiobooks has resonated well with adult audiences, who appreciate the added depth and authenticity these narrations bring to the listening experience. Platforms like Audible and Scribd have capitalized on this by securing exclusive deals with authors and celebrities to attract a wider adult audience.

The outlook for the Adults segment in the audiobooks market remains positive, with potential for further growth through strategic marketing and partnerships. Offering subscription models, bundle deals, and targeted promotions can effectively attract more adult listeners.

Additionally, expanding content libraries to include multicultural and multilingual books could address a broader spectrum of adult listeners, tapping into increasingly diverse demographic trends globally. This approach not only broads the market reach but also enhances the cultural relevance and appeal of audiobooks among adult consumers.

Distribution Channel Analysis

In 2022, the One-time Download segment held a dominant market position in the audiobooks industry, capturing more than a 65% share. This leading position is largely due to the straightforward nature and perceived ownership associated with one-time downloads.

Consumers appreciate the ability to make a single purchase and retain access to an audiobook indefinitely, without the need for ongoing payments or subscriptions. This model appeals particularly to those who prefer to build their own collections and listen at their leisure, without the pressure of maximizing a subscription.

Moreover, the one-time download model benefits from the high visibility and ease of access provided by major online retailers like Amazon and Google Play, where consumers can quickly purchase and download audiobooks. This method of distribution is also favored by users who are selective about their audiobook choices, preferring to buy specific titles rather than accessing a broad range via subscription.

Additionally, gift purchases of audiobooks are commonly facilitated through one-time downloads, enhancing their popularity during holiday seasons and special occasions. Despite the growing trend toward subscription models, the One-time Download segment continues to thrive due to its simplicity and the control it offers consumers over their purchases.

To maintain and expand its market share, it is crucial for providers to focus on enhancing the user experience by offering competitive pricing, high-quality audio production, and frequent promotions. Integrating advanced features like high-definition audio and easier accessibility options can further solidify the attractiveness of this distribution channel, catering to audiobook enthusiasts who value quality and ownership.

Key Market Segments

Based on Genre

• Fiction
• Non-fiction

Based on the Preferred Device

• Smartphones
• Laptops and Tablets
• Personal Digital Assistants
• Other Preferred Devices

Based on Target Audience

• Kids
• Adults

Based on Distribution Channel

• One-time Download
• Subscription-Based

Driver

Technological Proliferation and Mobile Accessibility

One significant driver of the audiobooks market is the widespread use of mobile devices and smart applications, which has profoundly increased accessibility to audiobooks. The availability of smartphones and tablets has enabled users to access a variety of audiobook content anywhere and anytime, enhancing the convenience of using audiobooks over traditional reading.

This mobility is crucial in today’s fast-paced environment where multitasking has become the norm – people listen to audiobooks while commuting, exercising, or performing daily tasks. The integration of these devices with audiobook applications not only simplifies the consumption of literature but also expands the potential user base to include busy professionals, students, and others who might prefer audio over physical books for its convenience​.

Restraint

Competition from Free Digital Content

A major restraint in the audiobooks market is the rising competition from free digital content sources. Open-source platforms and various free content offerings challenge the paid audiobook models by providing similar content without cost. This accessibility to free resources can dissuade potential customers from investing in paid subscriptions or single purchases of audiobooks.

The growth of digital infrastructures allows these free services to flourish, offering a wide range of audiobooks and educational materials, which puts pressure on traditional and paid audiobook services to differentiate their offerings and demonstrate added value to retain their customer base​.

Opportunity

Integration with Smart Home Devices

The audiobooks market has significant growth opportunities in the integration with smart home devices, such as voice assistants and smart speakers. These devices enhance the usability of audiobooks by allowing users to listen to their favorite books through simple voice commands, thereby providing a hands-free and seamless experience.

The convenience of such features is likely to attract a broader audience, including those who may not traditionally opt for audiobooks. As homes become smarter and these technologies more integrated into daily life, audiobook platforms that effectively leverage this integration can expect to see increased user engagement and market growth​.

Challenge

Maintaining Market Presence Amidst Technological Changes

One of the main challenges in the audiobooks market is keeping pace with rapid technological changes and the constant evolution of consumer expectations. As new platforms and technologies emerge, audiobook providers must continuously innovate and update their offerings to stay relevant. This includes enhancing audio quality, expanding the range of titles, integrating new features, and improving user interfaces.

Additionally, the audiobooks industry must navigate the complexities of copyright laws and agreements as they adapt to new distribution channels and technologies, ensuring they remain competitive while complying with legal standards​.

Growth Factors

• Technological Adoption: The increasing usage of smartphones and tablets significantly drives the audiobooks market as these devices make it easier for users to access audiobooks anytime, anywhere. This convenience is crucial for users who prefer multitasking or those with busy schedules​.
• Integration of Advanced Features: The integration of artificial intelligence and advanced digital features in audiobooks, such as customizable reading speeds and voice-controlled navigation, enhances user experience and attracts a broader audience​.
• Subscription Models: The growth of subscription-based models provides users with unlimited access to a wide range of audiobooks, making it a cost-effective option for avid listeners. This model is proving popular, encouraging more subscriptions and steady revenue streams for providers​​.
• Increased Educational Use: Audiobooks are becoming a valuable educational tool, especially for children, as they can help improve vocabulary, reading comprehension, and cognitive skills. This educational aspect is expanding the market into new demographic segments​​.
• Global Market Penetration: Expanding internet access and the proliferation of digital payment methods are facilitating the global reach of audiobook services, especially in emerging markets where digital consumption is growing rapidly​​.

Emerging Trends

• Voice Assistant Integration: The use of smart speakers and voice assistants to listen to audiobooks is on the rise. This trend leverages the convenience of hands-free operation and is likely to boost the usage of audiobooks in households that use these technologies​​.
• Localized Content: There is a growing trend towards offering audiobooks in local languages and dialects, which helps in catering to non-English speaking markets and enhances the accessibility of the product to a wider audience​.
• Direct-to-Audio Publications: Exclusive audiobook content that isn’t available in print form is becoming a unique offering that differentiates service providers in a competitive market​​.
• Cross-Platform Accessibility: Audiobook providers are focusing on ensuring that users can access content across multiple devices seamlessly, from smartphones to car audio systems, enhancing user engagement​.
• High-Quality Production: The emphasis on high-quality audio production, including the use of professional voice actors and immersive sound effects, is setting high standards in the audiobooks market and improving the overall listening experience​.

Regional Analysis

North America Accounted for the Largest Revenue Share in Audiobooks Market in 2022.

North America will be the dominant region in the global audiobook market. North America is recently the largest market for audiobooks, with the USA leading the path in terms of revenue & consumption. The market is driven by the universal availability of smartphones, tablets, and other digital devices as well as the popularity of subscription-based services such as Audible & Scribd.

Asia Pacific is Expected to be the Fastest Growing Region in the Projected Period of the Audiobooks Market.

The Asia Pacific region is a repeatedly growing market for audiobooks, with strong requirement in countries like China, Japan, and India. The market is driven by the growing adoption of smartphones and other digital devices as well as growing interest in English-language content and a wish for a more convenient and engaging path to consume books.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

The audiobook market features a robust array of key players, each contributing significantly to the industry’s expansion. Apple Inc. and Google LLC are notable for their technological prowess and extensive user bases, leveraging their ecosystems to integrate audiobook offerings seamlessly into their existing platforms.

Audible Inc, a subsidiary of Amazon.com, dominates the market with a vast catalog and innovative features like original content and exclusive titles. Barnes & Noble Booksellers Inc. capitalizes on its strong retail presence to promote its Nook audiobooks, appealing to a loyal customer base.

Additionally, Rakuten Group Inc. and Storytel AB are key international players, with Rakuten’s Kobo platform and Storytel’s subscription services expanding global access to audiobooks. F. Howes Ltd specializes in the distribution of audiobooks to libraries, contributing to market diversity by serving an often-overlooked segment. PLAYSTER offers a unique angle with its subscription model that includes various media types, not just audiobooks, catering to a broader audience.

Top Key Players in the Market

• Apple Inc.
• Audible Inc
• Barnes & Noble Booksellers Inc.
• com
• Google LLC
• PLAYSTER
• Rakuten Group Inc.
• Storytel AB
• F.Howes Ltd.
• Other Key Players

Recent Developments

• In January 2024, RBmedia, a prominent player in the audiobook industry, made an announcement about acquiring the audiobook publishing company of Berrett-Koehler. This acquisition involved taking over the collection of previously published titles by Berrett-Koehler, expanding RBmedia’s catalog of audiobooks.
• In October 2023, Spotify, a well-known music streaming platform, took a step into the audiobook market by making over 150,000 audiobooks available to its premium subscription members. This move allowed Spotify users to enjoy personalized music, podcasts, and now audiobooks, all on a single platform.
• In January 2023, Apple introduced a new feature for selected titles on Apple Books – AI-narrated audiobooks. This means that in addition to human narrators, artificial intelligence technology was used to narrate certain audiobooks. This development suggests a potential trend towards incorporating AI-powered narration alongside traditional human narrators in the audiobook industry.

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